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![Masco Corp [MAS] reports quarterly net loss of $229 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FMAS.png&w=1200&q=75)
MASCO CORP /DE/ [MAS] has reported a net loss of $229 million for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $1.9 billion
Based in LIVONIA, Michigan, MASCO CORP /DE/ operates in the MANUFACTURING sector.
In the first quarter of 2024, Masco Corporation reported net sales of $1.926 billion, a slight decrease from the same period in 2023 when net sales were $1.979 billion. The cost of sales for Q1 2024 amounted to $1.241 billion, lower than the $1.31 billion recorded in Q1 2023.
The gross profit for the first quarter of 2024 was $685 million, showing an improvement compared to the gross profit of $669 million in Q1 2023. Operating profit also increased, reaching $318 million in Q1 2024, compared to $315 million in the same period last year.
Interest expenses decreased from $28 million in Q1 2023 to $25 million in Q1 2024. Other income and expenses remained stable at a net amount of $(30) million in both quarters.
Income before income taxes for Q1 2024 was $289 million, slightly higher than the $285 million reported in Q1 2023. Income tax expenses decreased from $64 million in Q1 2023 to $60 million in Q1 2024.
The net income attributable to Masco Corporation for the first quarter of 2024 amounted to $215 million, showing an increase from $205 million in the same period last year. The net income, both basic and diluted, per share for Q1 2024 increased to $0.97 and $0.97 respectively, compared to $0.91 and $0.90 in Q1 2023.
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