Masco : First Quarter 2025 Transcript

Published: 2025-04-24 10:14:06 ET MAS

Corrected Transcript

23-Apr-2025

Masco Corp. (MAS)

Q1 2025 Earnings Call

Total Pages: 19

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Masco Corp. (MAS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

CORPORATE PARTICIPANTS

Robin L. Zondervan

Richard Westenberg

Vice President, Investor Relations and FP&A, Masco Corp.

Vice President, Chief Financial Officer & Treasurer, Masco Corp.

Keith J. Allman

President, Chief Executive Officer & Director, Masco Corp.

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OTHER PARTICIPANTS

Michael Rehaut

John Lovallo

Analyst, JPMorgan Securities LLC

Analyst, UBS Securities LLC

Stephen S. Kim

Matthew Bouley

Analyst, Evercore ISI

Analyst, Barclays Capital, Inc.

Sam Reid

Mike Dahl

Analyst, Wells Fargo Securities LLC

Analyst, RBC Capital Markets LLC

Anthony James Pettinari

Analyst, Citigroup Global Markets, Inc.

MANAGEMENT DISCUSSION SECTION

Operator: Good morning, ladies and gentlemen. Welcome to the Masco Corporation First Quarter 2025 Conference Call. My name is Joelle, and I will be your conference operator for today's call. As a reminder, today's conference is being recorded for replay purposes. [Operator Instructions]

I will now turn the call over to Robin Zondervan, Vice President, Investor Relations and FP&A. You may begin.

Robin L. Zondervan

Vice President, Investor Relations and FP&A, Masco Corp.

Thank you, operator. And good morning, everyone. Welcome to Masco Corporation's 2025 first quarter conference call. With me today are Keith Allman, President and CEO of Masco and Rick Westenberg, Masco's Vice President and Chief Financial Officer.

Our first quarter earnings release and the presentation slides are available on our website under Investor Relations. Following our remarks, we will open the call for analyst questions. [Operator Instructions] If we can't take your question now, please call me directly at 313-792-5500.

Our statements today will include our views about our future performance, which constitute forward-looking statements. These statements are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements. We described these risks and uncertainties in our risk factors and other disclosures in our Form 10-K and our Form 10-Q that we filed with the Securities and Exchange Commission.

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Masco Corp. (MAS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

Our statements will also include non-GAAP financial metrics. Our references to operating profit and earnings per share will be as adjusted unless otherwise noted. We reconcile these adjusted metrics to GAAP in our earnings release and presentation slides, which are available on our website under Investor Relations.

With that, I will now turn the call over to Keith.

Keith J. Allman

President, Chief Executive Officer & Director, Masco Corp.

Thank you, Robin. Good morning, everyone, and thank you for joining us. I want to start today by talking about some significant changes that have occurred since our last quarterly call. One of these changes was the announcement of my decision to retire as President and CEO of Masco and the appointment of Jon Nudi as our incoming President and CEO. It has truly been an honor to lead Masco for over a decade and I'm so very proud of all our employees and the work we've accomplished together.

We've built and refined our core portfolio of leading brands to focus on innovative repair and remodel products. We've embedded the Masco operating system throughout the entire company, which has allowed us to significantly expand our operating profit margins.

And finally, we've delivered long-term value to our shareholders, achieving compound annual earnings per share growth of more than 12% over the last five calendar years. I'm confident that Masco is in great hands going forward under Jon's leadership.

Jon has been on our Board of Directors since 2023 and I've seen first-hand his strategic vision, his commitment to customer service and his recognition of the strength of our Masco team in delivering superior results.

I am currently working very closely with Jon in order to ensure a seamless transition and we are excited about officially welcoming him to the Masco team at the beginning of July. We also experienced significant changes in the geopolitical and macroeconomic environment, including the enactment of new and broad reaching tariffs. The extent of the tariffs currently imposed on imports from China is substantial and will increase our overall costs considerably, particularly in our Plumbing segment.

Our experienced teams are actively taking steps in an effort to mitigate these increased costs. Our mitigation efforts are extensive and include pricing actions, additional cost savings initiatives, and ongoing changes to our sourcing footprint.

