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Masco Corporation Reports Second Quarter 2024 Results

Highlights

  • Net sales decreased 2 percent to $2,091 million
  • Operating profit decreased 1 percent to $397 million; adjusted operating profit decreased 1 percent to $399 million
  • Operating profit margin increased 10 basis points to 19.0 percent; adjusted operating profit margin increased 10 basis points to 19.1 percent
  • Earnings per share was $1.17 per share; adjusted earnings per share grew 1 percent to $1.20 per share
  • Repurchased 2.0 million shares for $143 million
  • Expect 2024 earnings per share in the range of $4.03 - $4.18 per share, and on an adjusted basis, $4.05 - $4.20 per share

Masco Corporation (NYSE: MAS), one of the world’s leading manufacturers of branded home improvement and building products, reported its second quarter 2024 results.

2024 Second Quarter Results

  • On a reported basis, compared to second quarter 2023:
    • Net sales decreased 2 percent to $2,091 million; in local currency and excluding acquisitions, net sales decreased 2 percent
      • Plumbing Products’ net sales increased 2 percent; in local currency and excluding acquisitions, net sales increased 1 percent
      • Decorative Architectural Products’ net sales decreased 7 percent
      • In local currency, North American and International sales both decreased 1 percent
    • Gross margin increased 130 basis points to 37.5 percent from 36.2 percent
    • Operating profit decreased 1 percent to $397 million from $403 million
    • Operating margin increased 10 basis points to 19.0 percent from 18.9 percent
    • Net income increased to $1.17 per share, compared to $1.16 per share
  • Compared to second quarter 2023, results for key financial measures, as adjusted for certain items (see Exhibit A) and with a normalized tax rate of 24.5 percent, were as follows:
    • Gross margin increased 140 basis points to 37.6 percent from 36.2 percent
    • Operating profit decreased 1 percent to $399 million from $404 million
    • Operating margin increased 10 basis points to 19.1 percent from 19.0 percent
    • Net income increased 1 percent to $1.20 per share, compared to $1.19 per share
  • Liquidity at the end of the second quarter was $1,398 million (including availability under our revolving credit facility)

“During the first half of this year, we continued to deliver solid results and shareholder value, despite a challenging environment, through the strength of our operating performance,” said Masco President and CEO, Keith Allman. “In the second quarter, we delivered strong adjusted operating profit margin of 19.1 percent and grew adjusted earnings per share by 1 percent. Additionally, our capital allocation strategy enabled us to return $206 million to shareholders though dividends and share repurchases.”

“In the second half of the year, we anticipate ongoing demand headwinds as market conditions remain challenged. However, with our continued focus on execution and operational efficiencies, we are well positioned to drive operating margin expansion for the full year. Additionally, we remain confident in the long-term fundamentals of the repair and remodel market and the strength of our brands and product portfolio,” said Allman. “We now anticipate our 2024 adjusted earnings per share to be in the range of $4.05 to $4.20 per share, compared to our previous expectations of $4.00 to $4.25 per share.”

Dividend Declaration

Masco’s Board of Directors declared a quarterly dividend of $0.29 per share, payable on August 19, 2024 to shareholders of record on August 2, 2024.

About Masco

Headquartered in Livonia, Michigan, Masco Corporation is a global leader in the design, manufacture and distribution of branded home improvement and building products. Our portfolio of industry-leading brands includes Behr® paint; Delta® and hansgrohe® faucets, bath and shower fixtures; Kichler® decorative and outdoor lighting; Liberty® branded decorative and functional hardware; and HotSpring® spas. We leverage our powerful brands across product categories, sales channels and geographies to create value for our customers and shareholders. For more information about Masco Corporation, visit www.masco.com.

The 2024 second quarter supplemental material, including a presentation in PDF format, is available on the Company’s website at www.masco.com.

