Masonite sales rise 6% for Q3

Masonite International Corp. reported third quarter 2017 net sales increased 6% to $518 million from $490 million in the same period last year.

The Tampa, Fla.-based manufacturer of interior and exterior doors attributed the increase to a 3% increase in volume, due primarily to higher volumes in North American residential and Europe segments, a 2% increase in average unit price, and a 1% benefit from foreign exchange.

Masonite also reported a net income of $30.6 million for the quarter, down from a net income of $33.2 million in the third quarter 2016. Additionally, Masonite reported a net income attributable to Masonite decreased $3 million to $29 million in quarter. The third quarter of 2016 included a $5 million gain related to the sale of Masonite Africa Limited, the company said.

Europe net sales were $75 million, a 7% increase from the third quarter of 2016, which was attributed to a 6% increase in volume. Architectural net sales were $74 million, a 4% decrease from the third quarter of 2016, driven by an 8% decline in sales volume which was partially offset by a 4% increase in average unit price and higher components sales, Masonite reported.

“We are encouraged by the improved volume trend and operational recovery in our business. While the third quarter began with weak margins as we worked through higher cost inventory, they steadily improved each month,” said Fred Lynch, Masonite president and CEO. “With our manufacturing productivity back on track to levels we anticipated, we expect margin growth to resume, particularly in 2018 and beyond.”