Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Masco Corporation Reports Third Quarter 2021 Results


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

"Masco delivered its fifth consecutive quarter of double-digit sales growth, demonstrating the resourcefulness and strength of our organization in the face of ongoing headwinds," said Masco President and CEO, Keith Allman. "Our team effectively navigated supply chain challenges to deliver for our customers while successfully implementing pricing and cost productivity actions to offset persistent inflation. We also advanced our capital deployment strategy by returning approximately $186 million to shareholders in the form of dividends and share repurchases, bringing our year-to-date total dividends and share repurchases to $1.0 billion."

2021 Third Quarter Commentary

Allman continued, "Demand for our products remains strong across categories and channels, and we are continuing to enhance our operational efficiency and capitalize on opportunities while navigating supply chain constraints and inflation. Based on the strength of our year-to-date performance, we expect to deliver full year adjusted earnings per share in the range of $3.67 to $3.73 per share, representing approximately 19 percent growth at the midpoint compared to 2020. While we will provide further guidance on our fourth quarter earnings call, based on our current view of our business, we expect to achieve margin expansion and double-digit adjusted earnings per share growth in 2022, consistent with the long-term growth outlook we provided earlier this year."

Dividend Declaration

Masco's Board of Directors declared a quarterly dividend of $0.235 per common share, payable on November 29, 2021, to shareholders of record on November 12, 2021.

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; 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 third quarter 2021 supplemental material, including a presentation in PDF format, is available on Masco's website at www.masco.com.

Conference Call Detail

A conference call regarding items contained in this release is scheduled for Wednesday, October 27, 2021 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 (844) 549-7577 and from outside the U.S. at (442) 275-1712. Please use the conference identification number 9989065. The conference call will be webcast simultaneously and in its entirety through Masco's website. Shareholders, media representatives and others interested in Masco may participate in the webcast by registering through the Investor Relations section on Masco's website.

A replay of the call will be available on Masco's website or by phone by dialing (855) 859-2056 and from outside the U.S. at (404) 537-3406. Please use the conference identification number 9989065. The telephone replay will be available approximately two hours after the end of the call and continue through November 27, 2021.

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 and reputation and to develop innovative products, our ability to maintain our competitive position in our industries, our reliance on key customers, the length and severity of the ongoing COVID-19 pandemic, including its impact on domestic and international economic activity, consumer confidence, our production capabilities, our employees and our supply chain; the cost and availability of materials and the imposition of tariffs, our dependence on third-party suppliers, 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 and may acquire, our ability to attract, develop and retain talented and diverse personnel, risks associated with our reliance on information systems and technology, and our ability to achieve the anticipated benefits from our investments in new 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 Nine Months Ended September 30, 2021 and 2020

(in millions, except per common share data)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

2020

 

2021

 

2020

Net sales

$

2,204

 

 

$

1,983

 

 

$

6,353

 

 

$

5,328

 

Cost of sales

1,451

 

 

1,231

 

 

4,109

 

 

3,401

 

Gross profit

753

 

 

752

 

 

2,244

 

 

1,927

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

368

 

 

328

 

 

1,057

 

 

939

 

Operating profit

385

 

 

424

 

 

1,187

 

 

988

 

 

 

 

 

 

 

 

 

Other expense, net:

 

 

 

 

 

 

 

Interest expense

(26)

 

 

(40)

 

 

(253)

 

 

(110)

 

Other, net

(17)

 

 

(4)

 

 

(438)

 

 

(22)

 

 

(43)

 

 

(44)

 

 

(691)

 

 

(132)

 

Income from continuing operations before income taxes

342

 

 

380

 

 

496

 

 

856

 

 

 

 

 

 

 

 

 

Income tax expense

103

 

 

87

 

 

158

 

 

202

 

Income from continuing operations

239

 

 

293

 

 

338

 

 

654

 

 

 

 

 

 

 

 

 

Income from discontinued operations, net

?

 

 

?

 

 

?

 

 

411

 

Net income

239

 

 

293

 

 

338

 

 

1,065

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest

19

 

 

18

 

 

60

 

 

36

 

Net income attributable to Masco Corporation

$

220

 

 

$

275

 

 

$

278

 

 

$

1,029

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Income from continuing operations

$

0.89

 

 

$

1.05

 

 

$

1.07

 

 

$

2.31

 

Income from discontinued operations, net

?