Conference Call Details

A conference call regarding items contained in this release is scheduled for Thursday, July 25, 2024 at 8:00 a.m. ET. Participants in the call are asked to register five to ten minutes prior to the scheduled start time by dialing 800-549-8228 or 646-564-2877. Please use the conference identification number 45864.

The conference call will be webcast simultaneously and in its entirety through the Company’s website. Shareholders, media representatives and others interested in Masco may participate in the webcast by registering through the Investor Relations section on the Company’s website.

A replay of the call will be available on Masco’s website or by phone by dialing 888-660-6264 or 646-517-3975. Please use the playback passcode 45864#. The telephone replay will be available approximately two hours after the end of the call and continue through August 25, 2024.

Safe Harbor Statement

This press release contains statements that reflect our views about our future performance and constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “outlook,” “believe,” “anticipate,” “appear,” “may,” “will,” “should,” “intend,” “plan,” “estimate,” “expect,” “assume,” “seek,” “forecast,” and similar references to future periods. Our views about future performance 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 the levels of residential repair and remodel activity, and to a lesser extent, new home construction, our ability to maintain our strong brands, to develop innovative products and respond to changing consumer purchasing practices and preferences, our ability to maintain our public image and reputation, our ability to maintain our competitive position in our industries, our reliance on key customers, the cost and availability of materials, our dependence on suppliers and service providers, extreme weather events and changes in climate, risks associated with our international operations and global strategies, our ability to achieve the anticipated benefits of our strategic initiatives, our ability to successfully execute our acquisition strategy and integrate businesses that we have acquired and may in the future acquire, our ability to attract, develop and retain a talented and diverse workforce, risks associated with cybersecurity vulnerabilities, threats and attacks and risks associated with our reliance on information systems and technology. These and other factors are discussed in detail in Item 1A. "Risk Factors" in our most recent 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. Any forward-looking statement made by us speaks only as of the date on which it was made. 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.

MASCO CORPORATION

Condensed Consolidated Statements of Operations - Unaudited

For the Three and Six Months Ended June 30, 2024 and 2023

(in millions, except per common share data)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net sales

$

2,091

 

 

$

2,127

 

 

$

4,017

 

 

$

4,106

 

Cost of sales

 

1,306

 

 

 

1,358

 

 

 

2,547

 

 

 

2,668

 

Gross profit

 

785

 

 

 

769

 

 

 

1,470

 

 

 

1,438

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

388

 

 

 

366

 

 

 

755

 

 

 

720

 

Operating profit

 

397

 

 

 

403

 

 

 

715

 

 

 

718

 

 

 

 

 

 

 

 

 

Other income (expense), net:

 

 

 

 

 

 

 

Interest expense

 

(26

)

 

 

(28

)

 

 

(50

)

 

 

(56

)

Other, net

 

(5

)

 

 

(1

)

 

 

(10

)

 

 

(3

)

 

 

(31

)

 

 

(29

)

 

 

(61

)

 

 

(59

)

Income before income taxes

 

366

 

 

 

374

 

 

 

655

 

 

 

659

 

 

 

 

 

 

 

 

 

Income tax expense

 

94

 

 

 

96

 

 

 

154

 

 

 

160

 

Net income

 

272

 

 

 

278

 

 

 

501

 

 

 

499

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

 

14

 

 

 

15

 

 

 

28

 

 

 

31

 

Net income attributable to Masco Corporation

$

258

 

 

$

263

 

 

$

473

 

 

$

468

 

 

 

 

 

 

 

 

 

Income per common share attributable to Masco Corporation (diluted):

 

 

 

 

 

 

 

Net income

$

1.17

 

 

$

1.16

 

 

$

2.14

 

 

$

2.07

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

220

 

 

 

226

 

 

 

221

 

 

 

226

 

Historical information is available on our website.

