Taylor, MI-based Masco Corp., parent company of Behr and MasterChem, has reported results for the quarter ended March 31.
Income from continuing operations for the first quarter of 2004 was $241 million compared with $158 million in the first quarter of 2003. Earnings from continuing operations increased to a first quarter record $.52 per common share compared with $.30 per common share for the 2003 first quarter.
According to Masco, first quarter 2004 and 2003 results include pre-tax income of $21 million and $13 million respectively, related to adjustments of the Behr litigation accrual. Results for first quarter 2004 also include $36 million of pre-tax income from financial investments compared with $14 million in the 2003 first quarter. Masco does not break out its coatings sales, however, it reported that all business segments experienced growth, with sales of paints and stains and other products described as “particularly strong.” Paint sales are part of its decorative architectural products area, which tallied a 28% increase, according to Masco.