The document discusses Masco's investment thesis and outlook. It highlights Masco's strong market positions, cost reduction initiatives, and growth strategies. Masco is well positioned to outperform during an economic recovery due to its lower cost structure, ability to gain market share, and leverage in a improving housing market. The company aims to continue improving performance in its cabinetry and installation businesses.
Masco Presents at the Deutsche Bank Global Industrials ConferenceMasco_Investors
Masco Corporation is a leading manufacturer and distributor of home improvement and building products. The company has a strong portfolio of market-leading brands and leverages its scale and brand strength to expand market share. Masco's strategic initiatives focus on increasing leadership positions, reducing costs, improving underperforming businesses, and strengthening its balance sheet. These initiatives position the company for outperformance as the housing market recovers.
Masco Presents at Raymond James' 33rd Institutional Investors ConferenceMasco_Investors
The document provides an overview of Masco Corporation's presentation at the 33rd Annual Institutional Investors Conference on March 6, 2012. It discusses Masco's investment thesis, focusing on its strong fundamentals that position it to outperform. Key points include Masco's market leading brands, cost reduction strategy, initiatives to improve underperforming businesses, and goals to strengthen its balance sheet. Projections for 2012 include continued profit improvements in cabinets and installation.
2012 RBC Capital Markets' Industrials Conference finalMasco_Investors
- Masco Corporation is a leading building products company with market-leading brands in plumbing, cabinets, paint, windows, and other areas.
- The company's strategy focuses on expanding market leadership, reducing costs, improving underperforming businesses, and strengthening its balance sheet.
- Masco has key strengths including market-leading brands, a history of innovation, broad distribution networks, an emphasis on lean operations, and a strong financial position.
2012 Goldman Sachs Global Retailing Conference PresentationMasco_Investors
- The document is a presentation from Masco Corporation given at the Goldman Sachs 19th Annual Global Retailing Conference on September 5, 2012.
- It outlines Masco's investment thesis, focusing on its strong fundamentals that position it to outperform during an economic recovery.
- Key strengths highlighted include Masco's market-leading brands, position as an industry innovator, broad distribution network, Masco Business System approach, and strong financial position with high liquidity.
- The presentation discusses Masco's strategic initiatives to improve performance through expanding market leadership, reducing costs, improving underperforming businesses, and strengthening its balance sheet.
Masco Corporation provides an overview of its global operations and financial performance. It is a leading manufacturer and marketer of home improvement and building products with 2010 sales of $7.6 billion. Key points include that Masco has scale as the largest manufacturer in several product categories, strong brands, and benefits from operating leverage. Masco also has a history of strong cash flow generation. The company aims to drive sustainable competitive advantage through innovation, brand strength and execution.
Raymond James held its 34th Annual Institutional Investors Conference on March 6, 2013. The presentation focused on Masco's investment thesis, which highlighted the company's strong fundamentals and positioning for growth. Masco has leading brands, is an industry innovator, and has broad distribution. It is leveraging its strengths to expand market leadership, reduce costs, improve underperforming businesses, and strengthen its balance sheet. Masco is well-positioned for growth as housing starts recover and it benefits from a lower fixed cost base and initiatives to gain share and expand internationally.
The document discusses Owens Corning's three business segments that provide resilient cash generation and enduring value. It summarizes 2008 financial results, actions taken to manage through the downturn, and the strengths of each business segment. Composites delivers global leadership in glass fiber and achieved acquisition synergies. Roofing has a favorable industry structure and delivers sustainable margins. Insulation is adapting to the weak housing market. Overall, the three businesses provide strong diversification and potential for over $1 billion in combined earnings.
Illinois Tool Works is a diversified manufacturer operating globally with 825 business units across 57 countries. It produces a wide portfolio of engineered and specialty products for industries like transportation, packaging, construction, and more. While originally founded in Illinois in the early 1900s producing metal cutting products, ITW has significantly expanded its operations over 100 years through both organic growth and acquisitions. ITW employs a decentralized business model with business units that are highly responsive to local markets. The company has a wide economic moat due to its large network of expertise and significant patent portfolio.
Masco Presents at the Deutsche Bank Global Industrials ConferenceMasco_Investors
Masco Corporation is a leading manufacturer and distributor of home improvement and building products. The company has a strong portfolio of market-leading brands and leverages its scale and brand strength to expand market share. Masco's strategic initiatives focus on increasing leadership positions, reducing costs, improving underperforming businesses, and strengthening its balance sheet. These initiatives position the company for outperformance as the housing market recovers.
Masco Presents at Raymond James' 33rd Institutional Investors ConferenceMasco_Investors
The document provides an overview of Masco Corporation's presentation at the 33rd Annual Institutional Investors Conference on March 6, 2012. It discusses Masco's investment thesis, focusing on its strong fundamentals that position it to outperform. Key points include Masco's market leading brands, cost reduction strategy, initiatives to improve underperforming businesses, and goals to strengthen its balance sheet. Projections for 2012 include continued profit improvements in cabinets and installation.
2012 RBC Capital Markets' Industrials Conference finalMasco_Investors
- Masco Corporation is a leading building products company with market-leading brands in plumbing, cabinets, paint, windows, and other areas.
- The company's strategy focuses on expanding market leadership, reducing costs, improving underperforming businesses, and strengthening its balance sheet.
- Masco has key strengths including market-leading brands, a history of innovation, broad distribution networks, an emphasis on lean operations, and a strong financial position.
2012 Goldman Sachs Global Retailing Conference PresentationMasco_Investors
- The document is a presentation from Masco Corporation given at the Goldman Sachs 19th Annual Global Retailing Conference on September 5, 2012.
- It outlines Masco's investment thesis, focusing on its strong fundamentals that position it to outperform during an economic recovery.
- Key strengths highlighted include Masco's market-leading brands, position as an industry innovator, broad distribution network, Masco Business System approach, and strong financial position with high liquidity.
- The presentation discusses Masco's strategic initiatives to improve performance through expanding market leadership, reducing costs, improving underperforming businesses, and strengthening its balance sheet.
Masco Corporation provides an overview of its global operations and financial performance. It is a leading manufacturer and marketer of home improvement and building products with 2010 sales of $7.6 billion. Key points include that Masco has scale as the largest manufacturer in several product categories, strong brands, and benefits from operating leverage. Masco also has a history of strong cash flow generation. The company aims to drive sustainable competitive advantage through innovation, brand strength and execution.
Raymond James held its 34th Annual Institutional Investors Conference on March 6, 2013. The presentation focused on Masco's investment thesis, which highlighted the company's strong fundamentals and positioning for growth. Masco has leading brands, is an industry innovator, and has broad distribution. It is leveraging its strengths to expand market leadership, reduce costs, improve underperforming businesses, and strengthen its balance sheet. Masco is well-positioned for growth as housing starts recover and it benefits from a lower fixed cost base and initiatives to gain share and expand internationally.
The document discusses Owens Corning's three business segments that provide resilient cash generation and enduring value. It summarizes 2008 financial results, actions taken to manage through the downturn, and the strengths of each business segment. Composites delivers global leadership in glass fiber and achieved acquisition synergies. Roofing has a favorable industry structure and delivers sustainable margins. Insulation is adapting to the weak housing market. Overall, the three businesses provide strong diversification and potential for over $1 billion in combined earnings.
