We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
The widespread impact of the novel coronavirus outbreak on the global economy has compelled Masco Corporation (MAS - Free Report) to withdraw its previously announced 2020 and 2021 guidance.
Nonetheless, the company believes that it remains well positioned to combat the current pandemic situation with its repositioned portfolio of lower ticket, more resilient products, along with a strong balance sheet and liquidity. Notably, the company has $1 billion under the revolving credit facility.
To mitigate the financial impact of the COVID-19 pandemic, Masco has initiated certain actions to reduce operating expenses and lend protection to employees during the current unprecedented period.
Amid the current scenario, its first and foremost concern is to ensure the safety and well-being of employees and their families. However, this manufacturer of Behr paint, Delta faucets and other building products stated that it is still open and operational in certain locations, where activities have not been prohibited. The company has also been selectively reducing expenses to adjust the cost structure to address the current market conditions.
Masco — which is slated to report first-quarter 2020 results on Apr 29 — has withdrawn its previously issued guidance for 2020. Earlier, the company had expected higher year-over-year adjusted earnings growth for the year, despite input costs woes. Masco had expected its 2020 adjusted earnings guidance in the range of $2.35-$2.55 per share, which indicated 4.4-13.3% year-over-year growth.
Meanwhile, another building product manufacturer, Foundation Building Materials has revoked its 2020 financial guidance in response to the COVID-19 disruption. Additionally, it expects first-quarter revenues in the range of $520-$525 million. The Zacks Consensus Estimate for the same is pegged at $529.1 million for the period.
Share Price Performance
Shares of Masco, which currently carries a Zacks Rank #3 (Hold), have outperformed the industry so far this year. Its strong repair and remodel industry, inorganic efforts, cost-saving initiatives, along with strong housing fundamentals helped Masco — which shares space with Arcosa, Inc. (ACA - Free Report) and TopBuild Corp. (BLD - Free Report) in the same industry — to gain traction. However, its business has been suffering from lower volume, unfavorable mix and softness in certain markets served. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
Image: Bigstock
Masco (MAS) Revokes 2020 Guidance Amid Coronavirus Pandemic
The widespread impact of the novel coronavirus outbreak on the global economy has compelled Masco Corporation (MAS - Free Report) to withdraw its previously announced 2020 and 2021 guidance.
Nonetheless, the company believes that it remains well positioned to combat the current pandemic situation with its repositioned portfolio of lower ticket, more resilient products, along with a strong balance sheet and liquidity. Notably, the company has $1 billion under the revolving credit facility.
To mitigate the financial impact of the COVID-19 pandemic, Masco has initiated certain actions to reduce operating expenses and lend protection to employees during the current unprecedented period.
Amid the current scenario, its first and foremost concern is to ensure the safety and well-being of employees and their families. However, this manufacturer of Behr paint, Delta faucets and other building products stated that it is still open and operational in certain locations, where activities have not been prohibited. The company has also been selectively reducing expenses to adjust the cost structure to address the current market conditions.
Masco — which is slated to report first-quarter 2020 results on Apr 29 — has withdrawn its previously issued guidance for 2020. Earlier, the company had expected higher year-over-year adjusted earnings growth for the year, despite input costs woes. Masco had expected its 2020 adjusted earnings guidance in the range of $2.35-$2.55 per share, which indicated 4.4-13.3% year-over-year growth.
Meanwhile, another building product manufacturer, Foundation Building Materials has revoked its 2020 financial guidance in response to the COVID-19 disruption. Additionally, it expects first-quarter revenues in the range of $520-$525 million. The Zacks Consensus Estimate for the same is pegged at $529.1 million for the period.
Share Price Performance
Shares of Masco, which currently carries a Zacks Rank #3 (Hold), have outperformed the industry so far this year. Its strong repair and remodel industry, inorganic efforts, cost-saving initiatives, along with strong housing fundamentals helped Masco — which shares space with Arcosa, Inc. (ACA - Free Report) and TopBuild Corp. (BLD - Free Report) in the same industry — to gain traction. However, its business has been suffering from lower volume, unfavorable mix and softness in certain markets served. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>