Sales slip for Masonite in Q1

Masonite International Corporation reported a net sales decrease in the first quarter, which didn't quite live up to the prior-year quarter's results.

Net sales for the three months ended April 2 were $487 million, down 0.4% from the previous year's $489 million.

The decrease in sales was primarily from a 3% decline in volume and a 2% headwind from foreign exchange.

Net income increased, however, from $18 million to $24 million.

“Sales volume was down slightly in the first quarter compared to a very strong comparative quarter in 2016. Disappointingly, our manufacturing performance in our North American Residential segment was poor in the quarter offsetting the impact of solid average unit price increases in all segments,” said Fred Lynch, President and CEO.

“While 2017 began slowly compared to last year, both sales and operating performance improved sequentially each month in the quarter," he added. "We remain optimistic about the market conditions through the remainder of the year and are pleased with our progress on key strategic initiatives aimed at delivering our long term growth framework.”