Masonite Losses Continue in Second QuarterAugust 14th, 2013 by DWM Magazine
Door manufacturer Masonite reported a net loss of $1.2 million in the three months ended June 30, 2013, compared to a $3.9 million loss a year earlier. Net sales increased $20.3 million or 4.7 percent to $453.1 million in the second quarter of 2013 over the second quarter of 2012.
“Second quarter results reflect a strengthening U.S. housing market and on-going benefits from our strategic tuck-in acquisition program,” says Fred Lynch, president and CEO of Masonite. “Pricing actions taken in the first quarter led to improvements in the average unit price achieved in North America. Also, our decision to proactively discontinue certain unprofitable product lines and exit select markets in Europe also contributed meaningfully to second quarter results.”
Net sales in the North America segment increased 9.4 percent to $346.7 million in the three months ended June 30, 2013, from $317.0 million in the three months ended June 30, 2012. Additionally, net sales in the Europe, Asia and Latin America segment decreased 6.5 percent to $87.6 million in the same three months and net sales in the Africa segment decreased 14.9 percent to $18.8 million.