Masco Corp. (NYSE: MAS) reported Q2 EPS of $0.60, in-line with the analyst estimate of $0.60. Revenue for the quarter came in at $2.1 billion versus the consensus estimate of $2.07 billion.

Outlook

“As we presented during our Investor Day in May, the demand drivers underlying our business are strong and very supportive of continued, long-term growth,” said Allman. “We are confident in our plans to leverage our strong brands, industry leading positions, and our Masco Operating System to capitalize on these robust, long-term demand drivers. We are pleased with our performance this year, and accordingly, we are updating our 2017 earnings per share target to the range of $1.93 to $2.00. Looking forward, we are committed to achieving our 2019 earnings per share target of $2.50 that we introduced at our Investor Day. Reflecting confidence in our plans and Masco’s outlook, our Board of Directors intends to increase our annual dividend by $0.02 per share to $0.42 per share, beginning with the quarterly dividend to be paid in the fourth quarter of 2017.”

GUIDANCE:

Masco Corp. sees FY2017 EPS of $1.93-$2.00, versus the consensus of $1.96.

Key Highlights

• Sales for the second quarter increased 3 percent to $2.1 billion; in local currencies, sales increased 4 percent
• Operating profit for the quarter grew 7 percent to $357 million; adjusted operating profit grew 4 percent to $357 million
• Earnings per share for the quarter grew 9 percent to $0.49 per common share; adjusted earnings per share grew 30 percent to $0.60 per common share
• Updating our 2017 earnings per share target range to $1.93 to $2.00 from $1.90 to $2.00 per common share
• Board announces intent to increase annual dividend by $0.02 per share to $0.42 per share, beginning in the fourth quarter

For earnings history and earnings-related data on Masco Corp. (MAS) click here.