Masonite Q1 sales up 6%
Masonite, the Tampa, Fla.-based door and entry systems manufacturer, reported first quarter 2018 net sales increased 6% to $518 million from first quarter 2017 net sales of $487 million.
The company also reported a net income of $21 million for the quarter, down 12.5% from a net income of $24 million during the same period a year ago. The first quarter of 2017 included a $5 million tax benefit.
“We are pleased with the higher margins we delivered in the first quarter versus the first quarter last year as we offset higher raw material inflation through a combination of price and productivity actions,” said Fred Lynch, Masonite president and CEO.
“While harsh winter conditions in both North America and the U.K. created a slow start to the year, we experienced positive momentum through the quarter and into April,” he added.
North American residential net sales rose 6% to $360 million while Europe net sales soared 24% to $87 million. Architectural net sales were $67 million, up 7% decrease from the first quarter of 2017.
The company also reported a net income of $21 million for the quarter, down 12.5% from a net income of $24 million during the same period a year ago. The first quarter of 2017 included a $5 million tax benefit.
“We are pleased with the higher margins we delivered in the first quarter versus the first quarter last year as we offset higher raw material inflation through a combination of price and productivity actions,” said Fred Lynch, Masonite president and CEO.
“While harsh winter conditions in both North America and the U.K. created a slow start to the year, we experienced positive momentum through the quarter and into April,” he added.
North American residential net sales rose 6% to $360 million while Europe net sales soared 24% to $87 million. Architectural net sales were $67 million, up 7% decrease from the first quarter of 2017.