Masco Corporation Reports $7.828 Billion in Net Sales for Fiscal Year 2024

Masco Corporation reported a net sales figure of $7.828 billion for the fiscal year ending December 31, 2024, reflecting a 2% decrease from the previous year's $7.967 billion. The decline was attributed primarily to lower sales volumes in North American plumbing products and reduced net selling prices in the decorative architectural products segment. Despite these challenges, the company managed to maintain a gross profit of $2.831 billion, consistent with the prior year, resulting in a gross margin improvement to 36.2% from 35.6% in 2023. Operating profit increased by 1% to $1.363 billion, aided by cost-saving initiatives and the absence of impairment charges that had affected the previous year’s results.

In terms of strategic developments, Masco completed the divestiture of its Kichler Lighting business in the third quarter of 2024 for $125 million, which contributed to a loss of $88 million recognized in other income. The company also made an acquisition in 2023, purchasing Sauna360 for approximately $136 million, which is expected to enhance its plumbing products segment. These strategic moves align with Masco's focus on optimizing its portfolio and driving growth in core business areas.

Operationally, Masco's employee headcount stood at approximately 18,000 as of December 31, 2024. The company reported a slight increase in its plumbing products segment's operating profit to $911 million, up from $861 million in 2023, while the decorative architectural products segment saw a decrease in operating profit to $549 million from $578 million. The company’s reliance on major customers remains significant, with The Home Depot accounting for approximately 38% of total net sales, underscoring the importance of maintaining strong relationships with key retail partners.

Looking ahead, Masco's management expressed confidence in the company's long-term strategy, which focuses on driving the full potential of its core businesses and leveraging opportunities across its enterprise. However, they acknowledged potential challenges, including fluctuating market demand and rising commodity costs, which could impact future performance. The company plans to continue investing in its brands and product innovation while managing costs effectively to navigate these market conditions.