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Masco Q1 profit climbs 35.8% YOY

Masco Corp. said its normalized net income for the first quarter was 18 cents per share, compared with the S&P Capital IQ consensus estimate of 20 cents per share.

EPS climbed 38.6% year over year from 13 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $63.5 million, a gain of 35.8% from $46.8 million in the year-earlier period.

The normalized profit margin rose to 3.6% from 2.9% in the year-earlier period.

Total revenue rose 23.8% on an annual basis to $2.02 billion from $1.63 billion, and total operating expenses increased 25.1% on an annual basis to $1.85 billion from $1.48 billion.

Reported net income fell 16.1% year over year to $62.5 million, or 18 cents per share, from $74.5 million, or 21 cents per share.