Industrials
Building Products & Equipment
$15.58B
18K
Key insights and themes extracted from this filing
Net sales for the three months ended June 30, 2024, were $2,091 million, a 2% decrease compared to $2,127 million for the same period in 2023. This decrease is primarily due to lower sales volume in paints and other coating products and unfavorable sales mix in plumbing products.
Gross margin increased to 37.5% for the three months ended June 30, 2024, compared to 36.2% for the same period in 2023, an increase of 130 bps. This increase was positively impacted by cost savings initiatives and lower commodity costs, partially offset by unfavorable sales mix and lower sales volume.
Operating profit for the three months ended June 30, 2024, was $397 million, a slight decrease compared to $403 million for the same period in 2023. This was negatively impacted by higher selling, general, and administrative expenses, partially offset by increased gross profit.