Masonite nets double-digit growth in Q1

Masonite International Corporation enjoyed measurable progress during the first quarter ended April 3, with demand up across the board for all its segments.

Net sales for the company were up 13% to $489.3 million, including a 3% setback from foreign exchange rates.

Masonite also went into the black, with net income increasing by $48.9 million to $17.8 million.

Adjusted EBITDA was also up considerably: an increase of 54% placed Masonite at $58.2 million.

“We were encouraged by the strong market conditions in the first quarter of 2016 during which demand increased across all reportable segments,” said Fred Lynch, president and CEO. “Our optimized business portfolio combined with our focus on delivering an unparalleled customer experience enabled our teams to deliver our eighth consecutive quarter of adjusted EBITDA growth over 25%.”

Regionally, progress was the strongest on home turf: North American Residential net sales were up 20% to $328.7 million, while net sales in Europe were up 7%.