Printer Friendly

MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED 1ST-QUARTER RESULTS

 TAYLOR, Mich., April 27 /PRNewswire/ -- Sales in the first quarter of 1993 were the highest for any first quarter in the history of Masco Industries (NASDAQ-NMS: MASX). Sales approximated $456 million, an increase of 18 percent over the comparable period in 1992.
 Net income, after preferred stock dividends, in the first quarter of 1993, increased 155 percent to $15.2 million, or $0.24 per common share, compared with $6.0 million, or $0.10 per common share in the comparable period in 1992.
 Sales of transportation-related products increased 26 percent, benefiting from increased market share and higher levels of automotive production. Sales of specialty products increased 3 percent, primarily as a result of increased energy-related products sales.
 Masco Industries' first-quarter performance is the result of a modestly improving economy and the cost rationalization and growth initiatives that the company has undertaken. The company continues to believe that its strong product and technology positions, when combined with an expected further improvement in automotive production and the economy in general, should contribute to significant increases in both sales and earnings for the company in 1993.
 Masco Industries manufactures transportation-related and other commercial and specialty industrial products.
 MASCO INDUSTRIES, INC.
 (Amounts in thousands except per-share data)
 Three Months Ended
 March 31
 1993 1992
 Net sales $456,070 $387,020
 Cost of sales (355,850) (304,070)
 Selling, general and
 administrative expenses (57,150) (55,160)
 Operating profit 43,070 27,790
 Other expense, net (12,760) (12,730)
 Income before income taxes 30,310 15,060
 Income taxes 12,790 6,770
 Net income $17,520 $8,290
 Preferred stock dividends $2,330 $2,330
 Earnings attributable to
 common stock $15,190 $5,960
 Earnings per common share(a) $.24 $.10
 Average common shares and
 equivalents outstanding 61,550 60,120
 Prior period data have been reclassified to conform with calendar 1992 presentation.
 (a) Fully diluted earnings per common share. Convertible securities had a dilutive effect only in 1993.
 -0- 4/27/93
 /CONTACT: Kenneth J. Zak, manager of Investor Relations, Masco Industries, 313-274-7400, Ext. 6386/
 (MASX)


CO: Masco Industries, Inc. ST: Michigan IN: SU: ERN

DH-ML -- DE006 -- 1160 04/27/93 08:57 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 27, 1993
Words:363
Previous Article:DELTA CONNECTION, COMAIR ANNOUNCES FIRST JET DESTINATIONS
Next Article:TRIMAS CORPORATION ANNOUNCES RECORD FIRST-QUARTER RESULTS AS EARNINGS PER SHARE INCREASE 18 PERCENT ON HIGHER NUMBER OF SHARES OUTSTANDING
Topics:


Related Articles
MASCO INDUSTRIES RECEIVES $150 MILLION FROM YEAR-END TRANSACTIONS
MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED FIRST-QUARTER RESULTS
MASCO CORPORATION ANNOUNCES IMPROVED SECOND-QUARTER RESULTS
MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED SECOND-QUARTER RESULTS
MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED SECOND-QUARTER RESULTS
GARDNER APPOINTED PRESIDENT AND COO OF MASCO INDUSTRIES; BILLIG TO BECOME VICE CHAIRMAN
MASCO INDUSTRIES, INC. ANNOUNCES IMPROVED THIRD-QUARTER RESULTS
MASCO INDUSTRIES, INC. ANNOUNCES RECORD 4TH-QUARTER SALES AND EARNINGS AND IMPROVED 1992 RESULTS
MASCO CORPORATION ACHIEVES RECORD SALES AND IMPROVED EARNINGS IN THIRD QUARTER 1994
Masco Corporation Board of Directors Approves Four Leadership Appointments.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters