Group 1 - Masco (MAS) is positioned for cyclical recovery as the interest rate cycle reverses, supported by effective execution, pricing increases, and long-term structural demand drivers [1] - Revenue growth is expected to be bolstered by operating leverage and cost savings from restructuring initiatives [1] - Margins are anticipated to improve due to these factors, indicating a positive outlook for the company's financial performance [1]

业绩经营情况 来源：经济观察网 经济观察网 马斯科（Masco Corporation, MAS.US）发布2025年财报，并披露了2026年的业绩展望及重 组计划等关键信息。 马斯科在2025年推行了业务改组措施，包括整合品牌和优化运营，预计2026年将产生约5000万美元的额 外重组费用。其执行效果可能影响成本效率和盈利能力。 资金动向 公司通过股息（季度股息为每股0.31美元）和股票回购向股东返还资金，2025年累计返还8.32亿美元。 2026年是否维持类似政策值得留意。 以上内容基于公开资料整理，不构成投资建议。 公司预计经汇率调整后的全年销售额将大致持平至低个位数增长，调整后每股收益目标区间为4.10至 4.30美元。投资者可关注后续季度财报是否达成这一指引。 公司状况 以上事件基于公司公开披露的展望和计划，具体进展需以官方财报和公告为准。此外，马斯科的股价可 能受宏观环境、行业需求及公司运营动态影响。 ...

Company Overview - Masco Corporation (MAS) is a Michigan-based global manufacturer and distributor of branded home improvement and building products, valued at $15.9 billion by market cap [1] - The company serves residential repair/remodel and new construction markets with a portfolio of industry-leading brands across plumbing fixtures, paints/coatings, and decorative architectural hardware [1] Stock Performance - Over the past year, MAS shares have underperformed the broader market, increasing by 1.1% compared to the S&P 500 Index's 12.9% rise [2] - In 2026, MAS stock has increased by 22.2%, while the S&P 500 has seen a marginal decline year-to-date [2] Earnings Report - On February 10, Masco released its fiscal 2025 Q4 earnings, reporting net sales of $1.79 billion, a 2% decrease year-over-year, and adjusted EPS of $0.82, down 8% from the previous year [4] - Adjusted operating profit fell to $259 million, with an adjusted operating margin of 14.4% [4] - The company anticipates adjusted EPS to be in the range of $4.10 to $4.30 for the upcoming fiscal year [4] Analyst Expectations - For the current fiscal year ending in December, analysts project MAS' EPS to rise by 6.1% to $4.20 on a diluted basis [5] - The earnings surprise history is mixed, with the company beating consensus estimates in two of the last four quarters [5] - Among 22 analysts covering MAS stock, the consensus rating is a "Moderate Buy," consisting of six "Strong Buy" ratings, 15 "Holds," and one "Moderate Sell" [5] Analyst Ratings and Price Targets - Citigroup analyst Anthony Pettinari maintained a "Neutral" rating on Masco but raised the price target to $84 from $71, indicating a more positive outlook on the stock's valuation and earnings trajectory [7] - Masco currently trades above its mean price target of $74.78, with a Street-high price target of $85 suggesting an upside potential of 9.6% [7]

Core Insights - Masco Corp. (NYSE:MAS) achieved a new 52-week high after surpassing earnings expectations and receiving a price target upgrade from an investment firm [1][5] Financial Performance - Adjusted earnings per share for the previous year were reported at $3.96, exceeding the guidance of $3.90 to $3.95 [2] - Attributable net income decreased by 1 percent to $810 million from $822 million year-on-year, while net sales fell by 3 percent to $7.56 billion from $7.83 billion [2] - In the fourth quarter, attributable net income dropped by 9.3 percent to $165 million from $182 million, and net sales decreased by 2.2 percent to $1.79 billion from $1.83 billion, primarily due to lower sales in decorative architectural products and North American markets [3] Future Projections - For the current year, Masco Corp. anticipates sales to remain flat or grow by low single digits, with adjusted EPS targeted in the range of $4.10 to $4.30 per share [4]

