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.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Masco Guides FY24 Earnings Above Estimates; Declares Dividend - Update
Masco Maintains FY23 Outlook; Appoints David Chaika Interim CFO - Update
U.S. Dollar Drops After Powell's Speech
TSX Hits New Record High As Stocks Rally On Fed Rate Cut Hopes
Powell Says Outlook, Shifting Balance Of Risks 'May Warrant' Lower Rates
Bay Street Likely To Open On Mixed Note; Powell's Speech Eyed
Sensex, Nifty Snap Six-day Winning Streak On Tariff Concerns