Illinois Tool Works is a diversified manufacturer operating globally with 825 business units across 57 countries. It produces a wide portfolio of engineered and specialty products for industries like transportation, packaging, construction, and more. While originally founded in Illinois in the early 1900s producing metal cutting products, ITW has significantly expanded its operations over 100 years through both organic growth and acquisitions. ITW employs a decentralized business model with business units that are highly responsive to local markets. The company has a wide economic moat due to its large network of expertise and significant patent portfolio.
The document is a presentation from Neenah Paper, Inc. given at an investor conference in February 2012. It provides an overview of Neenah Paper, including:
1) Neenah Paper leads in performance-based technical products and high-end printing papers. It has two business segments: Technical Products and Fine Paper.
2) The company has successfully transformed its business mix and financial performance through strategic acquisitions and focus on specialty markets.
3) Neenah Paper has continued strong financial momentum, with top and bottom line growth, improving margins, and increasing return on capital. A recent acquisition is expected to further drive growth and value creation.
Masco Corporation's 2007 annual report discusses the company's financial results for 2007. Key points include:
- Net sales declined 7% to $11.8 billion in 2007 compared to $12.7 billion in 2006.
- Income from continuing operations was $397 million or $1.06 per share, down from $478 million or $1.20 per share in 2006.
- The company returned over $1 billion to shareholders through share repurchases and dividends.
- Cash flow from operations was approximately $980 million.
This document provides an overview and financial highlights of Owens Corning for 2007. It discusses Owens Corning's core business groups including composite solutions, insulating systems, roofing and asphalt, and other building materials and services. It summarizes Owens Corning's financial performance in 2007, growth objectives for 2008, and how recent acquisitions and divestitures have positioned the company for future performance. The document also provides brief descriptions and statistics for each business group.
This document is Ball Corporation's 2001 annual report. It provides an overview of Ball Corporation, including that it is a leading provider of metal and plastic packaging for beverages and foods, as well as aerospace technologies. It discusses Ball's vision, mission, and strategy. The report notes challenges in 2001 from rising costs but performance was still slightly below 2000 levels when excluding charges. It describes actions taken to improve Ball's packaging and aerospace operations and position them for future growth.
WESCO International faced many challenges in 2001 due to a weak economy that negatively impacted all of its major markets. However, the company was able to strengthen its competitive position and improve its business strategy in response. It reduced expenses, cut costs, paid down debt, and improved its financial structure. While financial performance in 2001 was disappointing, WESCO is well positioned for growth as the economy recovers due to its leading market positions, integrated supply capabilities, and strategic focus on core strengths as an electrical products distributor.
This document provides an overview of Weyerhaeuser Company's annual analyst meeting held in New York City on May 12, 2006. It includes presentations on the company's strategic direction, business segment performance, financial strategy, industry outlook, and consideration of alternative ownership structures for the company's timberlands business such as a real estate investment trust. Key topics discussed include portfolio optimization, cost reductions, capital allocation, the macroeconomic setting, and the tax implications of restructuring into a REIT.
Corning posted record performance in the first half of 2008 but experienced weak performance in the second half due to the global recession. While sales were up 21% in the first half, they declined 30% in the fourth quarter compared to the third quarter and previous year. Corning implemented cost-cutting measures like job cuts and spending reductions to prepare for a weak 2009. However, Corning remains confident in its long-term strategies and innovative products to drive future growth once the economy recovers.
This annual report summarizes Lowe's financial performance in fiscal year 2007 and discusses the challenges faced by the home improvement retail industry that year. Specifically:
- Lowe's net sales grew 2.9% to $48.3 billion in fiscal 2007, but pre-tax earnings fell 9.7% and earnings per share fell 5.9-6.5% due to a difficult sales environment in the housing market.
- Despite challenges, Lowe's gained 80 basis points of total unit market share in calendar 2007.
- The CEO acknowledges the unprecedented softening of the housing market negatively impacted home improvement spending. Lowe's focused on gaining strategic advantages to capture more market share.
- Looking to 2008,
The document is Corning's 2006 Annual Report and 2007 Proxy Statement. It provides an overview of Corning's financial performance and highlights in 2006, including record net income and earnings per share. It discusses Corning's strategies of protecting financial health, improving profitability, and investing in the future. It also outlines Corning's leadership transition with Wendell Weeks becoming Chairman and CEO and Peter Volanakis becoming President. Key financial figures for 2006 show net sales of $5.17 billion and net income of $1.85 billion, up significantly from 2005.
Owens Corning presented at the Zelman Housing Summit on September 23, 2016. The presentation discussed Owens Corning's focus on shareholder value and Q3 2016 results. It highlighted the company's three market-leading businesses in roofing, insulation, and composites which have strong market positions in attractive industries. The presentation provided financial highlights for Q2 2016 and an outlook expecting continued growth in areas like housing starts and industrial production.
Masco Corporation presented at the 2014 Citi Basic Materials Conference. The presentation provided an overview of Masco's performance, capabilities, and opportunities. Masco delivered solid growth and cash flow generation in 2013 driven by its strong brand portfolio and customer-focused innovation. Opportunities exist to further drive core businesses, leverage synergies across the portfolio, and actively manage the portfolio. Recent initiatives aim to unlock shareholder value through the planned spin-off of the installation business, reducing corporate expenses, and deploying capital in a disciplined manner.
Masco presents at bank of america merrill lynch 2013 u.s. basic materials con...Masco_Investors
- The document discusses Masco Corporation's performance and strategy at a 2013 basic materials conference.
- Masco has strong brands in plumbing, cabinets, and other home improvement areas that provide opportunities for growth as the housing market recovers.
- The company's strategy focuses on expanding market leadership, reducing costs, improving underperforming businesses, and strengthening its balance sheet.
- Masco is positioned for growth by leveraging its leading brands and distribution, continuing cost improvements, and deploying capital disciplined.
Deutsche Bank Global Industrials and Basic Materials Conference Masco_Investors
Masco provides a safe harbor statement noting that forward-looking statements in the presentation involve risks and uncertainties that could cause actual results to differ from expectations. The company also notes certain financial data included are non-GAAP measures and additional information about the company can be found in its SEC filings and website.
Deutsche Bank Global Industrials and Basic Materials Conference Masco_Investors
The document provides an overview of Masco Corporation for investors attending a Deutsche Bank conference. It outlines Masco's investment thesis of having strong fundamentals and being well-positioned for growth. Key points include Masco leveraging its market-leading brands, expanding market share through new products and geographic expansion, continuing to reduce costs, and improving underperforming businesses. The document also highlights Masco's strengths in distribution, innovation, and financial position that position it to benefit from an industry recovery.
Legend Power Systems provides energy conservation solutions through a product that reduces electrical consumption in commercial buildings by up to 8% by regulating voltage levels. The presentation discusses progress made in 2011-2012 in culture/leadership, product development, operations, and sales. Key highlights include reducing monthly burn rate and sales needed for break even, improving margins and product capabilities, expanding sales success to new markets, and achieving sales targets and commitments for Q1 2012 that were 57% above goal. The outlook is for continued profitable sales growth, cost management, and expanding distribution to reach the large potential market.