Economic Indicators - Nonfarm payrolls are expected to increase by +68,000 in January, with the unemployment rate remaining unchanged at 4.4% [1] - Average hourly earnings are projected to rise by +0.3% month-over-month and +3.7% year-over-year in January [1] - Initial weekly unemployment claims are anticipated to decrease by -7,000 to 224,000 [1] - Existing home sales in January are expected to decline by -4.3% month-over-month to 4.16 million [1] - January CPI is expected to rise by +2.5% year-over-year, with core CPI also expected to increase by +2.5% year-over-year [1] Retail Sales and Employment Costs - US December retail sales were unchanged month-over-month, falling short of expectations of +0.4% [2] - The employment cost index for Q4 rose by +0.7% quarter-over-quarter, which is the smallest increase in 4.5 years and below the expected +0.8% [2] Stock Market Performance - Stock indexes experienced mixed trading, with the Dow Jones reaching a new all-time high while the S&P 500 closed down -0.33% and the Nasdaq down -0.56% [6][5] - The broader market initially found support from weaker-than-expected retail sales and employment cost index reports, which lowered bond yields [5] Earnings Season Insights - Over half of the S&P 500 companies have reported earnings, with 78% beating expectations [7] - S&P earnings growth is expected to rise by +8.4% in Q4, marking the tenth consecutive quarter of year-over-year growth [7] - Excluding the Magnificent Seven tech stocks, Q4 earnings are projected to increase by +4.6% [7] Interest Rates and Bond Market - The markets are pricing in a 23% chance of a -25 basis point rate cut at the next Federal Reserve meeting [8] - The 10-year T-note yield fell to a 3.5-week low of 4.13%, supported by weaker-than-expected economic reports [9] Sector Performance - AI-infrastructure stocks faced pressure, with Western Digital down more than -7% and other tech stocks also declining [12] - Wealth-management stocks dropped significantly, with Raymond James Financial down more than -8% due to concerns over AI disruption [13] - Homebuilding stocks rose after the drop in mortgage rates, with Toll Brothers up more than +6% [14] Company-Specific Developments - Goodyear Tire & Rubber Co reported Q4 adjusted EPS of 39 cents, below the consensus of 49 cents, leading to a decline of more than -14% [15] - Incyte forecasted dull-year total net product revenue of $4.77 billion to $4.94 billion, causing a drop of more than -8% [16] - Spotify reported a record 38 million monthly active users in Q4, leading to a rise of more than +17% [17]

Core Insights - Masco Corporation (MAS) reported mixed fourth-quarter 2025 results, with adjusted earnings exceeding estimates while net sales fell short [1][5]. Financial Performance - Adjusted EPS was 82 cents, surpassing the Zacks Consensus Estimate of 78 cents by 5.1%, but down from 89 cents in the prior year [5]. - Net sales totaled $1.79 billion, missing the consensus mark of $1.83 billion by 1.8% and declining 2% year-over-year [5]. - North American sales decreased by 5% in local currency, while international sales increased by 1% year-over-year [5][10]. Segment Analysis - Plumbing Products segment saw net sales rise by 5% year-over-year to $1.25 billion, with an adjusted operating margin of 16.3%, down 50 basis points [6]. - Decorative Architectural Products segment reported sales of $545 million, a 15% decrease from the prior year, with an adjusted operating margin of 13.9%, down 380 basis points [7]. Margin Performance - Adjusted gross margin contracted by 110 basis points to 33.7%, while adjusted selling, general and administrative expenses increased by 40 basis points to 19.3% [8]. - Adjusted operating margin decreased by 150 basis points to 14.4% [9]. 2026 Outlook - For 2026, the company anticipates adjusted EPS in the range of $4.10-$4.30, with net sales expected to be flat to slightly up year-over-year [13]. - The adjusted operating margin is projected to be approximately 17%, with Plumbing Products expected to see low single-digit sales growth [14]. Strategic Actions - The company is implementing restructuring actions to simplify operations, reduce costs, and improve efficiency, which are expected to support margin improvement over time [2]. - Integration of Liberty Hardware into the Delta Faucet business aims to better align brands and capabilities, with stable to slightly higher sales anticipated [3]. Market Reaction - Following the financial release, MAS stock increased by 4.8% in pre-market trading [4].

