Soft market impacts Masonite sales and profits

Masonite posted second quarter 2023 net sales of $742 million, declining 3% from net sales of $762 million for the second quarter 2022.

For the first six months of the year, sales slipped 1% to %1.468 billion from sales of $1.488 billion in the first half of last year.

The Tampa, Florida-based door manufacturer attributed the lower sales to “continued softness in end-market demand.”

During the second quarter, North American residential net sales decreased 4% to $585 million, sales in Europe fell 11% to $66 million, and architectural net sales fell 16% to $88 million.

Net income attributable to Masonite dropped 18% to $48 million in the second quarter. The company reported a net income of $59 million in the prior second quarter. 

In the first half of 2022, net income attributable to Masonite is down 31% to $87 million from $126 million in the first half of last year.

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The Bottom Line: Soft housing and remodeling markets result in Masonite profits falling 18% to $48 million as sales slump by 3% to $742 million.

What the CEO said: “Ongoing execution of our 2023 Playbook initiatives allowed us to deliver another strong quarter, despite the continued softness in end-market demand,” said Howard Heckes, Masonite president and CEO. “We also made progress on our longer-term strategic initiatives as we began the nationwide retail rollout of our Masonite Performance Door System and further reshaped our North American Residential manufacturing footprint.”

Company Info: Click here to read the full second quarter 2023 financial report from Masonite.