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Masco Corporation Declares Increased Quarterly Dividend, New Share Buyback Program, And Expects To Return $1 Billion To Shareholders, On Average Annually, Over The Next Several Years

Published on 2005-03-25. Author : SpecialChem

Taylor, Michigan -- Masco Corporation (NYSE: MAS) announced that its Board of Directors has declared an increased quarterly dividend of $.20 per common share payable on May 9, 2005, to shareholders of record on April 8, 2005. The 11 percent increase from $.18 to $.20 per common share reflects Masco's favorable long-term outlook, its strong balance sheet and cash flow and the recent tax law changes. This marks the 47th consecutive year in which dividends have been increased.

Masco also announced that its Board of Directors has authorized the purchase of up to 50 million shares of its Common Stock in open market purchases, privately negotiated transactions or otherwise. This authorization replaces the Company's existing program under which approximately 43 million of the 50 million shares previously authorized had been repurchased. The Company had approximately 447 million common shares outstanding at the end of the 2004.

The Company also announced at its Annual Investor Day Meeting that it expects to return a minimum of $1 billion to shareholders, on average annually, over the next several years through share repurchases and dividends as part of its ongoing commitment to value creation. In 2004 and 2003 the Company returned approximately $2.3 billion, in aggregate, to shareholders through share repurchases and dividends.

Headquartered in Taylor, Michigan, Masco Corporation is one of the world's leading manufacturers of home improvement and building products as well as a leading provider of services that include the installation of insulation and other building products.

Statements contained herein may include certain forward-looking statements regarding Masco's future sales, earnings growth potential and other developments. Actual results may vary materially because of external factors such as interest rate fluctuations, changes in consumer spending and other factors over which management has no control. The Company believes that certain non-GAAP performance measures and ratios, used in managing the business, may provide users of this financial information with additional meaningful comparisons between current results and results in prior periods. Non-GAAP performance measures and ratios should be viewed in addition to, and not as an alternative for, the Company's reported results under accounting principles generally accepted in the United States. Additional information about the Company's products, markets and conditions, which could affect the Company's future performance, is contained in the Company's filings with the Securities and Exchange Commission and is available on Masco's website. Masco undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Source: Masco Corporation


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