Masonite 2Q Sales & Margins Slip Amid Softer Demand - Modern Distribution Management

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Masonite 2Q Sales & Margins Slip Amid Softer Demand

Net sales for the quarter were down 3% from 2022, while net income attributable to Masonite dropped 18%.
On June 29, Masonite International Corporation — a Tampa, Florida-based manufacturer and distributor of internal and external doors — announced the opening of a new facility in Stoke-on-Trent, England.

On Aug. 8, Tampa-based interior and exterior door manufacturer Masonite International reported its 2023 second-quarter earnings report, which included net sales of $742 million, down 3% from the same quarter last year.

The company said the decline resulted from a 15% decrease in volume and a combined 2% decrease from unfavorable foreign exchange and lower component sales, partially offset by an 8% increase from the company’s acquisition of Colfax, North Carolina-based Endura Products at the start of January 2023.

North American residential net sales during 2Q 2023 were $585 million, a 4% decrease. Europe net sales were $66 million, an 11% decrease. Total company gross profit was $178 million, down 1%.

Net income attributable to Masonite was $48 million, a decrease of 18% primarily driven by higher depreciation, amortization, interest expense and costs associated with previously announced restructuring plans offset by lower income tax expense, the company said.

Adjusted EBITDA was $118 million in 2Q 2023, equal to the previous quarter. Gross profit margin increased 40 basis points to 24.0%.

“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, 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. Additionally, I’m especially pleased with the significant cash flow we have generated year to date thanks to early success on our multi-year program to reduce working capital levels across the Company. We remain confident that our 2023 Playbook and Doors That Do More strategy are positioning Masonite well both operationally and financially as demand strengthens.”

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