Masco provided a presentation on its business and strategy in May 2013. The presentation covered Masco's investment thesis of having strong fundamentals and being positioned for growth. Masco aims to expand market leadership through leveraging its brands, reduce costs through productivity initiatives, and improve underperforming businesses like cabinets. Masco also seeks to strengthen its balance sheet by reducing debt. Looking forward, Masco believes it is well-positioned to benefit from an economic recovery through its lower cost structure and market-leading brands.
Masco - Investor Presentation - September 2014Masco_Investors
Masco Corporation announced plans to unlock shareholder value through 1) spinning off its installation and other services businesses to form a new publicly-traded company, 2) reducing corporate expenses, and 3) implementing a share repurchase program of up to $1.2 billion. The spin-off would create two focused companies, with Masco concentrating on branded building products and the new company focusing on installation and distribution services. These initiatives aim to drive improved performance and unlock value for shareholders.
raytheonSmith Barney Citigroup 18th Annual Global Industrial Manufacturing Co...finance12
This document contains the presentation slides from Raytheon Company CFO Ed Pliner at the 18th Annual Global Industrial Manufacturing Conference on March 8, 2005. The presentation provides an overview of Raytheon, including that it is a $20 billion defense technology business leader. It outlines Raytheon's strategy of growing in core defense markets and leveraging domain expertise across sectors. Financial information is presented showing strong order growth, sales increases, debt reduction, and 2005 guidance forecasts.
Bemis Company provides flexible packaging and pressure sensitive materials. It has $5.3 billion in annual sales across 80 facilities in 12 countries. Bemis aims to optimize its scale through facility consolidation, grow in developing markets and medical packaging, and accelerate innovation through patented materials and processes. For 2012, Bemis forecasts adjusted EPS of $2.05-$2.20, over $350 million in cash flow from operations, and $175 million in capital expenditures as it focuses on deleveraging. Bemis sees itself as an attractive investment due to its strong market position, cash flow, proprietary products, and global expansion.
Allocate capital to the most important project portfolios and programs
Specify measurable Strategic Targets
Prioritize based on data not "gut feel"
Optimise Project Resources across different strategic Scenarios
Drive accountability for both Execution and Results
Realize Results faster, by spending smarter!
Ply Gem Holdings, Inc. presented an investor presentation in November 2015. The presentation discussed Ply Gem's position as one of the largest manufacturers of exterior building and home improvement products in North America with over $1.8 billion in net sales. It also contained forward-looking statements about Ply Gem's financial projections, discussed its product portfolio and brands, and provided an overview of the North American housing and siding markets. The presentation showed that industry forecasts called for an increase in U.S. single-family home starts in 2015-2017 and highlighted vinyl siding as the dominant siding product in North America, comprising over 75% of the Northeast market.
TopBuild is positioned for profitable growth by leveraging its unrivaled national scale and competitive advantages across its insulation and building products installation and distribution businesses. It has successfully repositioned itself after rationalization by diversifying revenues and expanding margins. Multiple growth drivers exist as the housing market recovers and TopBuild gains share in residential new construction, repair/remodel, and commercial construction. With a strong balance sheet and free cash flow generation, TopBuild is well positioned to capitalize on these opportunities.
The document is a presentation from Neenah Paper, Inc. given at an investor conference in February 2012. It provides an overview of Neenah Paper, including:
1) Neenah Paper leads in performance-based technical products and high-end printing papers. It has two business segments: Technical Products and Fine Paper.
2) The company has successfully transformed its business mix and financial performance through strategic acquisitions and focus on specialty markets.
3) Neenah Paper has continued strong financial momentum, with top and bottom line growth, improving margins, and increasing return on capital. A recent acquisition is expected to further drive growth and value creation.
Masco Corporation's 2007 annual report discusses the company's financial results for 2007. Key points include:
- Net sales declined 7% to $11.8 billion in 2007 compared to $12.7 billion in 2006.
- Income from continuing operations was $397 million or $1.06 per share, down from $478 million or $1.20 per share in 2006.
- The company returned over $1 billion to shareholders through share repurchases and dividends.
- Cash flow from operations was approximately $980 million.
This document provides an overview and financial highlights of Owens Corning for 2007. It discusses Owens Corning's core business groups including composite solutions, insulating systems, roofing and asphalt, and other building materials and services. It summarizes Owens Corning's financial performance in 2007, growth objectives for 2008, and how recent acquisitions and divestitures have positioned the company for future performance. The document also provides brief descriptions and statistics for each business group.
This document is Ball Corporation's 2001 annual report. It provides an overview of Ball Corporation, including that it is a leading provider of metal and plastic packaging for beverages and foods, as well as aerospace technologies. It discusses Ball's vision, mission, and strategy. The report notes challenges in 2001 from rising costs but performance was still slightly below 2000 levels when excluding charges. It describes actions taken to improve Ball's packaging and aerospace operations and position them for future growth.
WESCO International faced many challenges in 2001 due to a weak economy that negatively impacted all of its major markets. However, the company was able to strengthen its competitive position and improve its business strategy in response. It reduced expenses, cut costs, paid down debt, and improved its financial structure. While financial performance in 2001 was disappointing, WESCO is well positioned for growth as the economy recovers due to its leading market positions, integrated supply capabilities, and strategic focus on core strengths as an electrical products distributor.
This document provides an overview of Weyerhaeuser Company's annual analyst meeting held in New York City on May 12, 2006. It includes presentations on the company's strategic direction, business segment performance, financial strategy, industry outlook, and consideration of alternative ownership structures for the company's timberlands business such as a real estate investment trust. Key topics discussed include portfolio optimization, cost reductions, capital allocation, the macroeconomic setting, and the tax implications of restructuring into a REIT.
Corning posted record performance in the first half of 2008 but experienced weak performance in the second half due to the global recession. While sales were up 21% in the first half, they declined 30% in the fourth quarter compared to the third quarter and previous year. Corning implemented cost-cutting measures like job cuts and spending reductions to prepare for a weak 2009. However, Corning remains confident in its long-term strategies and innovative products to drive future growth once the economy recovers.
This annual report summarizes Lowe's financial performance in fiscal year 2007 and discusses the challenges faced by the home improvement retail industry that year. Specifically:
- Lowe's net sales grew 2.9% to $48.3 billion in fiscal 2007, but pre-tax earnings fell 9.7% and earnings per share fell 5.9-6.5% due to a difficult sales environment in the housing market.
- Despite challenges, Lowe's gained 80 basis points of total unit market share in calendar 2007.
- The CEO acknowledges the unprecedented softening of the housing market negatively impacted home improvement spending. Lowe's focused on gaining strategic advantages to capture more market share.
