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.
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 J.P. Morgan Homebuilders and Products Conference Masco_Investors
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.
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.
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 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.
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 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.
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 J.P. Morgan Homebuilders and Products Conference Masco_Investors
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.
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.
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 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.
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 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.
Owens Corning hosted an investor visit to discuss positioning for growth. The company maintains a goal of $1 billion in adjusted EBITDA at 1 million US housing starts. The composites business leads in an attractive growth industry, while roofing and insulation are positioned to grow with market recovery in the US housing sector. Insulation has returned to profitability and can achieve over $100 million EBIT at 1 million housing starts. Roofing fundamentals remain attractive despite near-term weakness, and the industry structure is favorable.
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.
This document provides an investor presentation for Quaker Chemical Corporation. It summarizes Quaker's financial performance, growth strategy, and capital allocation approach. Quaker has achieved strong financial results through winning new business, leveraging acquisitions, cost management, and growing markets. It aims to continue growing organically and through acquisitions, while returning cash to shareholders through dividends and share repurchases. Quaker also has a strong balance sheet to support its growth strategy.
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.
The document provides an investor presentation for Newell Rubbermaid highlighting their $6 billion business of leading brands. It summarizes their good year-to-date performance including 2.2% core sales growth and affirmed full year guidance. The presentation outlines their growth game plan to direct actions around sharpening their portfolio choices, building execution capabilities, and unlocking trapped capacity to accelerate performance.
The Chairman's letter summarizes Interpublic's 2002 annual report. While the company accomplished many notable achievements, including winning new business and major creative awards, its financial performance was disappointing due to revenue declines from the economic recession and lack of cost controls at some agencies. Looking ahead, the Chairman outlines an aggressive turnaround plan focused on strengthening the balance sheet, improving financial accountability and margins, and driving organic growth.
The document summarizes Newell Rubbermaid's Q3 2012 earnings call presentation. It provides the following key points:
1) For Q3 2012, net sales were 0.9% below prior year due to 1.5% core sales growth offset by 2.4% unfavorable foreign currency impact. Gross margin was up 50 basis points and normalized operating margin was flat at 13.7%. Normalized EPS was $0.47.
2) For Q3 YTD 2012, net sales increased 0.3% due to 2.2% core sales growth offset by 1.9% unfavorable foreign currency impact. Gross margin was up 50 basis points and normalized operating margin increased 20 basis
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.
Genworth MI Canada Inc. reported solid third quarter 2012 results, with net operating income of $81 million. The company saw top line growth driven by high loan-to-value mortgage volumes. The loss ratio improved to 30% due to regional delinquency improvements. The company also increased its common dividend by 10% and maintains a strong capital base with a Minimum Capital Test ratio of 164%.
Genworth MI Canada Inc. 2012 Investor Day Presentationgenworth_financial
The document provides an overview of Genworth MI Canada's Investor Day presentation on delivering value beyond mortgage insurance, outlining their market and strategy, sales approach, operations capabilities, and focus on providing a customer centric experience through collaboration with lenders. Genworth MI Canada aims to be a strategic growth partner for lenders by addressing their balance sheet needs, driving top line growth, and leveraging local expertise to outpace the competition.
The document provides information on ratio analysis of FMCG food and beverage companies including Britannia, Nestle, Kellogg's, Coca-Cola, and Mondelez. It includes details on the companies and presents their ratios across liquidity, leverage, coverage, turnover and profitability from 2018-2016. Britannia generally demonstrated better current ratio, quick ratio, debt ratios and turnover ratios compared to peers. Coca-Cola typically had better gross and operating profit margins while Kellogg's often showed higher return on equity. The document concludes with valuation ratios such as price-to-earnings and price-to-book where Britannia commonly exhibited higher ratios.
The document provides an earnings presentation for Masco Corporation for the first quarter of 2012. It summarizes improved financial results driven by increased demand and execution on strategic initiatives. Key highlights included sales growth of 7%, adjusted operating profit growth of $54 million, and continued progress reducing costs and improving underperforming businesses. The presentation also outlines Masco's strategic focus areas and provides an outlook expecting continued benefits from initiatives while noting ongoing competitive and economic challenges.
