Masco Corporation (MAS) Q3 2022 Earnings Call Transcript

Masco Corporation (NYSE:MAS) Q3 2022 Earnings Conference Call October 26, 2022 8:00 AM ET

Company Participants

David Chaika - VP, Treasurer & IR

Keith Allman - President & CEO

John Sznewajs - VP & CFO

Conference Call Participants

Michael Rehaut - J.P. Morgan

Adam Baumgarten - Zelman

John Lovallo - UBS

Matthew Bouley - Barclays

Susan Maklari - Goldman Sachs

Mike Dahl - RBC Capital Markets

Truman Patterson - Wolfe Research

Phil Ng - Jefferies

Stephen Kim - Evercore ISI

Operator

Good morning, ladies and gentlemen. Welcome to Masco Corporation's Third Quarter 2022 Conference Call. My name is Alex. I will be your operator for today's call. As a reminder, today's conference call is being recorded for replay purposes. [Operator Instructions].

I will now turn the call over to David Chaika, Vice President, Treasurer and Investor Relations. You may begin.

David Chaika

Thank you, Alex, and good morning. Welcome to Masco Corporation's 2022 third quarter conference call. With me today are Keith Allman, President and CEO of Masco; and John Sznewajs, Masco's Vice President and Chief Financial Officer.

Our third quarter earnings release and the presentation slides are available on our website under Investor Relations. Following our remarks, we will open the call for analyst questions. Please limit yourself to one question with one follow-up. If we can't take your question now, please call me directly at (313) 792-5500.

Our statements today will include our views about our future performance, which constitute forward-looking statements. These statements are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements. We describe these risks and uncertainties in our Risk Factors and other disclosures in our Form 10-K and our Form 10-Q that we filed with the Securities and Exchange Commission.

Our statements will also include non-GAAP financial metrics. Our references to operating profit and earnings per share will be as adjusted, unless otherwise noted. We reconcile these adjusted metrics to GAAP in our earnings release and presentation slides, which are available on our website under Investor Relations.

With that, I'll now turn the call over to Keith.

Keith Allman

Thank you, Dave. Good morning, everyone, and thank you for joining us today.

Please turn to Slide 5. In the third quarter, sales matched prior year with significant pricing actions of 9%, offsetting volume declines of 6% and currency headwinds of 3%. Demand moderated more than expected in the third quarter with most categories experiencing declining volumes year-over-year.