 

 

?

 

 

?

 

 

1.54

 

Net income

$

0.89

 

 

$

1.05

 

 

$

1.07

 

 

$

3.85

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

247

 

 

261

 

 

253

 

 

266

 

 

 

 

 

 

 

 

 

Amounts attributable to Masco Corporation:

 

 

 

 

 

 

 

Income from continuing operations

$

220

 

 

$

275

 

 

$

278

 

 

$

618

 

Income from discontinued operations, net

?

 

 

?

 

 

?

 

 

411

 

Net income attributable to Masco Corporation

$

220

 

 

$

275

 

 

$

278

 

 

$

1,029

 

 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Nine Months Ended September 30, 2021 and 2020

(dollars in millions)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

2020

 

2021

 

2020

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

2,204

 

 

$

1,983

 

 

$

6,353

 

 

$

5,328

 

 

 

 

 

 

 

 

 

Gross profit, as reported

$

753

 

 

$

752

 

 

$

2,244

 

 

$

1,927

 

Rationalization charges

?

 

 

1

 

 

2

 

 

7

 

Gross profit, as adjusted

$

753

 

 

$

753

 

 

$

2,246

 

 

$

1,934

 

 

 

 

 

 

 

 

 

Gross margin, as reported

34.2

%

 

37.9

%

 

35.3

%

 

36.2

%

Gross margin, as adjusted

34.2

%

 

38.0

%

 

35.4

%

 

36.3

%

 

 

 

 

 

 

 

 

Selling, general and administrative expenses, as reported

$

368

 

 

$

328

 

 

$

1,057

 

 

$

939

 

Rationalization charges

?

 

 

?

 

 

?

 

 

2

 

Selling, general and administrative expenses, as adjusted

$

368

 

 

$

328

 

 

$

1,057

 

 

$

937

 

 

 

 

 

 

 

 

 

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

16.7

%

 

16.5

%

 

16.6

%

 

17.6

%

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

16.7

%

 

16.5

%

 

16.6

%

 

17.6

%

 

 

 

 

 

 

 

 

Operating profit, as reported

$

385

 

 

$

424

 

 

$

1,187

 

 

$

988

 

Rationalization charges

?

 

 

1

 

 

2

 

 

9

 

Operating profit, as adjusted

$

385

 

 

$

425

 

 

$

1,189

 

 

$

997

 

 

 

 

 

 

 

 

 

Operating margin, as reported

17.5

%

 

21.4

%

 

18.7

%

 

18.5

%

Operating margin, as adjusted

17.5

%

 

21.4

%

 

18.7

%

 

18.7

%

 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Nine Months Ended September 30, 2021 and 2020

(in millions, except per common share data)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

2020

 

2021

 

2020

Income Per Common Share Reconciliations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes, as reported

$

342

 

 

$

380

 

 

$

496

 

 

$

856

 

Rationalization charges

?

 

 

1

 

 

2

 

 

9

 

Pension costs associated with terminated plans

?

 

 

6

 

 

422

 

 

17

 

Fair value adjustment to contingent earnout obligation

14

 

 

?

 

 

14

 

 

?

 

Loss on sale of business

?

 

 

?

 

 

18

 

 

?

 

(Gain) on preferred stock redemption

?

 

 

?

 

 

(14)

 

 

?

 

(Earnings) from equity investments, net

(5)

 

 

(1)

 

 

(7)

 

 

(1)

 

Loss on extinguishment of debt

?

 

 

6

 

 

168

 

 

6

 

Income from continuing operations before income taxes, as adjusted

351

 

 

392

 

 

1,099

 

 

887

 

Tax at 25% rate

(88)

 

 

(98)

 

 

(275)

 

 

(222)

 

Less: Net income attributable to noncontrolling interest

19

 

 

18

 

 

60

 

 

36

 

Income from continuing operations, as adjusted

$

244

 

 

$

276

 

 

$

764

 

 

$

629

 

 

 

 

 

 

 

 

 

Income from continuing operations per common share, as adjusted

$

0.99

 

 

$

1.06

 

 

$

3.02

 

 

$

2.36

 

 

 

 

 

 

 

 

 

Average diluted common shares outstanding

247

 

 

261

 

 

253

 

 

266

 

 

Historical information is available on our website.