The annual report summarizes Corning's financial performance in 2002, a challenging year due to the downturn in the telecommunications industry. Corning reported a net loss of $1.3 billion on sales of $3.2 billion, down significantly from 2001. In response, Corning restructured operations, cutting costs and jobs to preserve its financial position. It aims to return to profitability in 2003 by focusing on growing its display glass, environmental, and semiconductor businesses within Corning Technologies. While telecommunications remains weak, Corning maintains its leadership in optical fiber and intends to benefit when the market rebounds.
This document provides an analysis and investment recommendation on Big Lots from Canaccord Genuity. Some key points:
1) Canaccord believes improved product initiatives, including a broader assortment of consumables, will drive sales momentum and support same-store sales growth at Big Lots in fiscal year 2012.
2) Forecasts include double-digit bottom-line growth for Big Lots in fiscal year 2012 with EPS increasing to $3.50, and EPS growth at a five-year compound annual growth rate of 12%.
3) Shares of Big Lots currently trade at a discount to peer discount retailers but offer above-average growth potential, leading Canaccord to reiterate their "Buy" recommendation on
1) Ecolab achieved record sales and earnings in 2008 despite challenging economic conditions and increasing costs. Net sales increased 12% to $6.1 billion and operating income increased 7% to $713 million.
2) Ecolab increased its quarterly dividend by 8% to $0.56 per share, representing its 17th consecutive annual dividend increase.
3) For 2009, Ecolab expects continued earnings growth excluding special items, and modest revenue growth at fixed currency exchange rates. However, raw material costs are expected to be above 2008 levels in the first half.
Kellogg Company reported lower than expected financial results for the first quarter of 2012. Net sales grew 0% internally while operating profit declined 6% internally due to weakness in Europe impacting results. The acquisition of Pringles and integration planning is on track. The outlook for full-year 2012 is adjusted with internal net sales growth expected to be 2-3% and operating profit growth expected to be lower by 2-4% due to significant investment in innovation, brand building, and SAP.
This document provides an overview of 4G technology. 4G is the next generation of wireless technology that aims to provide high data rates everywhere through a single global standard. The document outlines the history of 1G through 3G cellular standards and discusses some of the key features of 4G, including system capacity, data rates, and global seamless roaming. Potential applications of 4G technology are also mentioned, such as intelligent transport systems, entertainment, m-commerce, and telemedicine.
Masco reported strong third quarter 2013 results, with 12% revenue growth and a 260 basis point increase in adjusted operating margin compared to the prior year quarter. Sales growth was driven by new product introductions and improving new home construction and repair/remodel activity in North America. Continued cost containment efforts contributed to a 140 basis point improvement in SG&A as a percentage of sales. The company also retired $200 million in debt during the quarter and strengthened its balance sheet. Looking ahead, Masco expects opportunities for further growth from economic recovery, new product launches, and share gains, but risks remain from economic uncertainty and commodity volatility.
Owens Corning hosted an investor visit to discuss positioning for growth. The company maintains a goal of $1 billion in adjusted EBITDA at 1 million US housing starts. The composites business leads in an attractive growth industry, while roofing and insulation are positioned to grow with market recovery in the US housing sector. Insulation has returned to profitability and can achieve over $100 million EBIT at 1 million housing starts. Roofing fundamentals remain attractive despite near-term weakness, and the industry structure is favorable.
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.
This document provides an investor presentation for Quaker Chemical Corporation. It summarizes Quaker's financial performance, growth strategy, and capital allocation approach. Quaker has achieved strong financial results through winning new business, leveraging acquisitions, cost management, and growing markets. It aims to continue growing organically and through acquisitions, while returning cash to shareholders through dividends and share repurchases. Quaker also has a strong balance sheet to support its growth strategy.
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.
The document provides an investor presentation for Newell Rubbermaid highlighting their $6 billion business of leading brands. It summarizes their good year-to-date performance including 2.2% core sales growth and affirmed full year guidance. The presentation outlines their growth game plan to direct actions around sharpening their portfolio choices, building execution capabilities, and unlocking trapped capacity to accelerate performance.