As we have done in the past, we are rapidly responding to the shifting economic landscape. However, a high-level of uncertainty remains around how these changes and associated higher prices will ultimately impact demand trends across our industry moving forward. Therefore, we will not be providing full-year financial guidance this quarter. However, we do want to dimension how we are thinking about the impact of tariffs and the related mitigation actions in 2025.

First, based on the tariffs enacted this year, we expect in-year costs of approximately $400 million prior to mitigation efforts. Second, based on our extensive mitigation actions, we currently estimate that we can offset approximately $200 million to $250 million, or roughly 50% to 65% of these costs during the current year. We currently anticipate mitigating the remaining net tariff costs by the end of 2026.

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Masco Corp. (MAS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

Finally, while it is reasonable to assume a potential softening of demand in the near-term, we are not yet able to estimate the timing or extent of the impact on volumes that may result from the direct or indirect impacts of these additional tariffs.

Rick will provide additional details in a few minutes about these expected in-year and annualized impacts from the enacted tariffs and our related mitigation actions. Our teams have demonstrated their capability to manage through these environments in the past, from the COVID pandemic to unforeseen supply chain challenges to previously enacted tariffs. Therefore, we are confident that we have the right teams and plans in place to work quickly toward mitigating the various impacts arising from the recently enacted tariffs.

Amidst all these changes and the work we are doing to address their impact on our business, we remain focused on our core strengths, our marketed brands, our exceptional customer service, and our innovative product portfolio.

This quarter, we introduced several innovative new products and received a variety of awards across our businesses, a few of which are highlighted on slide 5. Beginning with North American Plumbing, Delta faucet showcased multiple new and award-winning products at the Kitchen and Bath Industry Show held in February, including the PivotPro 3-in-1 Combination Shower, the Showersense Digital Shower, and the Brizo Frank Lloyd Wright kitchen and bath collections.

Additionally, Delta faucet received multiple awards in recognition of their outstanding service to their customers, including the prestigious J.D. Power's Customer Service Excellence Award, which they received for the fourth year in a row.

In our spa business, Watkins Wellness launched two new cold plunge products. Cold plunge is the ideal complement to our existing spa and sauna portfolio, as customers can enjoy the multiple benefits of integrating both cold and hot therapies into their wellness routine.

In our international plumbing business, hansgrohe, continued to demonstrate their leadership at the ISH Sanitation and Heating Show held in March. Two of their new premium products, Raindance Alive and Avalegra, received iF Design Gold awards in the Sanitary category. Since 2015, hansgrohe has won more iF Gold awards than any other manufacturer.

In our Decorative Architectural segment, Behr was voted the most trusted paint and stain brand among consumers in the United States and Canada by BrandSpark, demonstrating the continued strength and exceptional quality of our leading Behr brand.

With that, I'll now discuss our first quarter results. Please turn to slide 6. In the first quarter, our top-line decreased 6%, partially due to our divestiture of Kichler in the prior year. Excluding this divestiture and the unfavorable impact of currency, sales decreased 3%, primarily due to lower volumes in the Decorative Architectural segment. Gross margins increased 20 basis points to 35.9%. Operating profit was $288 million and operating profit margin was solid at 16%. Earnings per share for the quarter was $0.87.

Turning to our segments, Plumbing sales increased 1% in local currency. North American Plumbing sales also increased 1% in local currency, driven by higher volumes in our spa and sauna business and favorable pricing, partially offset by lower volumes in our retail channel. International plumbing sales were flat in local currency, as higher volumes in Europe and slightly favorable pricing were offset by unfavorable mix.

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Masco Corp. (MAS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

Operating profit for the segment was $219 million, and operating margin was 18.5%. We are pleased with our overall performance in the Plumbing segment this quarter, as sales were slightly higher than anticipated and operating margin was in line with our expectations.

Turning to our Decorative Architectural segment, sales decreased 16% or 8%, excluding our divestiture of Kichler. Overall paint sales were down high-single digits and included a partial reversal of the inventory timing benefit that impacted Q4 of 2024. Excluding this impact, overall paint sales were down mid-single digits and DIY paint sales were down high-single digits, while PRO paint sales were up mid-single digits. Operating profit for the segment was $96 million and operating margin was 15.6%.

