Masonite profits shrink in Q4
Masonite reported fourth quarter 2018 net sales increased 4% to $528 million from fourth quarter 2017 net sales of $509 million.
The Tampa, Fla.-based company also reported that net sales for 2018 grew 7% to $2.17 billion from sales of $2.03 billion a year ago
But the door manufacturer’s net income decreased to $12 million for the quarter from $72 million during the same period in 2017. The prior period net income included non-cash tax benefits totaling $51 million.
For the year, Masonite posted a net income of $93 million, down from $152 million in 2017. The prior period net income included non-cash tax benefits of $53 million.
North American residential net sales were $349 million, a 3% decrease over the fourth quarter of 2017, driven by a 8% decrease in base volume, the company said.
Architectural net sales were $83 million, a 19% increase from the fourth quarter of 2017, driven by a 17% increase in sales volume from acquisition.
The Tampa, Fla.-based company also reported that net sales for 2018 grew 7% to $2.17 billion from sales of $2.03 billion a year ago
But the door manufacturer’s net income decreased to $12 million for the quarter from $72 million during the same period in 2017. The prior period net income included non-cash tax benefits totaling $51 million.
For the year, Masonite posted a net income of $93 million, down from $152 million in 2017. The prior period net income included non-cash tax benefits of $53 million.
North American residential net sales were $349 million, a 3% decrease over the fourth quarter of 2017, driven by a 8% decrease in base volume, the company said.
Architectural net sales were $83 million, a 19% increase from the fourth quarter of 2017, driven by a 17% increase in sales volume from acquisition.