Amounts may not add due to rounding.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Six Months Ended June 30, 2024 and 2023

(dollars in millions)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Gross Profit, Selling, General and Administrative Expenses, and Operating Profit Reconciliations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

2,091

 

 

$

2,127

 

 

$

4,017

 

 

$

4,106

 

 

 

 

 

 

 

 

 

Gross profit, as reported

$

785

 

 

$

769

 

 

$

1,470

 

 

$

1,438

 

Rationalization charges (income) (1)

 

1

 

 

 

1

 

 

 

5

 

 

 

(3

)

Gross profit, as adjusted

$

786

 

 

$

770

 

 

$

1,475

 

 

$

1,435

 

 

 

 

 

 

 

 

 

Gross margin, as reported

 

37.5

%

 

 

36.2

%

 

 

36.6

%

 

 

35.0

%

Gross margin, as adjusted

 

37.6

%

 

 

36.2

%

 

 

36.7

%

 

 

34.9

%

 

 

 

 

 

 

 

 

Selling, general and administrative expenses, as reported

$

388

 

 

$

366

 

 

$

755

 

 

$

720

 

Rationalization charges

 

1

 

 

 

 

 

 

1

 

 

 

1

 

Selling, general and administrative expenses, as adjusted

$

387

 

 

$

366

 

 

$

754

 

 

$

719

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses as a percent of net sales, as reported

 

18.6

%

 

 

17.2

%

 

 

18.8

%

 

 

17.5

%

Selling, general and administrative expenses as a percent of net sales, as adjusted

 

18.5

%

 

 

17.2

%

 

 

18.8

%

 

 

17.5

%

 

 

 

 

 

 

 

 

Operating profit, as reported

$

397

 

 

$

403

 

 

$

715

 

 

$

718

 

Rationalization charges (income) (1)

 

2

 

 

 

1

 

 

 

6

 

 

 

(2

)

Operating profit, as adjusted

$

399

 

 

$

404

 

 

$

721

 

 

$

716

 

 

 

 

 

 

 

 

 

Operating margin, as reported

 

19.0

%

 

 

18.9

%

 

 

17.8

%

 

 

17.5

%

Operating margin, as adjusted

 

19.1

%

 

 

19.0

%

 

 

17.9

%

 

 

17.4

%

(1)

Represents income for the six months ended June 30, 2023 due to the sale of excess and obsolete inventory that was related to a rationalization activity, partially offset by rationalization charges.

Historical information is available on our website.

Amounts may not add due to rounding.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Six Months Ended June 30, 2024 and 2023

(in millions, except per common share data)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Income Per Common Share Reconciliations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes, as reported

$

366

 

 

$

374

 

 

$

655

 

 

$

659

 

Rationalization charges (income) (1)

 

2

 

 

 

1

 

 

 

6

 

 

 

(2

)

Realized (gains) from private equity funds

 

 

 

 

 

 

 

 

 

 

(1

)

Income before income taxes, as adjusted

 

368

 

 

 

375

 

 

 

660

 

 

 

656

 

Tax at 24.5% rate

 

(90

)

 

 

(92

)

 

 

(162

)

 

 

(161

)

Less: Net income attributable to noncontrolling interest

 

14

 

 

 

15

 

 

 

28

 

 

 

31

 

Net income, as adjusted

$

264

 

 

$

268

 

 

$

470

 

 

$

464

 

 

 

 

 

 

 

 

 

Net income per common share, as adjusted

$

1.20

 

 

$

1.19

 

 

$

2.13

 

 

$

2.05

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

 

220

 

 

 

226

 

 

 

221

 

 

 

226

 

(1)

Represents income for the six months ended June 30, 2023 due to the sale of excess and obsolete inventory that was related to a rationalization activity, partially offset by rationalization charges.

Outlook for the Year Ended December 31, 2024

 

Year Ended December 31, 2024

 

Low End

 

High End

Income Per Common Share Reconciliation

 

 

 

 

 

 

 

Net income per common share

$

4.03

 

$

4.18

Rationalization charges

 

0.02

 

 

0.02

Net income per common share, as adjusted

$

4.05

 

$

4.20

Historical information is available on our website.

Amounts may not add due to rounding.