We are seeing ongoing demand pressure across the industry in DIY paint driven by dampened macroeconomic environment and expect that this will continue as the year progresses. However, we continue to grow in the PRO paint category, driven by the quality and performance of our products, the strength of our partnership with the Home Depot and our expanded services and support for our PRO customers. This has led to ongoing share gains as we continue to capitalize on the sizable growth opportunity in the PRO paint market.

As we look across both segments for the balance of the year, we anticipate demand softening as consumers spend more cautiously amidst this uncertain economic backdrop. However, as I mentioned earlier, the extent and duration of this impact cannot yet be determined until there is more clarity on the tariff policies and the overall macroeconomic conditions.

Once that occurs and as additional information becomes available, we will be able to provide further financial guidance at that time. Masco is a resilient company and the long-term fundamentals of the repair and remodel industry remain strong. Our product portfolio is well-positioned to deliver meaningful results as we execute on our strategic initiatives and maintain our disciplined capital deployment.

As I reflect on my tenure as CEO of Masco, it's the strength of our people and our teams that has allowed us to outperform the market and drive long-term shareholder value creation, especially in dynamic times. Our people are at the heart of what we do each day and we remain focused on driving results through our leading global brands, innovative products, and customer service.

With that, I'll turn the call over to Rick for further details around our first quarter expected tariff impacts and related mitigation actions. Rick?

Richard Westenberg

Vice President, Chief Financial Officer & Treasurer, Masco Corp.

Thank you, Keith, and good morning, everyone. Thank you for joining. Before I get started, I'd like to take a moment to congratulate Keith on his successful 27-year career at Masco. Through his strong leadership, he has been instrumental in reshaping Masco's portfolio, driving significant operational improvements across the company, developing senior leadership talent, and delivering outstanding financial results. On a personal note, I'd like to thank Keith for his partnership over the past year and a half and wish him all the best in his future endeavors.

Now, turning to our results. As Robin mentioned, my comments today will focus on adjusted performance, excluding the impact of rationalization charges and other one-time items. Turning to slide 8, sales in the first quarter decreased to 6% or 3%, excluding the impacts of our divestiture of Kichler in unfavorable currency. Our divestiture of Kichler in the third quarter of 2024 decreased sales by 3% year-over-year in the first quarter of 2025.

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Masco Corp. (MAS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

In local currency, North American sales decreased 7% but decreased 3% excluding the divestiture impact. International sales were in line with the prior year in local currency. Gross margin increased 20 basis points in the quarter to 35.9%. SG&A decreased $9 million year-over-year, driven by our divestiture, partially offset by increased marketing expenses. SG&A as a percent of sales was 19.9% in the quarter.

Given the current environment, we are actively managing our expenses and taking appropriate cost savings actions. Operating profit was $288 million in the quarter and our margin was 16%. Operating profit was impacted primarily by lower volume and higher marketing costs. Lastly, our EPS was $0.87 per share.

Turning to slide 9. Plumbing sales decreased 1% in the first quarter, but increased 1% excluding the unfavorable impact of currency. Favorable pricing increased sales by 1%, offset by unfavorable mix, which reduced sales by 1%. In local currency, North American Plumbing sales increased 1% in the quarter. This performance was driven by continued share gains in the e-commerce channel and growth at our specialty spa and sauna dealers, partially offset by softness in the retail channel.

In local currency, international plumbing sales were in-line with the prior year, driven by favorable volume and pricing actions, offset by unfavorable mix. hansgrohe achieved growth in its key market of Germany as well as other European markets. This was offset by softness in various other markets, particularly China. Segment operating profit in the first quarter was $219 million and operating margin was 18.5%. Operating profit was impacted by unfavorable mix and higher tradeshow costs during the quarter, partially offset by cost savings initiatives in a favorable price-cost relationship.

