Masco Q1 sales down 10% to $1.98B; EPS $0.90; appoints interim CFO

MASCO CORP /DE/

2023-Q1 EPS reported $0.90 revenue$1,979,000,000

Q1 net sales $1,979M, down 10% YoY; adjusted EPS $0.87 vs $0.97 prior year.
Gross margin improved 150 bps to 33.6% (adjusted); operating margin down 40 bps to 15.8%.
Plumbing Products sales down 10%; Decorative Architectural Products down 10%.
FY 2023 adjusted EPS guidance reaffirmed at $3.10-$3.40.
David Chaika appointed Interim CFO effective June 1, 2023, upon retirement of John Sznewajs.

item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed (interim)

David A. Chaika

Interim Chief Financial Officer

MAS · MASCO CORP /DE/

Effective: 2023-06-01
Filed: April 26, 2023, 7:59 PM ET

On April 21, 2023, the Company’s Board of Directors appointed David A. Chaika to serve as Interim Chief Financial Officer, effective June 1, 2023, upon the retirement of our current Chief Financial Officer, John G. Sznewajs.

Departed

John G. Sznewajs

Chief Financial Officer

MAS · MASCO CORP /DE/

Effective: 2023-06-01
Successor: David A. Chaika
Filed: April 26, 2023, 7:59 PM ET

upon the retirement of our current Chief Financial Officer, John G. Sznewajs.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

MASCO CORP /DE/ reported first quarter 2023 results: revenue $1,979 million, EPS $0.90 per share. Guidance reaffirmed.

Period: first quarter 2023
Revenue: $1,979 million
EPS: $0.90 per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

MASCO CORPORATION REPORTS FIRST QUARTER 2023 RESULTS Highlights • Sales decreased 10 percent to $1,979 million • Operating profit was $315 million; adjusted operating profit was $312 million • Earnings per share was $0.90 per share; adjusted earnings per share was $0.87 per share • Repurchased 1.1 million shares for $56 million • Continue to expect 2023 earnings per share in the range of $3.06 – $3.36 per share, and on an adjusted basis, $3.10 – $3.40 per share • David Chaika appointed as Interim CFO, effective June 1, 2023

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

David A. Chaika was appointed as Interim Chief Financial Officer at MASCO CORP /DE/.

Action: appointed
Role: Interim Chief Financial Officer

Exact text from the filing

On April 21, 2023, the Company’s Board of Directors appointed David A. Chaika to serve as Interim Chief Financial Officer, effective June 1, 2023, upon the retirement of our current Chief Financial Officer, John G. Sznewajs.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

John G. Sznewajs retired as Chief Financial Officer at MASCO CORP /DE/.

Action: retired
Role: Chief Financial Officer

Exact text from the filing

upon the retirement of our current Chief Financial Officer, John G. Sznewajs.

View on SEC.gov

8 earnings releases filed in the last 30 days. Browse all earnings releases →

MASCO CORP /DE/ filing history →

Source: SEC EDGAR

accession 0000062996-23-000012

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.