MASCO CORPORATION

Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited

June 30, 2024 and December 31, 2023

(dollars in millions)

 

 

 

June 30, 2024

 

December 31, 2023

Balance Sheet

 

 

 

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash investments

 

$

398

 

$

634

Receivables

 

 

1,314

 

 

1,090

Inventories

 

 

1,057

 

 

1,022

Prepaid expenses and other

 

 

129

 

 

110

Total current assets

 

 

2,898

 

 

2,856

 

 

 

 

 

Property and equipment, net

 

 

1,116

 

 

1,121

Goodwill

 

 

601

 

 

604

Other intangible assets, net

 

 

359

 

 

377

Operating lease right-of-use assets

 

 

254

 

 

268

Other assets

 

 

137

 

 

139

Total assets

 

$

5,365

 

$

5,363

 

 

 

 

 

Liabilities

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

924

 

$

840

Notes payable

 

 

3

 

 

3

Accrued liabilities

 

 

718

 

 

852

Total current liabilities

 

 

1,645

 

 

1,695

 

 

 

 

 

Long-term debt

 

 

2,945

 

 

2,945

Noncurrent operating lease liabilities

 

 

245

 

 

258

Other liabilities

 

 

347

 

 

349

Total liabilities

 

 

5,183

 

 

5,247

 

 

 

 

 

Redeemable noncontrolling interest

 

 

 

 

18

 

 

 

 

 

Equity

 

 

182

 

 

98

Total liabilities and equity

 

$

5,365

 

$

5,363

 

As of June 30,

 

 

2024

 

 

 

2023

 

Other Financial Data

 

 

 

Working capital days

 

 

 

Receivable days

 

54

 

 

 

54

 

Inventory days

 

82

 

 

 

80

 

Payable days

 

71

 

 

 

70

 

Working capital

$

1,447

 

 

$

1,557

 

Working capital as a % of sales (LTM)

 

18.4

%

 

 

18.9

%

Historical information is available on our website.

Amounts may not add due to rounding.

MASCO CORPORATION

Condensed Consolidated Statements of Cash Flows and Other Financial Data - Unaudited

For the Six Months Ended June 30, 2024 and 2023

(dollars in millions)

 

 

Six Months Ended June 30,

 

 

2024

 

 

 

2023

 

Cash Flows From (For) Operating Activities:

 

 

 

Cash provided by operating activities

$

648

 

 

$

632

 

Working capital changes

 

(395

)

 

 

(184

)

Net cash from operating activities

 

252

 

 

 

448

 

 

 

 

 

Cash Flows From (For) Financing Activities:

 

 

 

Purchase of Company common stock

 

(290

)

 

 

(81

)

Cash dividends paid

 

(128

)

 

 

(129

)

Dividends paid to noncontrolling interest

 

(12

)

 

 

(49

)

Purchase of redeemable noncontrolling interest

 

(15

)

 

 

 

Proceeds from short-term borrowings

 

 

 

 

77

 

Payment of term loan

 

 

 

 

(200

)

Proceeds from the exercise of stock options

 

75

 

 

 

23

 

Employee withholding taxes paid on stock-based compensation

 

(33

)

 

 

(23

)

Decrease in debt, net

 

(1

)

 

 

(4

)

Net cash for financing activities

 

(404

)

 

 

(386

)

 

 

 

 

Cash Flows From (For) Investing Activities:

 

 

 

Capital expenditures

 

(74

)

 

 

(133

)

Acquisition of business

 

(4

)

 

 

 

Other, net

 

(1

)

 

 

(4

)

Net cash for investing activities

 

(80

)

 

 

(137

)

 

 

 

 

Effect of exchange rate changes on cash and cash investments

 

(5

)

 

 

3

 

 

 

 

 

Cash and Cash Investments:

 

 

 

Decrease for the period

 

(236

)

 

 

(72

)

At January 1

 

634

 

 

 

452

 

At June 30

$

398

 

 

$

380

 

 

As of June 30,

 

2024

 

2023

Liquidity

 

 

 

Cash and cash investments

$

398

 

$

380

Revolver availability

 

1,000

 

 

1,000

Total Liquidity

$

1,398

 

$

1,380

Historical information is available on our website.