MASCO CORPORATION

Exhibit A: Reconciliations - Unaudited

For the Three and Nine Months Ended September 30, 2021 and 2020

 

Outlook for the Twelve Months Ended December 31, 2021

 

 

Twelve Months Ended December 31, 2021

 

Low End

 

High End

Income Per Common Share Outlook

 

 

 

 

 

 

 

Income from continuing operations per common share

$

1.67

 

 

$

1.73

 

Rationalization charges

0.01

 

 

0.01

 

Pension costs associated with terminated plans (1)

1.32

 

 

1.32

 

Fair value adjustment to contingent earnout obligation (2)

0.04

 

 

0.04

 

Loss on sale of business

0.05

 

 

0.05

 

(Gain) on preferred stock redemption

(0.04)

 

 

(0.04)

 

(Earnings) from equity investments, net

(0.02)

 

 

(0.02)

 

Loss on extinguishment of debt

0.53

 

 

0.53

 

Losses providing no tax benefit (3)

0.08

 

 

0.08

 

Allocation to participating securities per share (4)

0.03

 

 

0.03

 

Income from continuing operations per common share, as adjusted

$

3.67

 

 

$

3.73

 

(1)

Represents costs associated with our qualified domestic defined-benefit pension plans that were settled in the second quarter of 2021.

(2)

Represents expense from the revaluation of contingent consideration related to a prior acquisition in the third quarter of 2021.

(3)

Represents losses providing no tax benefit in certain jurisdictions, primarily related to the termination of our qualified domestic defined-benefit pension plans and the divestiture of a business in the second quarter of 2021.

(4)

 

Represents the impact of distributed dividends and undistributed earnings to unvested restricted stock awards as well as an allocation to redeemable noncontrolling interest in accordance with the two-class method of calculating earnings per share.

Historical information is available on our website.

MASCO CORPORATION

Condensed Consolidated Balance Sheets and Other Financial Data - Unaudited

September 30, 2021 and December 31, 2020

(dollars in millions)

 

 

September 30, 2021

 

December 31, 2020

Balance Sheet

 

 

 

Assets

 

 

 

Current Assets:

 

 

 

Cash and cash investments

$

854

 

 

$

1,326

 

Receivables

1,330

 

 

1,138

 

Prepaid expenses and other

113

 

 

149

 

Inventories

1,107

 

 

876

 

Total Current Assets

3,404

 

 

3,489

 

 

 

 

 

Property and equipment, net

887

 

 

908

 

Operating lease right-of-use assets

171

 

 

166

 

Goodwill

617

 

 

563

 

Other intangible assets, net

395

 

 

357

 

Other assets

121

 

 

294

 

Total Assets

$

5,595

 

 

$

5,777

 

 

 

 

 

Liabilities

 

 

 

Current Liabilities:

 

 

 

Accounts payable

$

1,037

 

 

$

893

 

Notes payable

10

 

 

3

 

Accrued liabilities

832

 

 

1,038

 

Total Current Liabilities

1,879

 

 

1,934

 

 

 

 

 

Long-term debt

2,950

 

 

2,792

 

Noncurrent operating lease liabilities

155

 

 

149

 

Other liabilities

485

 

 

481

 

Total Liabilities

5,469

 

 

5,356

 

 

 

 

 

Redeemable noncontrolling interest

 

25

 

 

 

?

 

 

 

 

 

Equity

101

 

 

421

 

Total Liabilities and Equity

$

5,595

 

 

$

5,777

 

 

As of September 30,

 

2021

 

2020

Other Financial Data

 

 

 

Working Capital Days

 

 

 

Receivable days

51

 

 

55

 

Inventory days

80

 

 

70

 

Payable days

65

 

 

74

 

Working capital

$

1,400

 

 

$

1,140

 

Working capital as a % of sales (LTM)

17.0

%

 

16.4

%

 

Historical information is available on our website.

