Masco Corp. (NYSE: MAS) reported Q2 EPS of $0.84, $0.18 better than the analyst estimate of $0.66. Revenue for the quarter came in at $1.8 billion versus the consensus estimate of $1.66 billion.

Key Results

• Sales decreased 4 percent to $1.8 billion; in local currency, sales decreased 3 percent
• Operating profit for the quarter decreased 2 percent to $339 million; adjusted operating profit decreased 1 percent to $344 million
• Operating margin increased 30 basis points to 19.2 percent; adjusted operating margin increased 50 basis points to 19.5 percent
• Earnings per share from continuing operations increased 11 percent to $0.80 per share; adjusted earnings per share from continuing operations increased 14 percent to $0.84 per share
• Board announces intent to increase annual dividend by $.02 per share to $.56 per share, beginning in the fourth quarter

“I am extremely proud of our team’s response during these unprecedented times,” said Masco President and CEO, Keith Allman. “We have worked tirelessly to ensure the safety of our employees, to support our customers and communities, and to effectively manage our business. We delivered strong top and bottom-line growth in our Decorative Architectural Products segment and better than anticipated performance in North American Plumbing,” continued Allman. “As restrictions eased, production at our closed facilities resumed, and demand for our products accelerated throughout the quarter. We leveraged increasing demand with focused cost control to expand margins in the quarter.”

“We remain focused on employee safety and customer support as this pandemic continues to evolve,” said Allman. “While there are a number of unknowns, and assuming no additional shutdowns due to COVID, we expect strong demand for our products to continue in the third quarter. Additionally, our Board of Directors demonstrated confidence in our future by announcing its intention to raise our annual dividend 4 percent to $.56 per share beginning in the fourth quarter.”

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