Masonite sales and earnings fade in Q3
Masonite reported third quarter sales decreased 4% to $702 million compared to third quarter 2022 sales of $728 million.
North American Residential net sales were $553 million, a 5% decrease driven by a 14% decline in volume and a 1% decrease in average unit price, partially offset by a 10% increase from the company’s acquisition of Endura.
Sales in Europe were $65 million, a 2% decrease driven by a 7% decline in volume and a 2% decrease from lower AUP, partially offset by a 7% increase from favorable foreign exchange.
Architectural net sales were $81 million, a 4% increase driven by an 18% increase in AUP, partially offset by a 10% decline in volume and a 4% decrease from lower component sales.
The Tampa, Florida-based interior and exterior door and door systems manufacturer also posted a net income of $41 million, falling 27% from a net income of $57 million in the third quarter a year ago.
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The Bottom Line: Sales at Masonite faded 4% while profits dropped 27% to $41 million.
What the CEO said: “In the face of constrained end-market demand I am proud of our team's execution and ability to preserve margins and deliver record cash flow,” said Howard Heckes, president and CEO of Masonite. “While maintaining sharp discipline on price-cost and working capital management, we are also delivering meaningful progress on our ‘Doors That Do More’ strategic initiatives.”
“Subsequent to the quarter end, we were pleased to announce the acquisition of Fleetwood, a leading manufacturer of high-end glass doors for luxury homes,” Heckes said. “The Fleetwood product portfolio extends the reach of Masonite product offerings to the top end of the good, better, best spectrum and allows us to tap into new areas of long-term growth.”
Company Info: Click here to read the full third quarter 2023 financial report from Masonite.