MASCO CORPORATION

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

For the Nine Months Ended September 30, 2021 and 2020

(dollars in millions)

 

 

Nine Months Ended September 30,

 

2021

 

2020

Cash Flows From (For) Operating Activities:

 

 

 

Cash provided by operating activities

$

904

 

 

$

590

 

Working capital changes

(309)

 

 

(17)

 

Net cash from operating activities

595

 

 

573

 

 

 

 

 

Cash Flows From (For) Financing Activities:

 

 

 

Retirement of notes

(1,326)

 

 

(400)

 

Purchase of Company common stock

(878)

 

 

(602)

 

Cash dividends paid

(154)

 

 

(108)

 

Dividends paid to noncontrolling interest

(43)

 

 

(23)

 

Issuance of notes, net of issuance costs

1,481

 

 

415

 

Debt extinguishment costs

(160)

 

 

(5)

 

Proceeds from the exercise of stock options

1

 

 

26

 

Employee withholding taxes paid on stock-based compensation

(14)

 

 

(25)

 

(Decrease) increase in debt, net

(2)

 

 

1

 

Net cash for financing activities

(1,095)

 

 

(721)

 

 

 

 

 

Cash Flows From (For) Investing Activities:

 

 

 

Capital expenditures

(82)

 

 

(72)

 

Acquisition of businesses, net of cash acquired

(57)

 

 

(24)

 

Proceeds from disposition of businesses, net of cash disposed

5

 

 

868

 

Proceeds from disposition of other financial investments

170

 

 

2

 

Other, net

7

 

 

(4)

 

Net cash from investing activities

43

 

 

770

 

 

 

 

 

Effect of exchange rate changes on cash and cash investments

(15)

 

 

7

 

 

 

 

 

Cash and Cash Investments:

 

 

 

(Decrease) increase for the period

(472)

 

 

629

 

At January 1

1,326

 

 

697

 

At September 30

$

854

 

 

$

1,326

 

 

As of September 30,

 

2021

 

2020

Liquidity

 

 

 

Cash and cash investments

$

854

 

 

$

1,326

 

Revolver availability

1,000

 

 

1,000

 

Total Liquidity

$

1,854

 

 

$

2,326

 

 

Historical information is available on our website.

MASCO CORPORATION

Segment Data - Unaudited

For the Three and Nine Months Ended September 30, 2021 and 2020

(dollars in millions)

 

 

Three Months Ended September 30,

 

 

 

Nine Months Ended September 30,

 

 

 

2021

 

2020

 

Change

 

2021

 

2020

 

Change

Plumbing Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,329

 

 

$

1,141

 

 

16

%

 

$

3,907

 

 

$

2,964

 

 

32

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

248

 

 

$

271

 

 

 

 

$

773

 

 

$

583

 

 

 

Operating margin, as reported

18.7

%

 

23.8

%

 

 

 

19.8

%

 

19.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

?

 

 

?

 

 

 

 

2

 

 

5

 

 

 

Accelerated depreciation related to rationalization activity

?

 

 

?

 

 

 

 

?

 

 

1

 

 

 

Operating profit, as adjusted

248

 

 

271

 

 

 

 

775

 

 

589

 

 

 

Operating margin, as adjusted

18.7

%

 

23.8

%

 

 

 

19.8

%

 

19.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

26

 

 

21

 

 

 

 

76

 

 

61

 

 

 

EBITDA, as adjusted

$

274

 

 

$

292

 

 

 

 

$

851

 

 

$

650

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Decorative Architectural Products

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

875

 

 

$

842

 

 

4

%

 

$

2,446

 

 

$

2,364

 

 

3

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

166

 

 

$

179

 

 

 

 

$

496

 

 

$

475

 

 

 

Operating margin, as reported

19.0

%

 

21.3

%

 

 

 

20.3

%

 

20.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

?

 

 

1

 

 

 

 

?

 

 

3

 

 

 

Operating profit, as adjusted

166

 

 

180

 

 

 

 

496

 

 

478

 

 

 

Operating margin, as adjusted

19.0

%

 

21.4

%

 

 

 

20.3

%

 

20.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

8

 

 

10

 

 

 

 

27

 

 

31

 

 

 

EBITDA, as adjusted

$

174

 

 

$

190

 

 

 

 

$

523

 

 

$

509

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

2,204

 

 

$

1,983

 

 

11

%

 

$

6,353

 

 

$

5,328

 

 

19

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

414

 

 

$

450

 

 

 

 

$

1,269

 

 

$

1,058

 

 

 

General corporate expense, net

(29)

 

 

(26)

 

 

 

 

(82)

 

 

(70)

 

 

 

Operating profit, as reported

385

 

 

424

 

 

 

 

1,187

 

 

988

 

 

 

Operating margin, as reported

17.5

%

 

21.4

%

 

 

 

18.7

%

 

18.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

?

