Tampa Bay-based Masonite International Corporation (NYSE: DOOR), a manufacturer and distributor of interior and exterior doors, reported full-year 2021 net sales of approximately $2.6 billion, a 15% increase over 2020.
The company also reported 2021 fourth-quarter sales of $636 million, a 2.8% increase over the same period the year before.
For all of 2021, net income attributable to Masonite was $95 million, up 37% year over year, and Adjusted EBITDA was $413 million, up 13% year over year.
“Our team’s ability to execute allowed us to deliver double-digit growth in both net sales and Adjusted EBITDA in 2021 despite the inflation, supply chain and labor challenges faced throughout the year,” Masonite President and CEO Howard Heckes said. “Although the Omicron spike in the back half of the quarter constrained volumes, end-market demand remained steady. We believe our full year results demonstrate the momentum we have gained with our Doors That Do More™ Strategy. I am very grateful to the Masonite employees around the world that showed tremendous creativity, flexibility and resilience throughout the year to deliver these results.”
The company’s board of directors also approved a new share repurchase program allowing Masonite to repurchase up to an additional $200 million of its outstanding common shares. The authorization, in addition to approximately $156 million currently available under its existing share repurchase authorization approved in August 2021, provides the company with over $350 million available for future share repurchase activity, Masonite said.