Masco Slashes FY22 Adj. EPS Outlook As Q3 Results Miss Estimates - Update

RTTNews | 1416 days ago
Stocktwits
Masco Slashes FY22 Adj. EPS Outlook As Q3 Results Miss Estimates - Update

(RTTNews) - While reporting financial results for the third quarter on Wednesday, Masco Corp. (MAS) lowered its adjusted earnings guidance for the full-year 2022 to a range of $3.70 to $3.80 per share from the prior forecast range of $4.15 to $4.25 per share.

On average, 23 analysts polled by Thomson Reuters expect the company to report earnings of $4.15 per share for the year. Analysts' estimates typically exclude special items.

For the third quarter, net income attributable to Masco was $218 million or $0.97 per share, compared to $220 million or $0.89 per share in the prior-year quarter. Excluding items, adjusted net income was $0.98 per share, compared to $0.99 per share last year.

Net sales for the quarter of $2.20 billion matched prior year third quarter 2021 sales. In local currency, sales increased 3 percent.

The Street was looking for earnings of $1.06 per share on net sales of $2.25 billion for the quarter.

Further, Masco's Board of Directors declared a quarterly dividend of $0.28 per share, payable on November 28, 2022 to shareholders of record on November 10, 2022.

The Board also authorized a new $2.0 billion share repurchase program effective October 20, 2022, replacing the existing authorization.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Tags: MAS
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U.S. Consumer Sentiment Deteriorates Much More Than Expected In September

U.S. Consumer Sentiment Deteriorates Much More Than Expected In September

A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. has deteriorated by much more than anticipated in the month of September. The University of Michigan said its consumer sentiment index slumped to 47.8 in September after tumbling to 51.7 in August. Economists had expected the index to edge down to 51.0.
RTTNews | 2h 57min ago
CPSC Recalls: 2.3 Mln Candy Bottles, Motorcycles, Dressers, Dual Fuel Ranges, Fire Spray Canisters

CPSC Recalls: 2.3 Mln Candy Bottles, Motorcycles, Dressers, Dual Fuel Ranges, Fire Spray Canisters

The U.S. Consumer Product safety Commission or CPSC has announced various recalls including more than 2.3 million sour crush candy bottles, motorcycles, six-drawer dressers, dual fuel ranges, hair dryer brushes, and fire spray canisters, among others. In most of the recalls, consumers are urged to immediately stop using the recalled product, and contact the respective firm for either a free repair
RTTNews | 3h 6min ago
U.S. Consumer Price Growth Matches Estimates, Core Prices Rise Slightly More Than Expected

U.S. Consumer Price Growth Matches Estimates, Core Prices Rise Slightly More Than Expected

A closely watched report released by the Labor Department on Friday showed consumer prices in the U.S. increased in line with economist estimates in the month of August, although core prices rose by slightly more than expected. The Labor Department said its consumer price index climbed by 0.4 percent in August after inching up by 0.1 percent in July.
RTTNews | 3h 46min ago
IEA Cuts Oil Demand Forecast; Canadian Markets Eye Recovery

IEA Cuts Oil Demand Forecast; Canadian Markets Eye Recovery

Canadian stocks may open with positive bias Friday as oil prices decline following the International Energy Agency's downward revision of global oil demand. Investors seek bargains after six consecutive days of losses. U.S. consumer price data could impact sentiment.
RTTNews | 4h 56min ago
Canadian Dollar Falls As Oil Prices Edge Lower

Canadian Dollar Falls As Oil Prices Edge Lower

The Canadian dollar weakened against other major currencies in the European session on Friday, as the crude oil prices traded lower amid escalating U.S.-Iran tensions and concerns over prolonged disruption to global energy supplies.
RTTNews | 5h 11min ago
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