Masonite profits jump in Q1
Masonite reported first quarter net sales increased 4% to $551 million from sales of $530 million in the first quarter 2019.
The increase was the result of a 4% increase in average unit price and a 2% increase in base volume, the door manufacturer said.
North American residential net sales rose 9% to $384 million as sales in Europe fell 16% to $71 million. Architectural sales were up 7% to $91 million.
The Tampa, Fla.-based company also posted a net income of $30 million for the first quarter, compared to a net income of $4 million for the same period a year ago. Masonite attributed some of the income surge to the absence of prior year charges related to divestitures.
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The Bottom Line: Profits for the first quarter 2020 jump to $30 million versus a net income of $4 million in the same period a year ago.
What the CEO said: “Our North American Residential pricing strategy was successfully implemented, and our global operations were performing well, resulting in strong first quarter results despite modest headwinds from COVID-19 beginning in March," said Howard Heckes, president and CEO of Masonite. “As this situation evolved into a global pandemic, we took swift and decisive action to protect the health and welfare of our employees while maintaining business continuity to support essential services. We are focused on maintaining financial stability, afforded by the strength of our balance sheet and liquidity. These are truly unprecedented times and we believe these actions will help us navigate near-term uncertainty and position us for further success once our end markets stabilize and recover.”
Company info: The full first quarter 2020 report from Masonite is available here.
The increase was the result of a 4% increase in average unit price and a 2% increase in base volume, the door manufacturer said.
North American residential net sales rose 9% to $384 million as sales in Europe fell 16% to $71 million. Architectural sales were up 7% to $91 million.
The Tampa, Fla.-based company also posted a net income of $30 million for the first quarter, compared to a net income of $4 million for the same period a year ago. Masonite attributed some of the income surge to the absence of prior year charges related to divestitures.
###
The Bottom Line: Profits for the first quarter 2020 jump to $30 million versus a net income of $4 million in the same period a year ago.
What the CEO said: “Our North American Residential pricing strategy was successfully implemented, and our global operations were performing well, resulting in strong first quarter results despite modest headwinds from COVID-19 beginning in March," said Howard Heckes, president and CEO of Masonite. “As this situation evolved into a global pandemic, we took swift and decisive action to protect the health and welfare of our employees while maintaining business continuity to support essential services. We are focused on maintaining financial stability, afforded by the strength of our balance sheet and liquidity. These are truly unprecedented times and we believe these actions will help us navigate near-term uncertainty and position us for further success once our end markets stabilize and recover.”
Company info: The full first quarter 2020 report from Masonite is available here.