Masco Corp. Q4 FY2023 results: revenue $1.9 billion, down 2.1% on the year

Masco Corp. (MAS) reported revenue of $1.9 billion for Q4 FY2023, the quarter ended 31 December 2023, down 2.1% on the same quarter a year earlier. Net income was $191 million, up 66.1% on the year, and diluted earnings per share $0.86. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2024.

Revenue$1.9 billiondown 2.1%

Net income$191 millionup 66.1%

Diluted EPS$0.86

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,882	1,979	n/a	n/a
Cost of revenue	1,228	1,235	n/a	n/a
Gross profit	654	744	n/a	n/a
Gross margin	34.8%	37.6%	n/a
Selling, general and administrative	392	361	n/a	n/a
Operating income	247	383	n/a	n/a
Operating margin	13.1%	19.4%	n/a
Interest expense	24.0	26.0	n/a	n/a
Pre-tax income	233	346	n/a	n/a
Income tax	32.0	86.0	n/a	n/a
Effective tax rate	13.7%	24.9%	n/a
Net income	191	249	n/a	n/a
Net margin	10.1%	12.6%	n/a
Diluted EPS	$0.86	$1.10	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	485	480	n/a	n/a
Capital expenditure	62.0	48.0	n/a	n/a
Free cash flow	423	432	n/a	n/a
Free cash flow margin	22.5%	21.8%	n/a
Depreciation and amortisation	42.0	37.0	n/a	n/a
Buybacks	227	45.0	n/a	n/a
Dividends paid	64.0	64.0	n/a	n/a
Dividend per share	n/a	$0.28	n/a	n/a
Diluted shares, weighted	226m	226m	n/a	n/a
Shares outstanding at period end	221m	224m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	5,363	5,371	n/a	n/a
Cash and equivalents	634	560	n/a	n/a
Receivables	1,090	1,245	n/a	n/a
Inventory	1,022	1,046	n/a	n/a
Goodwill	604	593	n/a	n/a
Long-term debt	2,948	2,946	n/a	n/a
Operating lease liabilities	258	260	n/a	n/a
Finance lease liabilities	17.0	n/a	n/a	n/a
Shareholders' equity	-126	-56.0	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	2,127	1,979	1,882	1,926	2,091	1,983	1,828	1,801	2,051	1,917	1,793	1,918
Cost of revenue	1,358	1,235	1,228	1,241	1,306	1,258	1,192	1,157	1,278	1,261	1,187	1,232
Gross profit	769	744	654	685	785	725	636	644	772	656	607	686
Gross margin	36%	38%	35%	36%	38%	37%	35%	36%	38%	34%	34%	36%
SG&A	366	361	392	367	388	368	345	358	361	353	354	369
Operating income	403	383	247	318	397	357	291	286	412	303	247	316
Operating margin	19%	19%	13%	17%	19%	18%	16%	16%	20%	16%	14%	16%
Interest expense	28.0	26.0	24.0	25.0	26.0	25.0	23.0	26.0	26.0	25.0	24.0	26.0
Pre-tax income	374	346	233	289	366	248	258	254	378	276	227	291
Tax rate	26%	25%	14%	21%	26%	27%	25%	22%	25%	28%	22%	22%
Net income	263	249	191	215	258	167	182	186	270	189	165	213
Net margin	12%	13%	10%	11%	12%	8%	10%	10%	13%	10%	9%	11%
Diluted EPS	$1.16	$1.10	$0.86	$0.97	$1.17	$0.77	$0.85	$0.87	$1.28	$0.90	$0.81	$1.05
Operating cash flow	415	480	485	-94.0	346	416	407	-158	306	456	418	-79.0
Capital expenditure	72.0	48.0	62.0	31.0	43.0	38.0	56.0	32.0	36.0	41.0	47.0	34.0
Free cash flow	343	432	423	-125	303	378	351	-190	270	415	371	-113
Buybacks	28.0	45.0	227	145	145	192	269	130	101	123	217	202
Dividends paid	64.0	64.0	64.0	64.0	64.0	63.0	63.0	66.0	66.0	65.0	64.0	65.0
Shares outstanding	225m	224m	221m	220m	218m	216m	212m	211m	209m	208m	204m	202m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 8 February 2024, accession 0000062996-24-000006: the filing on EDGAR. All of Masco Corp.'s filings: EDGAR company page.

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