- Looking to 2008,
The document is Corning's 2006 Annual Report and 2007 Proxy Statement. It provides an overview of Corning's financial performance and highlights in 2006, including record net income and earnings per share. It discusses Corning's strategies of protecting financial health, improving profitability, and investing in the future. It also outlines Corning's leadership transition with Wendell Weeks becoming Chairman and CEO and Peter Volanakis becoming President. Key financial figures for 2006 show net sales of $5.17 billion and net income of $1.85 billion, up significantly from 2005.
Owens Corning presented at the Zelman Housing Summit on September 23, 2016. The presentation discussed Owens Corning's focus on shareholder value and Q3 2016 results. It highlighted the company's three market-leading businesses in roofing, insulation, and composites which have strong market positions in attractive industries. The presentation provided financial highlights for Q2 2016 and an outlook expecting continued growth in areas like housing starts and industrial production.
Masco Corporation presented at the 2014 Citi Basic Materials Conference. The presentation provided an overview of Masco's performance, capabilities, and opportunities. Masco delivered solid growth and cash flow generation in 2013 driven by its strong brand portfolio and customer-focused innovation. Opportunities exist to further drive core businesses, leverage synergies across the portfolio, and actively manage the portfolio. Recent initiatives aim to unlock shareholder value through the planned spin-off of the installation business, reducing corporate expenses, and deploying capital in a disciplined manner.
Masco presents at bank of america merrill lynch 2013 u.s. basic materials con...Masco_Investors
- The document discusses Masco Corporation's performance and strategy at a 2013 basic materials conference.
- Masco has strong brands in plumbing, cabinets, and other home improvement areas that provide opportunities for growth as the housing market recovers.
- The company's strategy focuses on expanding market leadership, reducing costs, improving underperforming businesses, and strengthening its balance sheet.
- Masco is positioned for growth by leveraging its leading brands and distribution, continuing cost improvements, and deploying capital disciplined.
Deutsche Bank Global Industrials and Basic Materials Conference Masco_Investors
Masco provides a safe harbor statement noting that forward-looking statements in the presentation involve risks and uncertainties that could cause actual results to differ from expectations. The company also notes certain financial data included are non-GAAP measures and additional information about the company can be found in its SEC filings and website.
Deutsche Bank Global Industrials and Basic Materials Conference Masco_Investors
The document provides an overview of Masco Corporation for investors attending a Deutsche Bank conference. It outlines Masco's investment thesis of having strong fundamentals and being well-positioned for growth. Key points include Masco leveraging its market-leading brands, expanding market share through new products and geographic expansion, continuing to reduce costs, and improving underperforming businesses. The document also highlights Masco's strengths in distribution, innovation, and financial position that position it to benefit from an industry recovery.
Legend Power Systems provides energy conservation solutions through a product that reduces electrical consumption in commercial buildings by up to 8% by regulating voltage levels. The presentation discusses progress made in 2011-2012 in culture/leadership, product development, operations, and sales. Key highlights include reducing monthly burn rate and sales needed for break even, improving margins and product capabilities, expanding sales success to new markets, and achieving sales targets and commitments for Q1 2012 that were 57% above goal. The outlook is for continued profitable sales growth, cost management, and expanding distribution to reach the large potential market.
Masco provided a presentation on its business and strategy in May 2013. The presentation covered Masco's investment thesis of having strong fundamentals and being positioned for growth. Masco aims to expand market leadership through leveraging its brands, reduce costs through productivity initiatives, and improve underperforming businesses like cabinets. Masco also seeks to strengthen its balance sheet by reducing debt. Looking forward, Masco believes it is well-positioned to benefit from an economic recovery through its lower cost structure and market-leading brands.
Masco - Investor Presentation - September 2014Masco_Investors
Masco Corporation announced plans to unlock shareholder value through 1) spinning off its installation and other services businesses to form a new publicly-traded company, 2) reducing corporate expenses, and 3) implementing a share repurchase program of up to $1.2 billion. The spin-off would create two focused companies, with Masco concentrating on branded building products and the new company focusing on installation and distribution services. These initiatives aim to drive improved performance and unlock value for shareholders.
raytheonSmith Barney Citigroup 18th Annual Global Industrial Manufacturing Co...finance12
This document contains the presentation slides from Raytheon Company CFO Ed Pliner at the 18th Annual Global Industrial Manufacturing Conference on March 8, 2005. The presentation provides an overview of Raytheon, including that it is a $20 billion defense technology business leader. It outlines Raytheon's strategy of growing in core defense markets and leveraging domain expertise across sectors. Financial information is presented showing strong order growth, sales increases, debt reduction, and 2005 guidance forecasts.
Bemis Company provides flexible packaging and pressure sensitive materials. It has $5.3 billion in annual sales across 80 facilities in 12 countries. Bemis aims to optimize its scale through facility consolidation, grow in developing markets and medical packaging, and accelerate innovation through patented materials and processes. For 2012, Bemis forecasts adjusted EPS of $2.05-$2.20, over $350 million in cash flow from operations, and $175 million in capital expenditures as it focuses on deleveraging. Bemis sees itself as an attractive investment due to its strong market position, cash flow, proprietary products, and global expansion.
Allocate capital to the most important project portfolios and programs
Specify measurable Strategic Targets
Prioritize based on data not "gut feel"
Optimise Project Resources across different strategic Scenarios
Drive accountability for both Execution and Results
Realize Results faster, by spending smarter!
Ply Gem Holdings, Inc. presented an investor presentation in November 2015. The presentation discussed Ply Gem's position as one of the largest manufacturers of exterior building and home improvement products in North America with over $1.8 billion in net sales. It also contained forward-looking statements about Ply Gem's financial projections, discussed its product portfolio and brands, and provided an overview of the North American housing and siding markets. The presentation showed that industry forecasts called for an increase in U.S. single-family home starts in 2015-2017 and highlighted vinyl siding as the dominant siding product in North America, comprising over 75% of the Northeast market.
TopBuild is positioned for profitable growth by leveraging its unrivaled national scale and competitive advantages across its insulation and building products installation and distribution businesses. It has successfully repositioned itself after rationalization by diversifying revenues and expanding margins. Multiple growth drivers exist as the housing market recovers and TopBuild gains share in residential new construction, repair/remodel, and commercial construction. With a strong balance sheet and free cash flow generation, TopBuild is well positioned to capitalize on these opportunities.
This document provides an investor briefing for Bemis Company covering financial highlights from 2013-2014 and projections for 2015. Key points include:
- Adjusted EPS for continuing operations increased from $2.09 in 2013 to $2.30 in 2014.
- Continuing operations adjusted operating margin increased from 8.8% in 2013 to 9.4% in 2014.
- Dividends have been increased for 31 consecutive years and share repurchases totaled $77M in 2013 and $152M in 2014.
- The company has two reportable segments - U.S. Packaging and Global Packaging, which accounted for 56% and 17% of net sales respectively in 2014.
- Ply Gem Holdings, Inc. is one of the largest manufacturers of exterior building products in North America with over $1.8 billion in net sales.
- They have a multi-channel distribution network serving new construction and home repair/remodeling end markets.
- The presentation discusses Ply Gem's financial performance, acquisition strategy, industry dynamics, and product portfolio which includes vinyl siding, windows, and stone veneer.
