Mixed results at Masonite International

Net income rose, but sales declined for Tampa, Fla.-based Masonite International Corp., as the worldwide pandemic took its toll on the door business.

The company said that a previously implemented pricing strategy helped the business, as sales declined 11% to $500 million due to the negative impact of COVID-19.

In North America, residential net sales were flat at $381 million, compared to the second quarter of last year.

Bottom line: Net income of $34.0 million marks an increase of 40% over $24.2 million in the prior year.

What the CEO said: “We are extremely pleased with our second quarter performance and the resilience of our business, as we delivered significant margin expansion despite base volume declines," said Howard Heckes, President and CEO. 

For more: Read the full earnings release here.