Masco (NYSE:MAS) Q4 2025 Earnings call February 10, 2026 08:00 AM ET Company ParticipantsJohn Nuti - CEORichard Westenberg - CFORobin Zondervan - VP of Investor RelationsConference Call ParticipantsAnthony Pettinari - AnalystJohn Lovallo - AnalystMatthew Bouley - AnalystMichael Dahl - AnalystMichael Rehaut - AnalystPhilip Ng - AnalystSam Reid - AnalystStephen Kim - AnalystSusan Maklari - AnalystTrevor Allinson - AnalystOperatorGood morning, ladies and gentlemen. Welcome to Masco Corporation's fourth quarter ...

Financial Data and Key Metrics Changes - Net sales for Q4 2025 decreased by 2%, or 3% in local currency, primarily due to lower volumes [8] - Operating profit for Q4 was $259 million, with an operating profit margin of 14.4% [8] - Full year 2025 net sales decreased by 3%, or 2% excluding currency impacts and divestitures, with operating profit at approximately $1.3 billion and an operating margin of 16.8% [10][18] - Earnings per share for Q4 was $0.82, and for the full year, it was $3.96 [8][10] Business Segment Data and Key Metrics Changes - Plumbing product sales increased by 3% in local currency for Q4, with North American sales up 4% driven by favorable pricing [8][19] - Decorative architectural segment sales decreased by 15% in Q4, primarily due to lower volume and inventory timing impacts [9][23] - Full year plumbing sales increased by 3%, while decorative architectural sales decreased by 14% [21][23] Market Data and Key Metrics Changes - North American sales decreased by 5% in Q4, while international sales increased by 1% [17][18] - The company expects sales across global repair and remodel markets to be roughly flat in 2026 [12][29] Company Strategy and Development Direction - The company is focusing on integrating Liberty Hardware into Delta Faucet to enhance consumer-driven strategies and leverage brand capabilities [11][12] - A new executive committee has been established to improve operational efficiency and drive growth [17][80] - The company plans to maintain a strong investment-grade balance sheet and target a 30% dividend payout ratio [14][85] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a dynamic geopolitical and macroeconomic environment but remains confident in long-term home improvement demand due to high homeowner equity and aging homes [15][16] - The company anticipates margin expansion in 2026 driven by cost savings from restructuring actions and operational efficiencies [13][29] Other Important Information - The board approved a 3% increase in the dividend for 2026, raising it to $1.28 per share [14] - A new $2 billion share repurchase program has been authorized, reflecting confidence in the company's financial position [15] Q&A Session Questions and Answers Question: Commodity inflation and copper pricing impact on plumbing margins - Management noted mid-single-digit inflation in Q4 and expects similar inflation in 2026, with a six-month lag for commodity costs to impact the P&L [35][36] Question: Pricing actions in plumbing for 2026 - Management indicated that pricing in plumbing was a 5% benefit in Q4 and expects mid-single-digit pricing for 2026, with actions already taken to mitigate tariff impacts [40] Question: Pricing and cost assumptions for decorative architectural segment - Management acknowledged upward pressure on costs and indicated ongoing discussions with retail partners regarding pricing adjustments [46] Question: Expectations for existing home sales and housing market dynamics - Management has modest expectations for existing home sales and anticipates that volume will be the biggest dynamic affecting performance [54][56] Question: Restructuring actions and their financial impact - Management expects to incur approximately $50 million in restructuring charges in 2026, with benefits anticipated to materialize in 2027 and 2028 [68][69]

Masco (NYSE:MAS) Q4 2025 Earnings call February 10, 2026 08:00 AM ET Speaker6Good morning, ladies and gentlemen. Welcome to Masco Corporation's fourth quarter and full year 2025 conference call. My name is Danny, and I will be your operator for today's call. As a reminder, today's conference call is being recorded for replay purposes. To ask a question, please press star, then the number one on your telephone keypad. To withdraw your question, please press star, then the number two. I will now turn the call ...

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