Tampa Bay-based Masonite International Corporation (NYSE: DOOR), a manufacturer and distributor of interior and exterior doors, reported 2021 third-quarter net sales of $652 million, an 11% increase over the same period a year ago.
The increase in net sales was the result of an 8% increase in average unit price, a 2% increase in base volume and a 2% increase due to favorable foreign exchange, partially offset by a 1% decrease from the impact of a divestiture, Masonite said.
North American residential net sales were $489 million, a 16% increase compared to the third quarter of 2020.
The company’s 3Q net income also rose from a $22 million loss in 2020 to $38 million in gains for the third quarter this year.
Masonite repurchased 369,148 shares of stock in the third quarter for approximately $41 million.
“We delivered another quarter of year-on-year Net Sales growth as a result of favorable pricing actions across all three of our reporting segments and base volume growth in our residential businesses,” Masonite CEO Howard Heckes said. “Inflationary pressures continued to weigh on our results as expected, as did labor availability and absenteeism in the quarter. I am extremely pleased with the organization’s ability to navigate these challenges while making continued progress on our long-term growth initiatives.”