As of September 30, 2024, Masco Corporation reported total current assets of $2,965 million, an increase from $2,856 million at the end of 2023. However, total assets decreased to $5,296 million from $5,363 million during the same period. Current liabilities also saw a decline, dropping to $1,618 million from $1,695 million. Shareholders' equity improved to $142 million, up from $98 million, while the retained deficit decreased to $(551) million from $(596) million.
In terms of financial performance, Masco's net sales for the third quarter of 2024 reached $1,983 million, slightly up from $1,979 million in Q3 2023. For the nine months ending September 30, 2024, net sales totaled $6,000 million, a decrease of 1% from $6,085 million in the same period last year. Gross profit for Q3 2024 was $725 million, down 3% from $744 million in Q3 2023, while for the nine-month period, gross profit increased by 1% to $2,195 million from $2,182 million.
Operating profit for Q3 2024 was $357 million, a 7% decline from $383 million in Q3 2023. For the nine months, operating profit decreased by 3% to $1,073 million from $1,101 million. Net income for Q3 2024 was $180 million, down from $260 million in Q3 2023, and for the nine months, net income fell to $681 million from $759 million. The diluted net income per share for Q3 2024 was $0.77, compared to $1.10 in Q3 2023.
Masco's strategic developments included the acquisition of Sauna360 Group Oy in Q3 2023 for approximately $136 million, enhancing its Plumbing Products segment. In Q3 2024, the company sold its Kichler Lighting business for preliminary consideration of $125 million, recognizing a preliminary loss of $81 million. The divestiture did not represent a strategic shift and was included in the Decorative Architectural Products segment.
Segment performance showed that Plumbing Products net sales increased by 2% in Q3 2024, while Decorative Architectural Products saw a 3% decline. Geographic performance indicated flat sales in North America for Q3 2024, with a slight decrease in the nine-month period. International sales increased by 3% in Q3 but decreased by 2% for the nine months.
Masco's cash and cash investments rose to $646 million as of September 30, 2024, from $634 million at the end of 2023. The company repurchased approximately 6.6 million shares for about $486 million during the nine months, with $1.2 billion remaining under its share repurchase authorization.
About MASCO CORP /DE/
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