Masco Corporation held a conference to discuss its business strategies and financial performance. The presentation included the following key points:
1. Masco has undergone a transformation through leadership changes, cost reductions, and the planned spin-off of its installation business to create a less cyclical company focused on its core brands.
2. The company has delivered strengthened financial results through revenue growth, increased profitability, and strong returns on invested capital exceeding its weighted average cost of capital.
3. Masco outlined its strategic focus on driving the full potential of its core brands, leveraging opportunities across its portfolio, and actively managing its portfolio through acquisitions and divestitures.
The document discusses Builders FirstSource's financial performance from 2005-2012. Key points include:
- Revenues increased 37% in 2012 driven by volume gains and commodity price inflation, outperforming the 23% increase in regional housing starts.
- Gross margins decreased slightly in 2012 due to commodity lumber price inflation exceeding customer pricing commitments.
- SG&A expenses decreased as a percentage of sales from 24.2% in 2011 to 20.4% in 2012, excluding stock compensation.
- Adjusted EBITDA improved to $6.4 million in 2012 compared to -$15.0 million in 2011, demonstrating improved profitability.
The document discusses Builders FirstSource's financial performance from 2005-2012. Key points include:
- Revenues increased 37% in 2012 driven by volume gains and commodity price inflation, outperforming housing start growth.
- Gross margins declined slightly in 2012 due to commodity inflation but operating expenses decreased as a percentage of sales.
- Adjusted EBITDA improved to $6.4 million in 2012 compared to a $15 million loss in 2011, reflecting cost controls and revenue growth.
- Management has demonstrated the ability to maintain profitability and conserve capital through past downturns.
The document discusses Builders FirstSource's financial performance from 2005-2012. Key points include:
- Revenues increased 37% in 2012 driven by volume gains and commodity price inflation, outperforming housing start growth.
- Gross margins declined slightly in 2012 due to commodity inflation but operating expenses decreased as a percentage of sales.
- Adjusted EBITDA improved to $6.4 million in 2012 compared to a $15 million loss in 2011, reflecting cost controls and revenue growth.
- Management has demonstrated the ability to conserve capital and tightly manage working capital and capex through the downturn.
This document discusses Builders FirstSource's business and provides an overview of the homebuilding industry. It notes that Builders FirstSource is the third largest building products supplier and operates a fully integrated distribution platform across 33 markets. The document also highlights the significant downturn in the homebuilding industry since 2008 and signs that the industry is recovering.
Masco Corporation held its 7th Annual Global Industrials and Materials Summit on June 8, 2016. John Sznewajs, Masco's CFO, discussed the company's transformation initiatives, outlook, and strategies for growth. Key points include:
- Masco has implemented a new management team and business model focused on operational excellence, portfolio management, and capital allocation. This has created a less cyclical business.
- The transformation has delivered stable revenues and strong profitability growth. Masco is positioned to continue outperforming through strategies leveraging its leading brands.
- Masco expects to generate over $2 billion in free cash flow over the next three years, allowing for investment, debt pay
Similar to Masco Presents at J.P. Morgan Homebuilders and Products Conference (20)
Masco Corporation reported first quarter 2018 results. Revenue increased 8% to $1.92 billion due to growth in the Plumbing and Decorative Architectural segments and the North American Windows business. Operating profit decreased to $250 million due to $30 million in strategic growth investments and a lag in passing along price increases. Management affirmed its annual earnings guidance range of $2.48 to $2.63 per share.
This document summarizes John Sznewajs' presentation at the 39th Annual Institutional Investor Conference in March 2018. The presentation discusses Masco's business today, strategy for profitable growth, and future outlook. Masco has a diversified business mix across price points, channels, and geographies that results in stable revenues. The company's strategy focuses on driving the full potential of its businesses, leveraging opportunities across its portfolio, and actively managing its portfolio. Masco expects this strategy to generate substantial cash flow and allow for 23% annual EPS growth from 2016 to 2019 through revenue growth, cost improvements, and capital allocation.
Masco Corporation reported financial results for the fourth quarter and full year of 2017. For the fourth quarter, revenue increased 7% to $1.87 billion and operating profit increased 44 million or 150 basis points to $265 million. For the full year, revenue increased 4% to $7.64 billion and operating profit increased $98 million or 70 basis points to $1.17 billion. The company exceeded its 2017 EPS target and drove growth through market share gains, new product development, and margin expansion. It also completed an acquisition and signed an agreement to acquire another company.
Masco Corporation reported third quarter 2017 earnings. Total revenue increased 3% year-over-year to $1.936 billion. Operating profit increased to $296 million, up $21 million from the previous year. Earnings per share for the quarter were $0.50, up 22% year-over-year. The presentation provided financial details and highlights for each of Masco's business segments, discussed progress on strategic initiatives, and updated full-year earnings guidance.
Masco Corporation reported second quarter 2017 earnings. Total sales increased 3% year-over-year to $2.057 billion, while operating profit rose 4% to $357 million. Plumbing sales increased 3% due to growth at Delta, Hansgrohe, and Watkins. Decorative Architectural sales grew 5% from increased pro sales at Behr and builder's hardware expansion. Windows sales increased 4% excluding foreign exchange impacts. Management updated 2017 EPS guidance to $1.93 to $2.00 per share and announced plans to increase the annual dividend.
Masco Corporation reported second quarter 2017 earnings. Total sales increased 3% year-over-year to $2.057 billion, while operating profit rose 4% to $357 million. Plumbing sales increased 3% due to growth at Delta, Hansgrohe, and Watkins. Decorative Architectural sales grew 5% from increased pro sales at Behr and builder's hardware expansion. Windows sales increased 4% excluding foreign exchange impacts. Management updated 2017 EPS guidance to $1.93 to $2.00 per share and announced plans to increase the annual dividend.
- Masco reported strong first quarter 2017 results, with top line growth driven by its North American Plumbing segment. The company achieved 22 consecutive quarters of sales and operating profit growth.
- Operating leverage led to expanded margins and earnings per share exceeded expectations. The company updated its EPS target range provided in 2015.
- Plumbing Products sales increased 8% excluding foreign exchange impacts, fueled by record sales and profits at Delta. Decorative Architectural Products saw builders' hardware growth despite difficult comparisons.
Mas q4 2016 earnings presentation 02.09.2017 Masco_Investors
- The document is Masco's Q4 and full year 2016 earnings presentation. It summarizes the company's financial results and performance across its business segments for the quarter and full year.
- For Q4 2016, total company sales increased 3% while operating profit was $221 million, up slightly from the prior year. Plumbing Products sales increased 5% and operating profit grew significantly.
- For the full year 2016, total sales increased 3% to $7.36 billion while adjusted operating profit rose 27% to $1.075 billion, driven by growth across all segments.
- Masco Corporation presented its third quarter 2016 earnings results, highlighting revenue growth of 2% year-over-year to $1.877 billion driven by strength in end markets and market share gains.
- Operating profit increased to $275 million, a margin of 14.7%, due to operating leverage from volume growth and productivity initiatives. However, operating profit was negatively impacted by a $21 million increase to warranty reserves.