Turning to slide 10. Decorative Architectural sales decreased 16% in the first quarter. The divestiture of Kichler lowered sales by 8%. In the quarter, total paint sales decreased high-single digits, impacted by a partial reversal of the favorable inventory impact in Q4 of last year, as mentioned in our February call. Excluding this unfavorable inventory impact, total paint sales were down mid-single digits in the first quarter, with PRO paint sales up mid- single digits in line with our expectations and DIY paint sales down high-single digits below our expectations.

DIY paint performance was driven by continued softness in the DIY market and we now anticipate this weakness to continue as the year progresses. Operating profit in the first quarter was $96 million and operating margin was 15.6%. Operating profit was primarily impacted by lower volume, including inventory timing.

Turning to slide 11. Our balance sheet remains strong, with a gross debt to EBITDA at 2.1 times at quarter-end. We ended the quarter with $1.2 billion of liquidity, including cash and availability under our revolving credit facility. Working capital was 18.7% of sales at quarter-end in-line with Q1 2024.

Given our strong cash performance, we were able to return $196 million to shareholders through dividends and share repurchases, including the repurchase of $130 million in stock in the first quarter. As it relates to capital allocation for the remainder of the year, there is no change to our overall framework. We continue to expect to invest approximately $175 million through capital expenditures to pay a dividend of $1.24 per share and to deploy all available free cash flow towards share repurchases or acquisitions.

Lastly, as Keith mentioned earlier, given the highly volatile and uncertain market environment related to tariffs, we are not providing 2025 financial guidance. However, I will try to provide some clarity around our tariff exposure and impact based on the currently enacted tariffs, as well as, the estimated benefits from our ongoing mitigation actions.

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Masco Corp. (MAS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

As discussed on our fourth quarter call, our current import exposure to China tariffs is approximately $450 million, representing a 45% reduction from our peak exposure in 2018. We estimate the total annualized impact from incremental tariffs to be approximately $675 million before mitigation. This includes the incremental China tariffs of 145%, which amounts to an annualized cost impact of approximately $625 million, plus an approximately $50 million of incremental annual expense from tariffs on steel and aluminum and the 10% global reciprocal tariffs.

Of this, approximately $675 million total annual cost, we expect a 2025 in-year impact of approximately $400 million before mitigation, with the impact largely occurring in the second half of the year. We are actively working to mitigate these additional costs through price increases, cost reductions, and continued efforts to change our sourcing footprint.

First, we expect to implement meaningful price increases over the course of 2025. Second, we are expanding our cost reduction efforts across the business, delaying or eliminating non-critical spend while preserving investments in key growth areas of the business. Furthermore, we continue to work with our suppliers to achieve additional cost reductions.

Based on our expectations of the extent and timing of our price and cost reduction actions, we currently believe we can mitigate approximately $200 million to $250 million, or roughly 50% to 65% of the tariff costs in 2025, leaving a net impact of approximately $150 million to $200 million in 2025 prior to any potential volume impact.

As we exit 2025, we believe our actions have the potential to mitigate 60% to 75% of the impact of the currently enacted tariffs on a run rate basis. We will continue to work to mitigate the remaining impact by the end of 2026 through accelerating changes to our sourcing footprint. It is important to note that these tariff impacts and mitigation estimates do not consider potential unfavorable impacts on volumes related to price increases or the overall market environment. These impacts remain highly uncertain, as does the overall tariff and macroeconomic environment.

Additionally, these estimates are based on currently enacted tariffs and do not attempt to estimate the impact of potential future tariffs or changes in existing tariffs. Needless to say, the overall environment remains highly uncertain. We will provide updates to the impacts on our business as appropriate and expect to update our outlook for 2025 once we have more clarity.

To echo Keith's comments, I would like to recognize and thank our teams for their tremendous efforts in responding to this rapidly changing environment. Our teams have a demonstrated track record and I'm confident in our ability to navigate these challenging times.

With that, I would like to open up the call for questions. Operator?

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Masco Corp. (MAS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

QUESTION AND ANSWER SECTION

Operator: Thank you. [Operator Instructions] Your first question comes from Michael Rehaut with JPMorgan. Your line is now open.

