Masco二季度销售略低于预期但盈利超预期并上调全年EPS指引

Masco (MAS) fell as much as 12% on Wednesday after the home improvement products maker reported second-quarter sales that came in just below Wall Street expectations, overshadowing stronger-than-expected earnings and higher full-year profit guidance.
Masco (MAS) reported second-quarter net sales of $1.99 billion, down 3% from $2.05 billion a year earlier and narrowly below the Wall Street consensus estimate of $2.0 billion. Adjusted earnings rose to $1.64 a share from $1.30 a year earlier, beating analysts' estimate of $1.31.
Net income rose to $318 million, or $1.60 a share, from $270 million, or $1.28 a share.
For investors, the results underscore the mixed backdrop for home improvement manufacturers. Consumers remain cautious amid a sluggish repair and remodeling market, weighing on sales of plumbing fixtures, paint and decorative products. At the same time, companies with strong brands and disciplined cost controls are finding ways to expand margins and return cash to shareholders despite softer demand.
"We have executed well in the first half of the year," President and Chief Executive Officer Jon Nudi said.
Masco (MAS) said second-quarter sales reflected a difficult comparison with last year as well as targeted strategic investments intended to support future growth. Plumbing Products sales declined 3%, while decorative architectural products sales fell 4%. North American sales decreased 5%, partly offset by a 4% increase in international sales measured in local currency.
Despite lower revenue, profitability improved sharply. Gross margin expanded to 43.6% from 37.6% a year earlier, while operating margin increased to 23.6% from 20.1%. On an adjusted basis, operating margin reached 24.2%. The company said it benefited from approximately $95 million of net refunds related to tariffs imposed under the International Emergency Economic Powers Act, or IEEPA.
Masco (MAS) raised its 2026 adjusted earnings outlook to a range of $4.40 to $4.60 a share from its previous forecast of $4.10 to $4.30. Management said the higher guidance primarily reflects an expected full-year net benefit of about $85 million from IEEPA tariff refunds.
Masco (MAS) generated adjusted earnings before interest, taxes, depreciation and amortization of $520 million during the quarter, up from $449 million a year earlier. Subsequent references use the abbreviation ebitda. The company also returned $454 million to shareholders through dividends and share repurchases during the quarter.
Masco (MAS) is best known for its portfolio of home improvement brands, including Behr paint, Delta and Hansgrohe faucets and shower fixtures, Liberty decorative hardware and HotSpring spas. Management said it remains focused on leveraging those brands, expanding commercial capabilities and improving operational execution despite continued macroeconomic uncertainty.