The Chairman's letter summarizes Interpublic's 2002 annual report. While the company accomplished many notable achievements, including winning new business and major creative awards, its financial performance was disappointing due to revenue declines from the economic recession and lack of cost controls at some agencies. Looking ahead, the Chairman outlines an aggressive turnaround plan focused on strengthening the balance sheet, improving financial accountability and margins, and driving organic growth.
The document summarizes Newell Rubbermaid's Q3 2012 earnings call presentation. It provides the following key points:
1) For Q3 2012, net sales were 0.9% below prior year due to 1.5% core sales growth offset by 2.4% unfavorable foreign currency impact. Gross margin was up 50 basis points and normalized operating margin was flat at 13.7%. Normalized EPS was $0.47.
2) For Q3 YTD 2012, net sales increased 0.3% due to 2.2% core sales growth offset by 1.9% unfavorable foreign currency impact. Gross margin was up 50 basis points and normalized operating margin increased 20 basis
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.
Genworth MI Canada Inc. reported solid third quarter 2012 results, with net operating income of $81 million. The company saw top line growth driven by high loan-to-value mortgage volumes. The loss ratio improved to 30% due to regional delinquency improvements. The company also increased its common dividend by 10% and maintains a strong capital base with a Minimum Capital Test ratio of 164%.
Genworth MI Canada Inc. 2012 Investor Day Presentationgenworth_financial
The document provides an overview of Genworth MI Canada's Investor Day presentation on delivering value beyond mortgage insurance, outlining their market and strategy, sales approach, operations capabilities, and focus on providing a customer centric experience through collaboration with lenders. Genworth MI Canada aims to be a strategic growth partner for lenders by addressing their balance sheet needs, driving top line growth, and leveraging local expertise to outpace the competition.
The document provides information on ratio analysis of FMCG food and beverage companies including Britannia, Nestle, Kellogg's, Coca-Cola, and Mondelez. It includes details on the companies and presents their ratios across liquidity, leverage, coverage, turnover and profitability from 2018-2016. Britannia generally demonstrated better current ratio, quick ratio, debt ratios and turnover ratios compared to peers. Coca-Cola typically had better gross and operating profit margins while Kellogg's often showed higher return on equity. The document concludes with valuation ratios such as price-to-earnings and price-to-book where Britannia commonly exhibited higher ratios.
The document provides an earnings presentation for Masco Corporation for the first quarter of 2012. It summarizes improved financial results driven by increased demand and execution on strategic initiatives. Key highlights included sales growth of 7%, adjusted operating profit growth of $54 million, and continued progress reducing costs and improving underperforming businesses. The presentation also outlines Masco's strategic focus areas and provides an outlook expecting continued benefits from initiatives while noting ongoing competitive and economic challenges.
The annual report summarizes Corning's financial performance in 2002, a challenging year due to the downturn in the telecommunications industry. Corning reported a net loss of $1.3 billion on sales of $3.2 billion, down significantly from 2001. In response, Corning restructured operations, cutting costs and jobs to preserve its financial position. It aims to return to profitability in 2003 by focusing on growing its display glass, environmental, and semiconductor businesses within Corning Technologies. While telecommunications remains weak, Corning maintains its leadership in optical fiber and intends to benefit when the market rebounds.
This document provides an analysis and investment recommendation on Big Lots from Canaccord Genuity. Some key points:
1) Canaccord believes improved product initiatives, including a broader assortment of consumables, will drive sales momentum and support same-store sales growth at Big Lots in fiscal year 2012.
2) Forecasts include double-digit bottom-line growth for Big Lots in fiscal year 2012 with EPS increasing to $3.50, and EPS growth at a five-year compound annual growth rate of 12%.
3) Shares of Big Lots currently trade at a discount to peer discount retailers but offer above-average growth potential, leading Canaccord to reiterate their "Buy" recommendation on
1) Ecolab achieved record sales and earnings in 2008 despite challenging economic conditions and increasing costs. Net sales increased 12% to $6.1 billion and operating income increased 7% to $713 million.
2) Ecolab increased its quarterly dividend by 8% to $0.56 per share, representing its 17th consecutive annual dividend increase.
3) For 2009, Ecolab expects continued earnings growth excluding special items, and modest revenue growth at fixed currency exchange rates. However, raw material costs are expected to be above 2008 levels in the first half.