Michael Rehaut

Analyst, JPMorgan Securities LLC

Thanks and good morning, everyone. Thanks for all the comments. And, Jon, welcome to the call and to the company. First, I'd love to delve a little bit into some of the top-line trends, not only in the first quarter, but if you can provide any kind of commentary on April. You mentioned during the prepared remarks that your DIY paint was a little bit below expectations. I'm really more interested in the trend line through the first, let's say, roughly four months of the year, both in paint and plumbing. And, if you have any kind of insights into maybe 2Q overall how we should think about the top-line. Thanks.

Keith J. Allman

President, Chief Executive Officer & Director, Masco Corp.

Thanks. Thanks, Mike. Just to be clear, I'm on the call today and Jon will be joining us in July.

Michael Rehaut

Analyst, JPMorgan Securities LLC

Yeah. No. Got that. Wasn't sure if he was there, but - okay. Thanks.

Keith J. Allman

President, Chief Executive Officer & Director, Masco Corp.

Yeah. Fair enough. So, with regards to how the overall top-line trends are looking, as we sit here, kind of mid- April, in e-commerce, I'll take a channel cut at it first. In e-commerce, we continue to have really, nice strong performance. So, that continues to be a favorable aspect of our business. We've been investing in that both in terms of technology and people for quite some time, have what we believe to be a leadership position and that continues to grow and do well for us.

We did particularly well in international plumbing. That continues to be strong for us in Central Europe. We're seeing and getting more stabilization specifically in our home country of Germany, where we're the share leader and that continues to go well. Of course, we're having a little bit of a slowdown, if you will, in China. It's higher end part of our business. So, that's giving us a little bit of a mix hit geographically when we think about the overall international plumbing demand in China.

In the US, we're seeing in Plumbing a little bit of softening in both the trade and the retail channel, but particularly in the retail channel. And then, on the paint side, very strong performance in our PRO paint segment. We continue to, what we believe to be outgrow the market and gain share. So, we're gaining share and we're holding share. Very strong Net Promoter Scores continue with our customers and the value proposition that we're able to deliver with our partner, the Home Depot, remains strong.

We are seeing some softening in the DIY paint market. This has been relatively consistent and we can expect, again, this is a view in terms of the future. But we expect this softness to continue through remainder of the year. So, I think, we've got pockets of good strength and continued growth that are favorable. But overall, I would say

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Masco Corp. (MAS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

that, our view is that the consumer is tentative, particularly as we look at the volatility that exists in both geopolitically and from a macroeconomic perspective. So, hopefully, that gives you a little bit of view across the, [ph] around the horn (00:27:25).

Michael Rehaut

Analyst, JPMorgan Securities LLC

No, no. That's very helpful, Keith. Appreciate that. I guess, secondly maybe to try and dimensional a little bit, specifically when you talk about the mitigation efforts on the tariffs and specifically the price increases, which I would assume would be the primary offset or mitigation action for the back half of this year at least. And correct me if I'm wrong on that. But, if we're talking about $200 million, $250 million, maybe you could kind of dimensional that in terms of maybe what that would mean in terms of an average price increase for your key plumbing products.

And if you've seen any type of prior instances of demand elasticity or inelasticity or the amount that you would expect maybe demand to react off of those price increases, let's say, in a vacuum. I know that obviously a lot of different macro drivers influencing demand as well, but if you have any thoughts on that?

Richard Westenberg

Vice President, Chief Financial Officer & Treasurer, Masco Corp.

Sure, Mike. It's Rick. I'll take a shot at that. So, as we articulated in terms of our mitigation, components of our mitigation actions, there's obviously a number of facets to it. The main buckets are pricing, cost reduction, and sourcing footprint changes. And as you anticipated, at least in the near-term i.e. 2025, the bulk of those actions are going to be pricing and cost reductions. Those are the things that we can pull in the near-term. Sourcing footprint is something that we continue to focus on. We've made meaningful progress in terms of changing our sourcing footprint over time and the team continues to execute and to accelerate that. But, it will take a longer horizon to effectuate some of those sourcing changes.

