Masco Slashes FY22 Adj. EPS Outlook As Q3 Results Miss Estimates - Update
(RTTNews) - While reporting financial results for the third quarter on Wednesday, Masco Corp. (MAS) lowered its adjusted earnings guidance for the full-year 2022 to a range of $3.70 to $3.80 per share from the prior forecast range of $4.15 to $4.25 per share.
On average, 23 analysts polled by Thomson Reuters expect the company to report earnings of $4.15 per share for the year. Analysts' estimates typically exclude special items.
For the third quarter, net income attributable to Masco was $218 million or $0.97 per share, compared to $220 million or $0.89 per share in the prior-year quarter. Excluding items, adjusted net income was $0.98 per share, compared to $0.99 per share last year.
Net sales for the quarter of $2.20 billion matched prior year third quarter 2021 sales. In local currency, sales increased 3 percent.
The Street was looking for earnings of $1.06 per share on net sales of $2.25 billion for the quarter.
Further, Masco's Board of Directors declared a quarterly dividend of $0.28 per share, payable on November 28, 2022 to shareholders of record on November 10, 2022.
The Board also authorized a new $2.0 billion share repurchase program effective October 20, 2022, replacing the existing authorization.
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