Amounts may not add due to rounding.

MASCO CORPORATION

Segment Data - Unaudited

For the Three and Six Months Ended June 30, 2024 and 2023

(dollars in millions)

 

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

 

 

2024

 

 

 

2023

 

 

Change

 

 

2024

 

 

 

2023

 

 

Change

Plumbing Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,253

 

 

$

1,225

 

 

2

%

 

$

2,445

 

 

$

2,447

 

 

%

Operating profit, as reported

$

247

 

 

$

244

 

 

 

 

$

472

 

 

$

450

 

 

 

Operating margin, as reported

 

19.7

%

 

 

19.9

%

 

 

 

 

19.3

%

 

 

18.4

%

 

 

Rationalization charges (income)

 

2

 

 

 

1

 

 

 

 

 

5

 

 

 

(3

)

 

 

Operating profit, as adjusted

 

249

 

 

 

245

 

 

 

 

 

477

 

 

 

447

 

 

 

Operating margin, as adjusted

 

19.9

%

 

 

20.0

%

 

 

 

 

19.5

%

 

 

18.3

%

 

 

Depreciation and amortization

 

27

 

 

 

25

 

 

 

 

 

53

 

 

 

50

 

 

 

EBITDA, as adjusted

$

276

 

 

$

270

 

 

 

 

$

530

 

 

$

497

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decorative Architectural Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

838

 

 

$

902

 

 

(7

)%

 

$

1,572

 

 

$

1,659

 

 

(5

)%

Operating profit, as reported

$

174

 

 

$

180

 

 

 

 

$

299

 

 

$

312

 

 

 

Operating margin, as reported

 

20.8

%

 

 

20.0

%

 

 

 

 

19.0

%

 

 

18.8

%

 

 

Rationalization charges

 

 

 

 

 

 

 

 

 

1

 

 

 

1

 

 

 

Operating profit, as adjusted

 

174

 

 

 

180

 

 

 

 

 

299

 

 

 

313

 

 

 

Operating margin, as adjusted

 

20.8

%

 

 

20.0

%

 

 

 

 

19.0

%

 

 

18.9

%

 

 

Depreciation and amortization

 

9

 

 

 

9

 

 

 

 

 

19

 

 

 

17

 

 

 

EBITDA, as adjusted

$

184

 

 

$

189

 

 

 

 

$

318

 

 

$

330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

2,091

 

 

$

2,127

 

 

(2

)%

 

$

4,017

 

 

$

4,106

 

 

(2

)%

Operating profit, as reported - segment

$

421

 

 

$

424

 

 

 

 

$

771

 

 

$

762

 

 

 

General corporate expense, net

 

(24

)

 

 

(21

)

 

 

 

 

(55

)

 

 

(44

)

 

 

Operating profit, as reported

 

397

 

 

 

403

 

 

 

 

 

715

 

 

 

718

 

 

 

Operating margin, as reported

 

19.0

%

 

 

18.9

%

 

 

 

 

17.8

%

 

 

17.5

%

 

 

Rationalization charges (income) - segment

 

2

 

 

 

1

 

 

 

 

 

6

 

 

 

(2

)

 

 

Operating profit, as adjusted

 

399

 

 

 

404

 

 

 

 

 

721

 

 

 

716

 

 

 

Operating margin, as adjusted

 

19.1

%

 

 

19.0

%

 

 

 

 

17.9

%

 

 

17.4

%

 

 

Depreciation and amortization - segment

 

36

 

 

 

34

 

 

 

 

 

72

 

 

 

67

 

 

 

Depreciation and amortization - other

 

2

 

 

 

1

 

 

 

 

 

4

 

 

 

3

 

 

 

EBITDA, as adjusted

$

437

 

 

$

439

 

 

 

 

$

797

 

 

$

786

 

 

 

Historical information is available on our website.