- The presentation provided financial results by business segment, with plumbing products and builders' hardware driving growth, while cabinetry and windows saw mixed results. Management also discussed strengthening the balance sheet through debt repayment and share repurchases.
- Masco reported financial results for the second quarter of 2016, with revenue increasing 4% year-over-year to $2.001 billion. Operating profit rose $62 million to $342 million and operating margin expanded 260 basis points to 17.1%.
- All business segments saw sales growth except cabinetry, with plumbing products leading with 9% revenue growth. Increased operating leverage and cost productivity contributed to margin expansion across segments.
- Masco strengthened its balance sheet in the quarter, retiring $400 million of debt and repurchasing 2.8 million shares. The board also announced an intention to increase the annual dividend.
- Masco reported strong results for the first quarter of 2016, with total sales increasing 4% year-over-year to $1.72 billion.
- All of Masco's business segments experienced sales growth in the quarter, with Plumbing Products sales up 2% and Decorative Architectural Products sales increasing 9%.
- Increased operating leverage and cost productivity led to a significant expansion in operating margins across most business segments compared to the prior year. Adjusted earnings per share increased 78% to $0.32.
Raymond James held its 37th Annual Institutional Investors Conference on March 7, 2016. John Sznewajs, Chief Financial Officer of Masco Corporation, presented at the conference. Masco is a global leader in home improvement and building products with strong brands and industry-leading positions. Sznewajs discussed Masco's transformation initiatives, operational excellence focus, growth strategies capitalizing on its strengths, and financial flexibility to fund growth and return capital to shareholders through 2017.
Masco Corporation reported financial results for the fourth quarter and full year of 2015. Total company sales increased 6% in the fourth quarter excluding foreign currency effects. North American sales increased 5% while international sales grew 4% locally. For the full year, adjusted operating profit increased 20% to $927 million and adjusted earnings per share increased 35% to $1.19 due to continued growth, cost savings, and share repurchases. The company also maintained a strong balance sheet and disciplined capital allocation strategy.
Raymond James 37th Annual Institutional Investors ConferenceMasco_Investors
Raymond James held its 37th Annual Institutional Investors Conference on March 7, 2016. John Sznewajs, Chief Financial Officer of Masco Corporation, presented at the conference. Masco is a global leader in home improvement and building products with strong brands and industry-leading positions. Sznewajs discussed Masco's transformation initiatives, operational excellence focus, growth strategies across its business segments, and financial flexibility to fund growth and return capital to shareholders through 2017.
Raymond James held its 37th Annual Institutional Investors Conference on March 7, 2016. John Sznewajs, Chief Financial Officer of Masco Corporation, presented at the conference. Masco is a global leader in home improvement and building products with strong brands and industry-leading positions. Sznewajs discussed Masco's transformation initiatives, operational excellence focus, growth strategies capitalizing on its strengths, and financial flexibility to fund growth and return capital to shareholders through 2017.
Masco Corporation reported its fourth quarter and full year 2015 earnings. Total company sales increased 6% excluding foreign currency impacts in the fourth quarter. For the full year, North American sales increased 5% while international sales grew 4% locally. The company executed on strategic initiatives in 2015, driving performance through market share gains, cost reductions, and productivity improvements. Masco repurchased 17.2 million shares over the course of the year and increased its dividend.
Masco Corporation reported financial results for the fourth quarter and full year of 2015. Total company sales increased 6% in the fourth quarter excluding foreign currency effects. North American sales increased 5% while international sales grew 4% locally. For the full year, adjusted operating profit increased 21% to $927 million and adjusted earnings per share increased 35% to $1.19 due to continued execution of strategic initiatives, sales growth, operating leverage and cost reductions.
- Third quarter earnings results presentation from Masco Corporation dated October 27, 2015
- Sales increased 4% excluding foreign currency effects, with North American sales up 3% and international up 4%
- Improved demand, operating leverage, cost control and cost productivity drove profit margin expansion and earnings growth despite currency headwinds
- All business segments showed strong profitability with margins expanding across most segments
Masco Corporation reported strong results for the second quarter of 2015, with total revenue increasing 3% year-over-year to $1.929 billion. All business segments saw revenue growth when excluding the effects of foreign currency translation. Operational improvements led to a 22% increase in operating profit to $280 million and operating margins expanded 230 basis points to 14.5%. Management remains focused on driving performance across all segments through new product introductions, improving efficiencies, and executing strategic initiatives.
Masco Presents at J.P. Morgan 2015 Homebuilding & Building Products ConferenceMasco_Investors
Masco Corporation provided a presentation at the J.P. Morgan Homebuilding and Building Products Conference. The presentation focused on Masco's transformation into a less cyclical business through portfolio changes, operational improvements, and a strategic focus on driving core business performance and leveraging opportunities across its portfolio. It highlighted accomplishments in restructuring the business and improving financial results. The presentation projected continued revenue and profit growth through 2017 by focusing on innovation, brands, and growth in international and repair/remodel markets.
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Business analysis - Prescriptive analytics Introduction to Prescriptive analytics
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2. Safe Harbor Statement
Written and oral statements made in this presentation that reflect our views about our future performance
constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by words such as “believe,” “anticipate,” “appear,” “may,”
“should,” “will,” “forecast”, “intend,” “plan,” “estimate,” “expect,” “assume,” “seek,” and similar references to
future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our
actual results may differ materially from the results discussed in our forward-looking statements. We
caution you against relying on any of these forward-looking statements. Our future performance may be
affected by our reliance on new home construction and home improvement, our reliance on key customers,
the cost and availability of raw materials, shifts in consumer preferences and purchasing practices, and our
ability to achieve cost savings through business rationalizations and other initiatives. These and other
factors are discussed in detail in Item 1A, “Risk Factors” in our Annual Report on Form 10-K, as well as in
our Quarterly Reports on Form 10-Q and in other filings we make with the Securities and Exchange
Commission. Our forward-looking statements in this presentation speak only as of the date of this
presentation. Factors or events that could cause our actual results to differ may emerge from time to time,
and it is not possible for us to predict all of them. Unless required by law, we undertake no obligation to
update publicly any forward-looking statements as a result of new information, future events or otherwise.
Certain of the financial and statistical data included in this presentation and the related materials are non-
GAAP financial measures as defined under Regulation G. The Company believes that non-GAAP
performance measures and ratios used in managing the business may provide attendees of this
presentation with additional meaningful comparisons between current results and results in prior periods.
Non-GAAP performance measures and ratios should be viewed in addition to, and not as an alternative for,
the Company's reported results under accounting principles generally accepted in the United States.
Additional information about the Company is contained in the Company's filings with the SEC and is
available on Masco’s Web Site, www.masco.com.
