Masonite swings to Q3 profit

Door manufacturing giant, Masonite, reported third quarter sales increased 11% to $652 million from third quarter 2020 sales of $588 million.

The Tampa, Fla.-based company posted North American residential net sales of $489 million, a 16% increase compared to the third quarter of 2020. The increase was lifted by a 9% increase in average unit price (AUP) along with a 4% increase in volume.

Sales in Europe rose 14% to $84 million, driven by an 11% increase in AUP, a 7% increase due to favorable foreign exchange, and a 3% increase in base volume.

Architectural net sales fell 13% to $75 million for the period, however.

The company also reported a net income attributable to Masonite of $38 million in the third quarter compared to a loss of $22 million in the third quarter of 2020. 

Looking ahead, Masonite said that it now expects full-year 2021 net sales growth in the range of 15% to 17%, reflecting the negative impact that labor and logistics constraints are having on both our operations and end markets. 

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The Bottom Line: Masonite swings to a net income of $38 million from a net loss of $22 million in the third quarter a year ago.

What the CEO said: “We delivered another quarter of year-on-year Net Sales growth as a result of favorable pricing actions across all three of our reporting segments and base volume growth in our residential businesses,” said Howard Heckes, Masonite president and CEO“Inflationary pressures continued to weigh on our results as expected, as did labor availability and absenteeism in the quarter. I am extremely pleased with the organization’s ability to navigate these challenges while making continued progress on our long-term growth initiatives.”

Company info:  Click here to read Masonite’s full third quarter 2021 financial report.