fourth-quarter earnings fell despite higher revenue compared with last year, as a goodwill charge ate into the bottom line.
The Michigan-based plumbing and paint giant earned $92 million, or 19 cents a share, on revenue of $2.86 billion in the latest quarter compared with earnings of $195 million, or 31 cents a share, on revenue of $2.42 billion in the same period last year. The latest quarter included a charge of $113 million, or 24 cents a share. The company said it earned 43 cents a share before the charge.
Analysts were forecasting earnings of 41 cents a share on revenue of $2.7 billion in the latest quarter.
Masco said it expects to earn 36 cents to 38 cents a share from continuing operations in the current first quarter, and expects to earn $1.80 to $1.90 a share in the full year. Analysts surveyed by Thomson One Analytics were forecasting first-quarter earnings of 39 cents a share and full-year earnings of $1.96 a share.
Masco stock was recently up a penny at $27.33 on the Instinet premarket session.