Masco Earnings: No Surprises in Masco’s Results; 2024 Guidance Maintained
Masco's first-quarter financial performance was largely in line with our expectations. Softer repair and remodel spending in the United States continue to weigh on Masco's top line, and total revenue declined 3% to approximately $1.9 billion. Even so, the wide-moat-rated building products manufacturer realized solid margin expansion. Adjusted gross margin improved 210 basis points to 35.7% and adjusted operating margin 90 basis points to 16.7%.