Kellogg Company reported lower than expected financial results for the first quarter of 2012. Net sales grew 0% internally while operating profit declined 6% internally due to weakness in Europe impacting results. The acquisition of Pringles and integration planning is on track. The outlook for full-year 2012 is adjusted with internal net sales growth expected to be 2-3% and operating profit growth expected to be lower by 2-4% due to significant investment in innovation, brand building, and SAP.
This document provides an overview of 4G technology. 4G is the next generation of wireless technology that aims to provide high data rates everywhere through a single global standard. The document outlines the history of 1G through 3G cellular standards and discusses some of the key features of 4G, including system capacity, data rates, and global seamless roaming. Potential applications of 4G technology are also mentioned, such as intelligent transport systems, entertainment, m-commerce, and telemedicine.
Masco reported strong third quarter 2013 results, with 12% revenue growth and a 260 basis point increase in adjusted operating margin compared to the prior year quarter. Sales growth was driven by new product introductions and improving new home construction and repair/remodel activity in North America. Continued cost containment efforts contributed to a 140 basis point improvement in SG&A as a percentage of sales. The company also retired $200 million in debt during the quarter and strengthened its balance sheet. Looking ahead, Masco expects opportunities for further growth from economic recovery, new product launches, and share gains, but risks remain from economic uncertainty and commodity volatility.
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.
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.
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.
Masco Corporation delivered a solid performance in 2013, with revenue of $8.2 billion and market capitalization over $7.9 billion. The presentation discusses Masco's strengths in brand leadership, customer innovation, broad market coverage, and financial position. Opportunities identified include fully leveraging core businesses, cross-portfolio opportunities, and active portfolio management. The go-forward plan involves an immersion period including a listening tour and developing a short-term execution plan to be finalized by year-end 2014.
- Masco Corporation held its 36th Annual Institutional Investors Conference on March 2, 2015 to discuss the company's key highlights, capabilities, focus, and momentum with investors.
- Masco has a portfolio of leading brands in cabinets, plumbing, decorative architectural products, and other areas. It is focused on driving strong operating performance and shareholder value creation through initiatives like the planned spin-off of its installation services business.
- The presentation addressed Masco's strengths in brand leadership, customer innovation, market coverage, and financial position, as well as opportunities to leverage its portfolio and actively manage it.
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.
Masco reported its second quarter 2012 earnings. Sales increased 3% excluding currency effects, driven by new construction activity in North America. Plumbing Products sales grew 2% in North America excluding currency, but margins declined due to international sales mix and currency impacts. Decorative Architectural Products sales increased due to successful new product introductions. Installation Services and Cabinets showed profit improvements but face ongoing challenges. Masco remains focused on strategic initiatives to strengthen its businesses and balance sheet.
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
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.
Masco reported its financial results for the fourth quarter and full year of 2012. Key highlights included improved fourth quarter results that provided momentum heading into 2013, with sales growth driven by increased North American new home construction and successful new product introductions. All of Masco's business segments contributed to increased sales and operating margin growth in the fourth quarter. Masco also delivered on its strategic priorities for 2012, which included improving its cabinetry and installation service businesses, reducing debt, investing in growth, and gaining market share in key brands.
Masco reported its second quarter 2013 earnings. Sales increased 10% to $2.1 billion driven by growth in North American new home construction and retail performance. Operating margins increased 290 basis points to 9.6% due to operating leverage and cost control efforts. All business segments contributed to top and bottom line growth. Masco reiterated its commitment to expanding market leadership, reducing costs, improving underperforming businesses, and strengthening its balance sheet.
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 reported its third quarter 2012 earnings. Total sales were flat compared to the prior year at $1.976 billion, but adjusted operating profit increased 14% to $142 million and adjusted operating margin improved 70 basis points to 7.2%. Plumbing products sales declined 4% due to international weakness, but margins decreased due to program costs and currency effects. Decorative architectural products grew 6% in sales and margins improved. Cabinets sales were impacted by challenging economic conditions in Europe, slowing the segment's improvement.
