Masonite boosts sales volumes in Q3

Masonite International Corporation moved the needle in the third quarter, with sales up 3% owing largely to improved sales volumes.

Net sales for the three months ended Oct. 2 came in at $489.6 million, up 3% year-over-year -- though they would have been up 5% without the impact of foreign exchange.

Net income jumped by $48.3 million to a total of $32.0 million during the quarter as well. Meanwhile, adjusted EBITDA jumped 29% to $65.1 million.

“We delivered our tenth consecutive quarter of double digit adjusted EBITDA growth with positive performance in all three reportable segments. At 12.9%, our year to date adjusted EBITDA margin is the highest it has been since 2009,” said Fred Lynch, president and CEO. “Our strategic initiatives and purposeful investments are reflected in our solid performance.”

The sales increase was primarily due to a 4% increase in sales volumes and 1% improvement in average unit price, which offset 2% of negative foreign exchange.

Segment-wise, North American Residential net sales were up 11%, while sales in Europe were down 11%. Architectural net sales were up 3% over last year.