New York, NY -- (ReleaseWire) -- 02/14/2013 --- Masco Corporation (NYSE:MAS)reported increased profit in the fourth quarter of 2012 with strong sales and operating margin growth in North America, including continued improvement in Installation Services. All five operating segments delivered positive sales growth and improved operating profit for the first time since the housing downturn.
2012 Q4 net sales from continuing operations increased 9 percent to $1.9 billion, compared with $1.7 billion for fourth quarter 2011. North American sales increased 12 percent and international sales decreased 1 percent. In local currencies, international sales increased 2 percent compared with fourth quarter 2011.
2012 Full-Year net sales increased 4 percent to $7.7 billion, compared to 2011. Excluding currency, net sales increased 5 percent.
Masco Corporation is one of the world`s leading manufacturers of home improvement and building products.
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DryShips, Inc. (NASDAQ:DRYS) has increased the floatation size and pricing of it’s majority owned subsidiary Ocean Rig UDW Inc. (ORIG) that will further reduce its stake in the deepwater oil drilling unit. The sale proceeds from the issue of shares will be received by DryShips as the selling shareholder.
Although, in 2007, DryShips acquired a majority stake in Ocean Rig but in the recent years it has partially divested the division and currently holds a 65% stake in the company.
The Norwegian shipping company has increased the offering of Ocean Rig common shares to 7,500,000, which will translate into a total issue proceed of about $126.4 million. The issue, which is expected to close on Feb 14, 2013 will cut DryShips’ stake in the unit to 59.4%.
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