Masco reported its first quarter 2013 results, with continued margin expansion and sales growth driven by increased North American new home construction activity. The Cabinet segment improved profitability and achieved break-even on an adjusted basis. Weakness continued in the Eurozone. Key highlights included margin improvement across several segments from operating leverage and cost control efforts, as well as successful new product launches and market share gains. Masco is focused on strategic growth initiatives, cost productivity, and debt reduction in 2013.
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.
MeadWestvaco reported financial results for the fourth quarter and full year of 2007. For the full year, sales increased 6% to $6.9 billion and business segment profit rose 7% to $584 million. The company sold non-strategic forestlands, completed a $400 million share buyback, and strengthened its global packaging platform. Input costs increased significantly but the company implemented price increases across all major grades to offset these costs. For the fourth quarter, sales rose 4% while business segment profit declined 3% due to higher input costs and weaker demand in some segments.
MeadWestvaco reported financial results for the fourth quarter and full year of 2007. For the full year, sales increased 6% to $6.9 billion and business segment profit rose 7% to $584 million. The company sold non-strategic forestlands, completed a $400 million share buyback, and strengthened its global packaging platform. Input costs increased significantly but the company implemented price increases across all major grades to offset these costs. For the fourth quarter, sales rose 4% while business segment profit declined 3% due to higher input costs and weaker demand in some segments.
- 2008 was a difficult year for Ameriprise Financial due to turmoil in the equity and credit markets that impacted client assets and fee revenue. The company reported a net loss of $38 million compared to a net income of $814 million in 2007.
- Despite the challenges, Ameriprise Financial maintained a solid balance sheet with $6.2 billion in cash and cash equivalents and $700 million in excess capital. The company continued supporting its advisors and clients through market volatility.
- In response to a money market fund breaking the dollar, Ameriprise Financial advanced affected clients $400 million to meet immediate cash needs and committed to mitigate losses in the impaired fund, demonstrating its dedication to clients.
- Net revenues for Ameriprise Financial declined to $6.97 billion in 2008 from $8.56 billion in 2007 due to lower fee revenue from declining client assets and reduced client activity in the weak market. The company reported a net loss of $38 million for 2008 compared to net income of $814 million in 2007.
- Despite the difficult market conditions, Ameriprise Financial's business remains sound due to its conservative risk management approach and strong balance sheet fundamentals including $34 billion in diversified assets, $6 billion in cash, and $0.7 billion in excess capital.
- The company continues to execute on its strategy focused on financial planning, serving clients through its network of over 12,000
- Net revenues for Ameriprise Financial declined to $6.97 billion in 2008 from $8.56 billion in 2007 due to declining markets and reduced client activity. The company reported a net loss of $38 million for 2008 compared to net income of $814 million in 2007.
- Despite the difficult market conditions, Ameriprise Financial's business remains sound due to its conservative risk management approach and strong balance sheet fundamentals including $34 billion in diversified assets, $6 billion in cash, and $700 million in excess capital.
- The company continues to execute its strategy focused on financial planning, serving clients through over 12,000 advisors, and growing while protecting assets over the long term.
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.
The company has undergone a transformation through leadership changes, cost reductions, and the planned spinoff of its TopBuild business. It has implemented a strategic focus on driving the potential of its core brands, leveraging opportunities across its portfolio, and actively managing the portfolio. This transformation and strategic focus have delivered strengthened financial performance with consistent profitability, solid returns, and profitable growth projected into 2017.