2
3. INVESTMENT THESIS
Strong Fundamentals - Positioned to Outperform
The company
The strategy
The strengths
The growth
3
4. Masco at a Glance
2011
Revenue $7.5B
Revenue % renovation vs. new construction 75%
Cumulative free cash flow last 3 years ~$1B
Employees 31,000
Market capitalization >$4.0B
Dividend yield 2.9%
Cash at 12/31/2011 $1.7B
4
5. Masco – Strong Brands with Market Leading Positions
B USINESS S EGMENT R EVENUE 2011 % OF T OTAL L EADING P OSITIONS
#1 worldwide in faucets,
Plumbing fittings, showerheads
Products $2.9B 39%
#1 in spas
Decorative
Architectural $1.7B 22% #1 DIY paint and stain
Products
Cabinets
#1 & #2 U.S. kitchen and
and Related $1.2B 17% bath cabinetry brands
Products
Installation #1 insulation and product
and Other $1.1B 14% installation for homebuilders
Services
Other
#1 windows and patio doors
Specialty $0.6B 8% in western US and UK
Products
Total company $7.5B 100%
5
6. Masco – Unique Scope and Scale
We believe we are the…….
Largest manufacturer of faucets in the world
Largest manufacturer of kitchen cabinets in the world
Largest non-commodity supplier to The Home Depot
Largest supplier to Lowe’s Kitchen and Bath segment
supplier of architectural coatings to the
Largest U.S. DIY market
installer of insulation products for the new home
Largest construction market
6
7. INVESTMENT THESIS
Strong Fundamentals - Positioned to Outperform
The company
The strategy
The strengths
The growth
7
9. 1. EXPAND MARKET LEADERSHIP
Key Brands Gaining Share since 2010
Examples Gaining Share
• Delta®, Peerless®, and Brizo® brands in U.S.
• International plumbing growth with Hansgrohe
• Decorative Architectural: Behr® #1 ranking,
Direct to Pro® service growth, Kilz Pro line
• Other Specialty: Milgard® windows outperforming
market, UK growing share
• Masco Contractor Services gaining share with
insulation, retrofit and commercial channels
• Merillat® and Quality® cabinet brands gaining share
with builders
9
11. 3. IMPROVE UNDERPERFORMING BUSINESSES
Laser Focus on Achieving Breakeven
Cabinets
Executing wide range of sales initiatives
• Countertops and Vanities Program
• Increased Dealer penetration
Expect ~$50M operating profit improvement in 2012
Installation
Continued penetration of retrofit and commercial channels
Further cost reductions from lean, ERP leverage, supply
chain
Expect ~$30M operating profit improvement in 2012
Estimated breakeven lowered to ~700,000 housing starts
11
12. 4. STRENGTHEN BALANCE SHEET
Declining Debt to Capitalization Ratio
84%
45%-55%
• Planned reduction
of $400M in 2012
2011… Future Target
12
13. INVESTMENT THESIS
Strong Fundamentals - Positioned to Outperform
The company
The strategy
The strengths
The growth
13
14. Key Strengths we are Leveraging
1 Market-leading brands
2 Industry innovator
3 Broad distribution
4 Masco Business System
5 Strong financial position
14
15. STRENGTH 1: MARKET LEADING BRANDS
Unparalleled Brand Strength
Cabinets & Related Plumbing Decorative Other Specialty
Products Products Architectural Products Products
Installation &
Other Services
15
16. STRENGTH 2: INDUSTRY INNOVATOR
Significant New Product Introductions – Last 3 Years
Examples of New Products/Technologies
2009 2010 2011
2011 Revenues
Behr Premium Arrow BehrProTM
Plus Ultra R.E.D.
70% 30%*
Existing
Touch2O® Essence Kilz PRO-XTM
Products Technology Windows
Hansgrohe’s Axor® ACE® Salt Water Masco Cabinetry’s
Urquiola Sanitizing System ProCisionTM Process
16 * Percentage of 2011 gross sales of manufactured products attributable to new products introduced in trailing 36 months
17. STRENGTH 3: BROAD DISTRIBUTION
Broad Distribution Across Multiple Channels
Broad Portfolio
Big Box Retailers Homebuilders Wholesalers / Dealers
• Dedicated customer- • Exclusive products and • Extensive training
specific service services for the direct to programs for branch and
organizations with over builder channel showroom associates
1,000 field service • A leading insulation • Superior dealer support
employees contractor in the US through display and
technology expertise
• Premier brands drive traffic
17
18. STRENGTH 4: MASCO BUSINESS SYSTEMS
A Continuous Improvement Culture
– At the Center of Our Success
Customer focus Innovation
MBS Lean
Talent Quality
18
19. STRENGTH 5: STRONG FINANCIAL POSITION
Strong Liquidity and Improving Balance Sheet
Strong Liquidity Declining Debt to
(as of 3/31/2012) Capitalization Ratio
84%
• Cash and equivalents of ~$1.8B
45%-55%
• Borrowing availability of ~$780M
• A strong free cash flow business
– ~$1B last 3 years
– Maintenance capex of
~$110M annually
2011 Future Target
Year End
• $745M of debt due in June 2012
• Refinanced $400M through debt offering
in March 2012
19
20. INVESTMENT THESIS
Strong Fundamentals - Positioned to Outperform
The company
The strategy
The strengths
The growth
20
21. Positioned to Outperform in the Recovery
1 Leveraged to the recovery
2 Continued brand leverage and share expansion
3 Continued cost position improvement
4 Disciplined capital deployment
21
22. 1. Leveraged to the Recovery
Adjusted Operating Margin*
10-14%
12%
Reflects
• lower fixed cost base
of >$560M (gross)
6%
• driving lean principles
4% across the company
2006 2010 2011 3-5 Years
Last Peak
Housing
starts 2.1M 0.6M 0.6M ~1-1.5M
30% margin on incremental volume
22 *See Appendix slide 31
23. 2. Initiatives to Leverage Brands and Expand Share
Product Strengthen Extend Geographic
Introductions Brand Loyalty Categories Expansion
Plumbing
Products
Decorative
Architectural
Products
Cabinets
and Related
Products
Installation
and Other
Services
Other
Specialty
Products
23
24. 3. Continue to Improve Cost Position
Driven by: Driven by:
Sourcing
~$150M* Actions Taken In
Lean Prior Years
Initiatives of Total Cost • Plant Closures
Productivity • Headcount
Distribution Reductions
in 2012 • System
& Logistics Implementations
24 * Gross
25. 4. Disciplined Capital Deployment
Invest in the Business
• Maintenance capex: $110M annually
Financial Flexibility
• Target 45%-55% debt to
Strong Cash capitalization vs. ~84%
Flow Generation
Dividend
• Maintain dividend yield ~2%
Acquisitions
• Potential acquisitions (<$100M) in
support of international expansion
Maintain high cash balance ~$1B until markets firm up
25
26. 2012 Priorities
Cabinet profit improvement
Installation profit improvement
Successfully launch new products in Paint & Builders Hardware
Reduce debt by ~$400M/refinance $400M
Investment in strategic growth initiatives
Grow share of key brands
Total cost productivity
Geographic expansion
26
27. Masco 3-5 Years Out – A “Normal” Housing Market
• Estimate revenues of ~$10-12B, margin of 10-14%
• Growth outperforming the industry
• International expansion
• Positive return from assets employed in
– Cabinets
– Installation
• Optimized portfolio with a strong balance sheet
27
28. WHY INVEST IN MASCO
Strong Fundamentals - Positioned to Outperform
Executing initiatives to improve performance
The Strategy • Continuing to reduce fixed costs, expand share and
improve underperformers
Building on market-leading positions
The Strengths • Best brands, innovative products, lean practices,
strong financial position
Well-positioned to outperform
The Growth • Lower cost structure higher margins, leveraged
to recovery
28
31. Operating Profit Reconciliation
Twelve Months Ended
December 31,
2011 2010 2006
Sales $ 7,467 $ 7,486 $ 12,390
Operating (loss) profit , as
reported $ (295) $ (463) $ 1,115
Rationalization charges 121 208 47
Impairment of goodwill and other intangible assets 494 698 317
Litigation charge 9 - -
Operating profit, as adjusted $ 329 $ 443 $ 1,479
Operating margin, as reported -4.0% -6.2% 9.0%
Operating margin, as adjusted 4.4% 5.9% 11.9%
As adjusted for impairment charges for goodwill and other intangible assets and business rationalization charges.
