Financial PerformancePlumbing margin expansion was the highlight, aided by International volume growth and cost saving initiatives.
Operational StabilityOverall, results again support MAS' relative stability in a tough building products backdrop.
Strategic DivestitureThe sale of Kichler lighting business is viewed as a modest positive, as Decorative Architectural margins should improve, while dilution appears manageable and MAS focuses on key plumbing and paint franchises.