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,” “will,” “should,” “intend,” “plan,” “estimate,” “expect,” “assume,” “seek,” “forecast,”
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, our ability to improve
our underperforming businesses, and our ability to maintain our competitive position in our
industries. 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 for Growth
The company
The strategy
The strengths
The growth
3
4. Masco at a Glance
2012
Revenue $7.8B
Revenue % renovation vs. new construction 73%
Cumulative free cash flow last 3 years ~$1B
Employees 30,000
Market capitalization >$6.0B
Dividend yield 2.9%
Cash at 12/31/2012 $1.4B
4
5. Masco – Strong Brands with Industry Leading Positions
Business Segment Revenue 2012 % of Total R&R% vs. NC NA% vs. Int’l
Plumbing
Products $3.0B 38% 82% 59%
Decorative
Architectural $1.8B 24% 99% 100%
Products
Cabinets and
Related Products
$1.2B 15% 69% 73%
Installation and $1.2B 16% 16% 100%
Other Services
Other Specialty
Products $0.6B 7% 75% 75%
Total company $7.8B 100% 73% 78%
5 R&R = % of sales to repair and remodel channels
NC = % of sales to new construction channels
NA = % of sales within North America
Int’l = % of sales outside North America
6. Masco – Unique Scope and Scale
We believe we are the……
Largest manufacturer of faucets 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 for Growth
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 DIY Paint at
The Home Depot, 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
Improved Profitability and Positioned for Growth
Cabinets
New North American management team in place in 2012
Achieved ~$32M operating profit improvement in 2012
Disposition of Danish ready-to-assemble cabinet business
Revenue ~$250M and operating loss of ~$30M
Installation
Continued penetration of retrofit and commercial channels
Further cost reductions from lean, ERP leverage, supply
chain
Achieved profitability in Q4 2012
11
12. 4. STRENGTHEN BALANCE SHEET
Declining Debt to Capitalization Ratio
87%
• $400M reduction in 2012
• Planned reduction of
45%-55% $200M in 2013
• Valuation Allowance of
~$630 million on Deferred
Tax Assets is expected to be
reversed when our U.S.
businesses return to
sustained profitability
2012 Future Target
Year End
12
13. INVESTMENT THESIS
Strong Fundamentals - Positioned for Growth
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
2010 2011 2012
2012 Revenues
Arrow
BehrProTM Delta Toilets
R.E.D.
70% 30%*
Existing Paint & Primer in One
Milgard Essence™ with Advanced Stain
Products Windows
Kilz PRO-XTM
Blocking Formula
ACE® Salt Water Masco Cabinetry’s KraftMaid Vanities
Sanitizing System ProCisionTM Process
16 * Percentage of 2012 gross sales of manufactured products attributable to new products introduced in trailing 36 months
17. STRENGTH 3: BROAD DISTRIBUTION
Winning with Winning Customers
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
750 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 12/31/2012) Capitalization Ratio
87%
• Cash and equivalents of ~$1.4B
• Borrowing availability of ~$870M
45%-55%
• A strong free cash flow business
– ~$1B last 3 years
– Maintenance capex of
~$100M annually
• Valuation Allowance of ~$630 million on
Deferred Tax Assets is expected to be 2012 Future Target
reversed when our U.S. businesses return Year End
to sustained profitability
• Paid down $400M in 2012
• Plan to reduce debt in 2013 by $200M
19
20. INVESTMENT THESIS
Strong Fundamentals - Positioned for Growth
The company
The strategy
The strengths
The growth
20
21. Positioned for Growth
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 >$600M (gross)
6% 6%
• driving lean principles
4% across the company
2006 2010 2011 2012 3-5 Years
Last Peak
Housing
starts 2.1M 0.6M 0.6M 0.7M ~1-1.5M
30% margin on incremental volume
22 *See Appendix slide 32 for GAAP reconciliation
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
~$195M* 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: $100M annually
Financial Flexibility
• Target 45%-55% debt to
Strong Cash capitalization vs. ~87%
Flow Generation
Dividend
• Maintain dividend yield ~2%
Acquisitions
• Potential acquisitions (<$100M) in
support of international expansion
25
26. 2013 Priorities
Cabinet profit improvement
Profitably grow Installation
Successfully launch new products and programs
Reduce debt by ~$200M