31
32. 2012 Outlook – Cabinets Estimated Improvement
(in Millions) Sales Operating Profit
2011 Total Segment $1,230 ($115)
1
Less: 2011 International ($370) ($40)
2011 North America Cabinet Actual $860 ($75)
Product Exit (10) $13
2011 N.A. Operating Loss ($62)
2
2012 Profit Improvements, Net $30
2
2012 Revenue Opportunities, Net $30 $10
2012 N.A. Cabinet Estimate $880 ($22)
1
Uncertain economic environments, identified cost reductions of ~$7M net in 2012
2
Management estimates
Opportunities:
• Adding new dealers and additional brands with existing dealers in 2011 starting to show solid results
• New 2011 vanity/top programs at retail now generating growth opportunities
• New 2011 kitchen countertop program at retail expanding throughout the East Coast
*Assumptions:
• Reflects a flat retail and housing start environment of 600k starts with
constant mix
• Every 50k increase in lagged US starts = ~$25M in revenues (assuming
32 constant mix) which converts to ~$8-$10M in profits
33. 2012 Outlook – Installation Estimated Improvement
(in Millions) Sales Operating Profit
2011 Total Segment $1,077 ($71)
2011 Branch Closures ($30) $6
2011 Adjusted Segment $1,047 ($65)
1
2012 Profit Improvements, Net $20
1
2012 Revenue Opportunities, Net $40 $10
2012 Installation Segment
Estimate $1,087 ($35)
1
Management Estimates
Opportunities:
• Segment continues to add profitable retrofit and residential/commercial business
• Further cost reductions from lean implementation, ERP leverage, vendor partnership and supply
chain benefits
*Assumptions
• Reflects a flat housing start environment of 600k starts with constant mix
• Every 50k increase in lagged US starts = ~$50M in revenues (assuming constant mix) which converts to ~$12M-$15M in profits
33
34. Q1 2012 - Improved Results Impacted by Increased
Demand and Execution
First Quarter
($ in Millions)
2012
Revenue $1,875
Growth 7%
Adjusted Operating Profit* $112
Y-O-Y Change $54
Adjusted Operating Margin* 6.0%
Y-O-Y Change 270 bps
Adjusted EPS* $0.05
*As reported operating profit $102M; operating margin 5.4%; EPS $.11 per common share, see slides 35 & 36 for
reconciliation.
34
36. Q1 2012 – EPS Reconciliation
(in Millions) Q1 2012 Q1 2011
Income (Loss) from Continuing Operations before Income
Taxes – As Reported $ 53 $ (16)
Rationalization Charges 12 32
Litigation (Income) Charge (2) -
Financial Investment (Income) Expense (16) (17)
Income (Loss) from Continuing Operations before Income
Taxes – As Adjusted 47 (1)
Tax at 36% rate benefit (expense) (17) 0
Less: Net income attributable to non-controlling interest 11 12
Net Income (Loss) – as adjusted $ 19 $ (13)
Income (Loss) per common share – as adjusted $ 0.05 $ (0.04)
Shares 350 349
36
37. Outlook into 2012
Tailwinds Headwinds
• Solid 1Q 2012 performance – • Competitive promotional
off to a good start environment for Cabinets
• Successful price increases in • International expansion cost
key businesses and mix impact
• Major restructuring activities • Commodity cost volatility
complete
• Composition of new
• Debt offering housing starts
• Improving demand in • European Economies
residential new construction &
repair and remodel
37
38. 2012 Guidance Estimates
($ in Millions) 2012 Estimate 2011 Actual
Rationalization Charges* ~ $20 $121
Tax Rate** ~ 50% 18%
Interest Expense ~ $250 $254
General Corp. Expense ~ $140 $118
Capital Expenditures ~ $180 $151
Depreciation & ~ $220 $263***
Amortization
Outstanding Shares 348 million 348 million
*Based on current business plans.
**Tax rate for 2011 excludes the valuation allowance on the Federal deferred income tax assets and the
impairment charge for goodwill and other intangible assets.
***2011 includes $58M of accelerated depreciation, which is also included in the rationalization charges.
39. Segment Mix Full Year 2011 Estimate
Business Segment Revenue 2011 % of Total RR% vs. NC NA% vs. Int’l
Plumbing
Products $2.9B 39% 80% 55%
Decorative
Architectural $1.7B 22% 95% 100%
Products
Cabinets and
Related Products $1.2B 17% 75% 75%
Installation and
Other Services $1.1B 14% 20% 100%
Other Specialty
Products $0.6B 8% 75% 75%
Total company $7.5B 100% 70% 76%
39
40. 2011 Masco International Revenue Split*
International Sales Accounted for ~24%
of Total 2011 Masco Sales
40 *Based on company estimates
Editor's Notes
Please replace multicolored room picture in the upper right hand corner with the picture named “Behr Hallway”. This picture should be switched with that file anywhere it appears in the presentation.
Added the word “Cumulative” for free cash flow.
Please change the order to be by sizeChanged the picture for Decorative Architectural Products please adjustWe’d also like an additional slide created that looks exactly the same but includes our geographic mix and NHC/RR by segment. Please add these categories
Can you please adjust the side bars on all the pages so that the black line that appears on the right side is either eliminated or also included on the left side. We replaced the cabinet picture with one of our window pics. Please adjust so that it’s the right size/format etc.
Changed the last bulletChanged the cabinet picture to a window picture needs adjustment
Changed the cabinet picture please adjust
Readjusted and put the brands in the appropriate segments.
We’d like to use this format but can you please change it so that Lean is in the center and innovation is in the upper right hand?
Changed a couple pictures please adjust accordingly
Changed picture please adjust
Order segments by sizeWe’d like to change the second category so that it reflects something to the effect “Strengthen current position with our customers or core product expansion”. We’re not sure what the appropriate wording should be. If you could help us with thatChanged the Decorative Architectural Products picture
Added a bullet under the first category
Added and deleted categories
Added additional bulletsPlease add graphics etc. to slide reflecting message
Added and deleted categories
Added and deleted categories
Please change the order to be by sizeChanged the picture for Decorative Architectural Products please adjustWe’d also like an additional slide created that looks exactly the same but includes our geographic mix and NHC/RR by segment. Please add these categories