Masonite swings to Q4 profit

Masonite, the interior and exterior door manufacturer, reported fourth quarter 2022 sales increased 6% to $676 million from fourth quarter 2021 sales of $636 million.

North American residential net sales were $528 million, a 7% increase, driven by a 16% increase from the impact of average unit price, the Tampa, Fla.-based company said.

Consolidated sales for the full year increased 18% to $2.9 billion from 2021 driven by an 18% increase in average unit price. 

Net income attributable to Masonite was $31 million in the fourth quarter of 2022 compared to a net loss of $25 million in the fourth quarter of 2021. 

Net income attributable to Masonite was $214 million in 2022 compared to $95 million in 2021. The increase was primarily driven by higher gross profit, as well as the absence of $106 million in charges incurred in 2021, Masonite said.

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The Bottom Line: For the fourth quarter 2022, Masonite swings to a profit of $31 million and its net income for the year more than doubles.

What the CEO said: “Our seasoned management team demonstrated great agility throughout the year by proactively addressing volatile market conditions and responding to inflation with disciplined price-cost management,” said Howard Heckes, Masonite president and CEO. “I am confident our team will likewise navigate near-term macro-economic headwinds in 2023 and I look forward to leveraging our new manufacturing plants, product innovations and the newly acquired Endura business to advance our service and product leadership in the industry.”

Company info: Click here to read the fourth quarter 2022 financial report from Masonite.