TAYLOR (AP) — Shares of Masco, the company behind Behr paint and Delta faucets, jumped Tuesday after the home improvement products maker posted better than expected earnings for its second quarter.
New paint products and higher demand for its KraftMaid cabinets and Milgard windows helped boost results, Masco said. The company expects demand to increase for the rest of year, as more homes are remodeled and homebuilders continue to build more new houses and apartment complexes.
Masco reported net income of $105 million, or 30 cents per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 38 cents per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.
The Taylor, Michigan, company reported revenue of $1.93 billion in the period, missing Wall Street forecasts. Eight analysts surveyed by Zacks expected $2.04 billion.
Shares of Masco Corp. rose $2.49, or 10.7 percent, to $25.65 in afternoon trading Tuesday. Its shares have risen almost 44 percent since a year ago.
————————
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MAS at http://www.zacks.com/ap/MAS
- Posted July 29, 2015
- Tweet This | Share on Facebook
Higher paint, window sales boost Masco's 2Q earnings
headlines Oakland County
- Associations gather for Spring Fling
- Law school’s team wins William and Mary Colonial Cup Competition
- Supreme Court makes it easier to sue for job discrimination over forced transfers
- Oakland County Physician bound over on insurance fraud charges
- Innocence Project leaders present at University of Pennsylvania Carey Law School Spring Symposium
headlines National
- Incarceration series includes female inmates but doesn’t tell full story
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Former DOJ official who alleged election fraud violated at least one ethics rule, ethics committee says
- Winston & Strawn will provide reduced-cost legal services for routine tasks under Winston Legal Solutions umbrella
- Should Justice Sotomayor retire? Chemerinsky, White House haven’t joined calls for her to step down
- Which BigLaw firms are increasing lateral associate hiring the most? One made legal headlines last year