WASHINGTON (dpa-AFX) - Masco Corp. (MAS), a manufacturer of branded home improvement and building products, on Tuesday reported lower net income in the fourth quarter compared with the previous year.
For the fourth quarter, net income attributable to the company declined to $165 million from $182 million in the previous year.
Earnings per share were $0.80 versus $0.85 last year.
Adjusted net income decreased to $169 million from $191 million in the previous year.
Adjusted earnings per share were $0.82 versus $0.89 last year.
On average, 23 analysts had expected the company to report $0.79 per share. Analysts' estimates typically exclude special items.
Adjusted EBITDA slid to $298 million from $328 million in the prior year.
Operating profit decreased to $248 million from $290 million in the previous year.
Adjusted operating profit declined to $259 million from $291 million in the prior year.
Net sales declined to $1.79 billion from $1.83 billion in the prior year.
The company said its board has declared a quarterly dividend of $0.32 per share. The dividend will be payable on March 9 to shareholders of record as of February 20.
The board also authorized a new $2 billion share repurchase program effective February 10, replacing the existing authorization.
Further, for the year ending on December 31, the company expected earnings per share to range between $3.91 and $4.11.
The company also anticipated adjusted earnings per share to range between $4.10 and $4.30.
In the pre-market trading, Masco Corp is 5.42% higher at $75.49 on the New York Stock Exchange.
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