 

 

1

 

 

 

 

2

 

 

8

 

 

 

Accelerated depreciation related to rationalization activity - segment

?

 

 

?

 

 

 

 

?

 

 

1

 

 

 

Operating profit, as adjusted

385

 

 

425

 

 

 

 

1,189

 

 

997

 

 

 

Operating margin, as adjusted

17.5

%

 

21.4

%

 

 

 

18.7

%

 

18.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

34

 

 

31

 

 

 

 

103

 

 

92

 

 

 

Depreciation and amortization - non-operating

2

 

 

2

 

 

 

 

11

 

 

6

 

 

 

EBITDA, as adjusted

$

421

 

 

$

458

 

 

 

 

$

1,303

 

 

$

1,095

 

 

 

 

Historical information is available on our website.

MASCO CORPORATION

North American and International Data - Unaudited

For the Three and Nine Months Ended September 30, 2021 and 2020

(dollars in millions)

 

 

Three Months Ended September 30,

 

 

 

Nine Months Ended September 30,

 

 

 

2021

 

2020

 

Change

 

2021

 

2020

 

Change

North American

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

1,753

 

 

$

1,599

 

 

10

%

 

$

4,999

 

 

$

4,337

 

 

15

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

332

 

 

$

368

 

 

 

 

$

1,010

 

 

$

899

 

 

 

Operating margin, as reported

18.9

%

 

23.0

%

 

 

 

20.2

%

 

20.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges

?

 

 

1

 

 

 

 

2

 

 

8

 

 

 

Accelerated depreciation related to rationalization activity

?

 

 

?

 

 

 

 

?

 

 

1

 

 

 

Operating profit, as adjusted

332

 

 

369

 

 

 

 

1,012

 

 

908

 

 

 

Operating margin, as adjusted

18.9

%

 

23.1

%

 

 

 

20.2

%

 

20.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

22

 

 

21

 

 

 

 

66

 

 

60

 

 

 

EBITDA, as adjusted

$

354

 

 

$

390

 

 

 

 

$

1,078

 

 

$

968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

451

 

 

$

384

 

 

17

%

 

$

1,354

 

 

$

991

 

 

37

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported

$

82

 

 

$

82

 

 

 

 

$

259

 

 

$

159

 

 

 

Operating margin, as reported

18.2

%

 

21.4

%

 

 

 

19.1

%

 

16.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

12

 

 

10

 

 

 

 

37

 

 

32

 

 

 

EBITDA

$

94

 

 

$

92

 

 

 

 

$

296

 

 

$

191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

2,204

 

 

$

1,983

 

 

11

%

 

$

6,353

 

 

$

5,328

 

 

19

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit, as reported - segment

$

414

 

 

$

450

 

 

 

 

$

1,269

 

 

$

1,058

 

 

 

General corporate expense, net

(29)

 

 

(26)

 

 

 

 

(82)

 

 

(70)

 

 

 

Operating profit, as reported

385

 

 

424

 

 

 

 

1,187

 

 

988

 

 

 

Operating margin, as reported

17.5

%

 

21.4

%

 

 

 

18.7

%

 

18.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rationalization charges - segment

?

 

 

1

 

 

 

 

2

 

 

8

 

 

 

Accelerated depreciation related to rationalization activity

?

 

 

?

 

 

 

 

?

 

 

1

 

 

 

Operating profit, as adjusted

385

 

 

425

 

 

 

 

1,189

 

 

997

 

 

 

Operating margin, as adjusted

17.5

%

 

21.4

%

 

 

 

18.7

%

 

18.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization - segment

34

 

 

31

 

 

 

 

103

 

 

92

 

 

 

Depreciation and amortization - non-operating

2

 

 

2

 

 

 

 

11

 

 

6

 

 

 

EBITDA, as adjusted

$

421

 

 

$

458

 

 

 

 

$

1,303

 

 

$

1,095

 

 

 

 

Historical information is available on our website.

 


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