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Masco profit misses consensus by 39.2% in Q2

Masco Corp. said its normalized net income for the second quarter came to 36 cents per share, compared with the S&P Capital IQ consensus estimate of 60 cents per share.

EPS declined 16.9% year over year from 44 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $115.8 million, a decrease of 19.9% from $144.5 million in the year-earlier period.

The normalized profit margin declined to 5.6% from 7.2% in the year-earlier period.

Total revenue climbed on an annual basis to $2.06 billion from $2.00 billion, and total operating expenses rose from the prior-year period to $1.70 billion from $1.67 billion.

Reported net income increased 4.9% on an annual basis to $156.3 million, or 49 cents per share, from $148.9 million, or 45 cents per share.