Masonite posts preliminary mixed results
Masonite, the interior and exterior door manufacturer, reported preliminary unaudited financial results for 2018 including net sales of $2.17 billion; a 7% increase from net sales of $2.03 billion in 2017.
The Tampa, Fla.-based company also reported a net income before taxes of $120 million, down 7% from a net income of $129 million in 2017. Adjusted EBITA increased 5% to approximately $268 million for 2018 from $255 million in the prior year.
"Our results for the quarter did not meet our expectations, as sales volumes were lighter than anticipated, particularly in the month of December," said Fred Lynch, Masonite president and CEO.
Less sales volume led to higher factory costs due to a lack of fixed cost leverage and an inability to reduce direct labor costs, Lynch said.
The company is expected to report its fourth quarter 2018 sales and earnings on Feb. 19.
Masonite also announced that it has entered into an amended and restated $250 million asset-based revolving credit facility, which is secured by the company’s inventory and accounts receivable in the United States, United Kingdom and Canada. The pervious committed facility was $150 million.
The Tampa, Fla.-based company also reported a net income before taxes of $120 million, down 7% from a net income of $129 million in 2017. Adjusted EBITA increased 5% to approximately $268 million for 2018 from $255 million in the prior year.
"Our results for the quarter did not meet our expectations, as sales volumes were lighter than anticipated, particularly in the month of December," said Fred Lynch, Masonite president and CEO.
Less sales volume led to higher factory costs due to a lack of fixed cost leverage and an inability to reduce direct labor costs, Lynch said.
The company is expected to report its fourth quarter 2018 sales and earnings on Feb. 19.
Masonite also announced that it has entered into an amended and restated $250 million asset-based revolving credit facility, which is secured by the company’s inventory and accounts receivable in the United States, United Kingdom and Canada. The pervious committed facility was $150 million.