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 ~$10-12B, margin of 10-14%
• Positioned for Growth
• International expansion
• Positive return from assets employed in
– Cabinets
– Installation
• Optimized portfolio with a strong balance sheet
27
28. WHY INVEST IN MASCO
Strong Fundamentals - Positioned for Growth
Executing initiatives to improve performance
The Strategy • Continuing to reduce fixed costs, expand share and
improve underperformers
Building on market-leading positions
The Strengths • Best brands, innovative products, lean practices,
strong financial position
Well-positioned for growth
The Growth • Lower cost structure higher margins, leveraged
to recovery
28
31. Appendix – Profit Reconciliation – Fourth Quarter
($ in Millions) Q4 2012 Q4 2011
Sales $ 1,890 $ 1,738
Gross Profit – As Reported $ 446 $ 332
Rationalization charges 27 48
Gross Profit – As Adjusted $ 473 $ 380
Gross Margin - As Reported 23.6% 19.1%
Gross Margin - As Adjusted 25.0% 21.9%
Operating Profit (Loss) – As Reported $ 21 $ (531)
Impairment of goodwill and other intangible assets $ 42 $ 494
Rationalization charges 31 61
Charge for litigation settlements, net 3 3
Gain from sales of fixed assets, net (3) -
Operating Profit – As Adjusted $ 94 $ 27
Operating Margin - As Reported 1.1% -30.6%
Operating Margin - As Adjusted 5.0% 1.6%
31
32. Appendix – Profit Reconciliation – Full-Year
($ in Millions) YTD 12/31/12 YTD 12/31/11
Sales $ 7,745 $ 7,467
Gross Profit – As Reported $ 1,951 $ 1,784
Rationalization charges 52 91
Other Specialty Products - Warranty 12 -
Gross Profit – As Adjusted $ 2,015 $ 1,875
Gross Margin - As Reported 25.2% 23.9%
Gross Margin - As Adjusted 26.0% 25.1%
Operating Profit (Loss) – As Reported $ 271 $ (295)
Rationalization charges 78 121
Charge for litigation settlements, net 77 9
Impairment of goodwill and other intangible assets 42 494
Other Specialty Products - Warranty 12 -
Gain from sales of fixed assets, net (8) -
Operating Profit – As Adjusted $ 472 $ 329
Operating Margin - As Reported 3.5% -4.0%
Operating Margin - As Adjusted 6.1% 4.4%
32
33. Appendix – EPS Reconciliation – Fourth Quarter
(in Millions) Q4 2012 Q4 2011
Loss from Continuing Operations before Income Taxes – As Reported $ (37) $ (593)
Impairment of goodwill and other intangible assets $ 42 $ 494
Rationalization charges 31 61
Charge for litigation settlements, net 3 3
Gain from sales of fixed assets, net (3) -
Gain from financial investments, net (4) (4)
Income (Loss) from Continuing Operations before Income Taxes – As $ 32 $ (39)
Adjusted
Tax at 36% rate benefit (expense) (12) 14
Less: Net income attributable to non-controlling interest 7 5
Net Income (Loss), as adjusted $ 13 $ (30)
Income (Loss) per common share, as adjusted $ 0.04 $ (0.09)
Shares Outstanding 349 348
33
34. Appendix – EPS Reconciliation – Full-Year
($ in Millions) YTD 12/31/12 YTD 12/31/11
Income (Loss) from Continuing Operations before Income Taxes – As $ 42 $ (472)
Reported
Rationalization charges $ 78 $ 121
Charge for litigation settlements, net 77 9
Impairment of goodwill and other intangible assets 42 494
Other Specialty Products - Warranty 12 -
Interest carry costs 7 -
Gain from sales of fixed assets, net (8) -
Gain from financial investments, net (22) (73)
Income (Loss) from Continuing Operations before Income Taxes – As $ 228 $ 79
Adjusted
Tax at 36% rate benefit (expense) (82) (28)
Less: Net income attributable to non-controlling interest 35 42
Net Income, as adjusted $ 111 $ 9
Income per common share, as adjusted $ 0.32 $ 0.02
Shares Outstanding 349 348
34
36. 2013 Guidance Estimates
($ in Millions) 2013 Estimate 2012 Actual
Rationalization Charges1 ~ $40 $78
Tax Rate ~ 25% 198%
Interest Expense ~ $240 $254
General Corp. Expense2 ~ $130 $126
Capital Expenditures ~ $165 $119
Depreciation & Amortization3 ~ $210 $214
Shares Outstanding 349 million 349 million
1 – Based on current business plans.
2 – Includes rationalization expenses of $14M for the year ended December 31, 2012.
3 – Includes accelerated depreciation of $28M for the year ended December 31, 2012. Such expenses are also
included in the rationalization charges.
37. 2012 Masco International Revenue Split*
7%
14%
10% 23%
North America
United Kingdom
Northern Europe
Southern Europe
Central Europe
Eastern Europe
34% 8% Emerging Markets
4%
International Sales Accounted for ~22%
of Total 2012 Masco Sales
37 *Based on company estimates