Amounts may not add due to rounding

MASCO CORPORATION

North American and International Data - Unaudited

For the Three and Six Months Ended June 30, 2024 and 2023

(dollars in millions)

 

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

 

 

2024

 

 

 

2023

 

 

Change

 

 

2024

 

 

 

2023

 

 

Change

North American

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,695

 

 

$

1,718

 

 

(1

)%

 

$

3,220

 

 

$

3,273

 

 

(2

)%

Operating profit, as reported

$

360

 

 

$

358

 

 

 

 

$

645

 

 

$

624

 

 

 

Operating margin, as reported

 

21.2

%

 

 

20.8

%

 

 

 

 

20.0

%

 

 

19.1

%

 

 

Rationalization charges (income)

 

1

 

 

 

1

 

 

 

 

 

4

 

 

 

(2

)

 

 

Operating profit, as adjusted

 

361

 

 

 

359

 

 

 

 

 

649

 

 

 

622

 

 

 

Operating margin, as adjusted

 

21.3

%

 

 

20.9

%

 

 

 

 

20.2

%

 

 

19.0

%

 

 

Depreciation and amortization

 

23

 

 

 

22

 

 

 

 

 

47

 

 

 

43

 

 

 

EBITDA, as adjusted

$

385

 

 

$

381

 

 

 

 

$

695

 

 

$

665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

397

 

 

$

409

 

 

(3

)%

 

$

797

 

 

$

833

 

 

(4

)%

Operating profit, as reported

$

61

 

 

$

66

 

 

 

 

$

126

 

 

$

138

 

 

 

Operating margin, as reported

 

15.4

%

 

 

16.1

%

 

 

 

 

15.8

%

 

 

16.6

%

 

 

Rationalization charges

 

1

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

Operating profit, as adjusted

 

62

 

 

 

66

 

 

 

 

 

128

 

 

 

138

 

 

 

Operating margin, as adjusted

 

15.6

%

 

 

16.1

%

 

 

 

 

16.1

%

 

 

16.6

%

 

 

Depreciation and amortization

 

13

 

 

 

12

 

 

 

 

 

25

 

 

 

24

 

 

 

EBITDA, as adjusted

$

75

 

 

$

78

 

 

 

 

$

153

 

 

$

162

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

2,091

 

 

$

2,127

 

 

(2

)%

 

$

4,017

 

 

$

4,106

 

 

(2

)%

Operating profit, as reported - segment

$

421

 

 

$

424

 

 

 

 

$

771

 

 

$

762

 

 

 

General corporate expense, net

 

(24

)

 

 

(21

)

 

 

 

 

(55

)

 

 

(44

)

 

 

Operating profit, as reported

 

397

 

 

 

403

 

 

 

 

 

715

 

 

 

718

 

 

 

Operating margin, as reported

 

19.0

%

 

 

18.9

%

 

 

 

 

17.8

%

 

 

17.5

%

 

 

Rationalization charges (income) - segment

 

2

 

 

 

1

 

 

 

 

 

6

 

 

 

(2

)

 

 

Operating profit, as adjusted

 

399

 

 

 

404

 

 

 

 

 

721

 

 

 

716

 

 

 

Operating margin, as adjusted

 

19.1

%

 

 

19.0

%

 

 

 

 

17.9

%

 

 

17.4

%

 

 

Depreciation and amortization - segment

 

36

 

 

 

34

 

 

 

 

 

72

 

 

 

67

 

 

 

Depreciation and amortization - other

 

2

 

 

 

1

 

 

 

 

 

4

 

 

 

3

 

 

 

EBITDA, as adjusted

$

437

 

 

$

439

 

 

 

 

$

797

 

 

$

786

 

 

 

Historical information is available on our website.

Amounts may not add due to rounding.

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