Research Desk Line-up: Owens Corning Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 6, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Masco Corp. (NYSE: MAS), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=MAS, following the Company's posting of its financial results on October 24, 2017, for the third quarter fiscal 2017 (Q3 FY17). The Livonia, Michigan-based Company adjusted operating profit and adjusted EPS grew 10% and 22%, respectively, year-over-year. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the General Building Materials industry. Pro-TD has currently selected Owens Corning (NYSE: OC) for due-diligence and potential coverage as the Company reported on October 25, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on Owens Corning when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on MAS; also brushing on OC. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=MAS

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Earnings Reviewed

During the three months ended on September 30, 2017, Masco reported net sales of $1.94 billion, which came in above the $1.88 billion recorded at the end of Q3 FY16. However, net sales numbers missed market expectations of $1.96 billion.

The construction materials Company reported net income attributable to Masco of $148 million, or $0.46 per diluted share, in Q3 FY17 compared to $134 million, or $0.40 per diluted share, in the prior year's same period. Meanwhile, the Company's adjusted net income $158 million, or $0.50 per diluted share, in Q3 FY17 compared to $136 million, or $0.41 per diluted share, in the past year's comparable quarter. Meanwhile, Wall Street had expected the Company to report adjusted net income of $0.53 per diluted share.

Operating Metrics

In the reported quarter, Masco's cost of sales was $1.29 billion, marginally up from $1.26 billion in Q3 FY16. The Company's adjusted gross profit for Q3 FY17 came in at $651 million, or 33.6% of net sales, compared to $618 million, or 32.9% of net sales, in the year-ago same period. The Company spent $355 million on selling, general, and administrative (SG&A) expenses in Q3 FY17 compared to $345 million in Q3 FY16. The Company's adjusted operating profit increased to $296 million, or 15.3% of net sales, during Q3 FY17 from $275 million, or 14.7% of net sales, in the third quarter of FY16. Furthermore, adjusted EBITDA stood at $326 million for Q3 FY17 versus $308 million in Q3 FY16.

Masco's Segment-Performance

The Company's Plumbing Products segment net sales grew 6% from $899 million in Q3 FY16 to $951 million in the reported quarter, driven by North American and international growth. However, the segment's operating profit fell to $176 million, or 18.5% of the segment's sales in Q3 FY17 from $179 million, or 19.9% of the segment's sales in Q3 FY16. Additionally, the segment's adjusted EBITDA came in at $192 million in Q3 FY17 compared to $193 million in Q3 FY16.

During Q3 FY17, the Decorative Architectural Products segment reported net sales of $553 million, rising 3% from $536 million recorded in the prior year's corresponding quarter. The segment's operating profit came in at $104 million, or 18.8% of the segment's sales, in Q3 FY17 compared to $111 million, or 20.7% of the segment's sales. Moreover, the segment's adjusted EBITDA was $108 million in Q3 FY17 compared to $115 million in Q3 FY16.

The Cabinetry Products segment's revenues were $229 million in Q3 FY17 versus $239 million in Q3 FY16. The segment's operating profit came in flat at $19 million in Q3 FY17. Moreover, the segment's adjusted EBITDA came in at $22 million in Q3 FY17 compared to $24 million in Q3 FY16.

The Windows and Other Specialty Product segment's sales came in flat at $203 million in Q3 FY17 compared to last year's sales numbers. The Company reported operating profit of $23 million in Q3 FY17 versus operating loss of $10 million in Q3 FY16. Additionally, the segment reported positive EBITDA of $28 million in Q3 FY17 compared to negative EBITDA of $4 million in Q3 FY16.

Cash Flow & Balance

During the first three-quarters of FY17, Masco's net cash flow provided by operating activities was $467 million compared to $483 million in the year-ago same period. At the close of books on September 30, 2017, Masco had cash and cash equivalents balance of $1.14 billion versus $990 million at the close of books on December 31, 2016. Additionally, the Company's long-term debt decreased marginally to stand at $2.97 billion as on September 30, 2017, from $3.00 billion as on December 31, 2016.

Dividend and Buyback

In a separate press release on September 22, 2017, Masco's Board of Directors declared a quarterly dividend of $0.105 per common share, payable on November 13, 2017, to shareholders of record on October 13, 2017.

During Q3 FY17, the Company repurchased 4.0 million shares.

Earnings Guidance

For full year FY17, Masco expects EPS in the range of $1.93 to $1.97.

Stock Performance

At the closing bell, on Friday, November 03, 2017, Masco's stock was slightly up 0.33%, ending the trading session at $39.02. A total volume of 2.13 million shares have exchanged hands. The Company's stock price soared 2.12% in the last three months, 5.66% in the past six months, and 32.50% in the previous twelve months. Moreover, the stock rallied 23.40% since the start of the year. The stock is trading at a PE ratio of 23.09 and has a dividend yield of 1.08%. The stock currently has a market cap of $12.23 billion.

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