Higher paint, window sales boost Masco's 2Q earnings

TAYLOR (AP) — Shares of Masco, the company behind Behr paint and Delta faucets, jumped Tuesday after the home improvement products maker posted better than expected earnings for its second quarter.

New paint products and higher demand for its KraftMaid cabinets and Milgard windows helped boost results, Masco said. The company expects demand to increase for the rest of year, as more homes are remodeled and homebuilders continue to build more new houses and apartment complexes.

Masco reported net income of $105 million, or 30 cents per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 38 cents per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.

The Taylor, Michigan, company reported revenue of $1.93 billion in the period, missing Wall Street forecasts. Eight analysts surveyed by Zacks expected $2.04 billion.

Shares of Masco Corp. rose $2.49, or 10.7 percent, to $25.65 in afternoon trading Tuesday. Its shares have risen almost 44 percent since a year ago.
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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MAS at http://www.zacks.com/ap/MAS

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