Masonite sales flat in Q1
Masonite, the Tampa, Florida-based interior and exterior door manufacturer, reported sales for the first quarter 2023 were flat.
The company posted sales of $726 million for the quarter, breaking even with sales of $726 for the same period a year ago.
Sales in North American Residential net sales were $569 million, or flat year over year, driven by an 11% increase from the Endura acquisition and an 8% increase in average unit price (AUP). The company said sales were partially offset by a 17% decrease in volume and a combined 2% decrease from unfavorable foreign exchange and lower component sales.
In Europe, net sales decreased 21% to $64 million. Masonite said sales were impacted by a 15% decrease in volume, an 8% decrease due to unfavorable foreign exchange and a 2% impact from lower component sales, partially offset by a 4% increase in AUP.
Architectural sales reached $88 million, a 24% increase driven by a 28% increase in AUP, partially offset by a 2% decrease in volume and a combined 2% decrease from unfavorable foreign exchange and lower component sales.
The manufacturer posted a first quarter net income of $38 million, falling 43% from a net income of $68 million for the same period last year.
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The Bottom Line: Sales are flat at Masonite as earnings fall 43% to $38 million in the first quarter 2023.
What the CEO said: “The early benefits from implementation of our 2023 Playbook initiatives allowed us to deliver financial results in Q1 that were ahead of expectations although down year over year given the exceptionally strong first quarter we had in 2022,” said Howard Heckes, Masonite president and CEO. “While end-market demand remains soft, trends are generally in line with our full-year planning assumptions. The continued execution of our cost actions, combined with strategic growth investments position us for accelerated margin growth as volumes return. Based on our proactive approach and successful execution by our teams, we remain confident in our ability to deliver on our full year 2023 outlook.”
Company Info: To read Masonite’s full first quarter 2023 financial repot, click here.
