NEW YORK (AP) -- Masco spiked in premarket trading Tuesday, a day after the home furnishings company posted better-than-expected quarterly earnings as it rode a surge in residential construction.
Masco, which makes cabinets, plumbing fixtures and other building products, swung to a profit of $77 million, or 21 cents per share, in the three months ended in June. That compares with a loss of $75 million, or 22 cents per share, a year earlier, when results were weighed down by heft charges.
Earnings from continuing operations in the most recent quarter totaled 23 cents per share.
Net sales rose 10 percent to $2.15 billion from $1.95 billion, reflecting North American sales growth of 11 percent and international sales growth of 7 percent.
On average, analysts surveyed by FactSet forecast earnings per share of 20 cents on revenue of $2.1 billion.
Sales of plumbing products rose 9 percent to $802 million, while decorative architectural product sales increased 9 percent to $565 million. Installation and other services saw a 21 percent revenue jump, to $367 million. Cabinet sales rose 5 percent to $265 million, Masco said.
The Taylor, Mich., company said it expects continued strong growth in new construction in 2013, although it added the U.S. economy remains uncertain and the eurozone is still weak. Masco didn't provide more specific financial guidance.
Shares of Masco Corp. added 3.3 percent, or 66 cents, to $20.40 in premarket trading. Over the past year, shares have traded between $11.53 and $22.83.