Masonite stalls in Q3

Masonite International Corporation has certainly had better quarters than this.

The company announced results for the three-month period ended Sept. 27, which saw flat sales and a widened net loss.

Net sales came in at $475.7 million, largely consistent with $476.1 million in the third quarter of 2014. If it weren't for the the $26.0 million negative impact of foreign exchange, net sales would have increased by 5.4% to $501.7 million.

Meanwhile, net loss came in at $16.3 million, or $0.54 per diluted share. That compares to a loss of $10.0 million in 2014.

“We achieved our sixth consecutive quarter of double digit adjusted EBITDA growth in the third quarter with adjusted EBITDA growth of 42% compared to the same period last year," said Fred Lynch, president and CEO. "Gross profit margin expanded 450 basis points in the quarter, which we believe reflects our continued focus on improving the customer experience and achieving fair value for our products and services."

Gross profit did increase, however, to $87.5 million from $66.2 million, with a gross profit margin increase of 450 basis points to 18.4% of net sales.

"Over the last four months we also took significant steps to optimize our portfolio with the divestiture of the door business in France, and the acquisitions of PDS, National Hickman and, most recently, USA Wood Door," added Lynch. "We believe the combination of these actions will improve our overall customer value proposition and will increase long term shareholder value.”