So, as it pertains to 2025, it is primarily price and cost. The bulk of - majority of that is pricing as you anticipated. We are not going to quantify the pricing magnitude per se or the price increases. They vary by business unit and they vary by product category. And it's over the course of 2025, as you would anticipate, the tariffs started to roll into effect on February 4, continued in March and then again escalated in April. And so, our pricing has been responsive to that and we're going to continue to execute on that.

As it pertains to elasticity, I think, we're in a bit of uncharted territory as it pertains to that. We obviously are confident in the strength of our brands and our product. So, we think there's some resiliency there. But ultimately, just given not only the elasticity dynamic, but the uncertainty in terms of the macroeconomic and the consumer sentiment are unknowns. And quite frankly, that is really the root of why we were - we prudently decided not to provide financial guidance, just given the uncertainty, but the teams like, rest assured, the teams are hyper focused with regards to developing and executing mitigation strategies. And as Keith mentioned in his remarks, we've got confidence given the teams experience and capabilities that we'll navigate this as we've done in the past.

Michael Rehaut

Analyst, JPMorgan Securities LLC

Great. Thanks so much, Rick.

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Masco Corp. (MAS)

Corrected Transcript

Q1 2025 Earnings Call

23-Apr-2025

Richard Westenberg

Vice President, Chief Financial Officer & Treasurer, Masco Corp.

Sure, Mike.

Operator: Your next question comes from Stephen Kim with Evercore ISI. Your line is now open.

Stephen S. Kim

Analyst, Evercore ISI

Thanks very much, guys. And, yeah, we obviously appreciate all the efforts here to give us some framework for how you're going to manage this tariffs thing. I guess, I wanted to drill in on the pricing. I guess, with respect to being in unchartered territory because of consumer sentiment and those impacts, I mean, it seems like in DIY paint, you're already starting to see that. And you haven't even taken any pricing actions really, I'm assuming, yet.

I'm curious if you think that, maybe what you're seeing in the consumer is, maybe some stockpiling ahead of some tariffs and maybe they're cherry picking or prioritizing some products where they think that they could be vulnerable and paint would maybe not be one of them. And if you think that had any impact on, what you saw in the quarter, or if there's anything else that would provide a little bit of color for why DIY paint in particular, would have been impacted? It feels like more than some of your other products particularly, PRO paint seems like it did better. And just if you could help us drill in a little bit more about what you saw in the DIY paint that caused the miss relative to what we are looking for.

Keith J. Allman

President, Chief Executive Officer & Director, Masco Corp.

Hey, Stephen, Keith, with regards to stockpiling, we don't have specific data where we've went out and queried the consumer to see if they're stocking up and putting faucets in their basement or stacking up gallons of paint in anticipation of future projects. I doubt significantly that that is the case as we see rather consistent POS data, not indicative of something like some sort of a pre-COVID stockpile of some consumer goods or something of that sort. So, I discount that and I'm confident that even though I don't have data.

With regards to the DIY paint performance, this is something that we've seen consistently now for, geez, a number of years where, if you recall having been following us for a while, Stephen, where DIY paint was a flat to slightly down kind of market overall for call it five years. And of recent times, as we see the demographic shift of the baby boomers who were very much, strong and avid painters now getting to an age where they're choosing to use a professional to install the paint rather than themselves and the backfill of the millennials, which we are seeing. And we do believe that when - and our data shows that they are not only DIY-ers, but multiple project DIY-ers rather than, say, a one and done. So, it's just not - it hasn't come to the level of where it's backfilling that. So, there's clearly a shift from DIY to PRO. So, that's a component of it.

Secondly, when you think about sensitivity, we believe that the consumer that is in that DIY market tends to be more price-sensitive and more sensitive to overall macroeconomic concerns like we're in now than a more affluent customer. So, interestingly, when we look across our portfolio, we continue to see the higher end consumer hanging in there relatively robustly when we look at a higher end plumbing brands, for example. We do see, continue to see some pretty good demand. So, I think, it's a combination of the consumer itself and that DIY space as it relates to sensitivity to price and a migration from a heavy consumer that is continuing as it relates to the baby boomer starting to hire a pro.

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Disclaimer

Masco Corporation published this content on April 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2025 at 14:13 UTC.