Masonite Reports 2013 Third Quarter and Year-to-Date ResultsNovember 12th, 2013 by DWM Magazine
Masonite International Corp. announced results for the three and nine months ended September 29, 2013. According to the company, it saw net sales increase by $8.1 million, or 1.9 percent, in the third quarter to $433.1 million.
Additionally, net income attributable to Masonite increased $13.5 million to $3.6 million, or $0.12 per diluted share, in the third quarter of 2013 from a loss of $9.9 million, or $0.36 per diluted share, in the third quarter of 2012. Adjusted EBITDA, excluding $2.0 million of one-time costs related to Masonite’s registration and equity listing, increased $3.4 million or 13.6 percent to $28.4 million in the third quarter of 2013 over the third quarter of 2012.
Adjusted EBITDA Flow Through a measure of the change in adjusted EBITDA divided by the change in net sales, exceeded 40 percent in the third quarter of 2013, excluding one-time costs related to Masonite’s registration and equity listing.
On September 9, 2013, the common shares of Masonite also began trading on the New York Stock Exchange under the ticker symbol “DOOR.”
“While sales growth continues to be impacted by our decision to de-emphasize several low-margin businesses and by reduced retail sales, adjusted EBITDA flow through exceeded 40 percent, excluding one-time costs related to our registration and equity listing,” says Fred Lynch, president and CEO. “Pricing actions taken during the first quarter of the year, along with synergies from recent strategic tuck-in acquisitions and continued cost control all contributed to the high adjusted EBITDA flow through rate achieved for the quarter.”
Total company gross profit increased to $59.0 million in the three months ended September 29, 2013, from $55.4 million in the three months ended September 30, 2012. Gross profit margin increased 60 basis points to 13.6 percent of net sales in the third quarter of 2013, from 13 percent of net sales in the third quarter of 2012.