Winter Weather Affects Masonite’s First Quarter ResultsMay 8th, 2014 by DWM Magazine
Masonite International Corp. announced results for the three months ended March 30, 2014, and reported that net sales decreased $2 million or .5 percent to $422.5 million in the first quarter of 2014 compared with the first quarter of 2013 as a 4.5 percent drop in unit volumes due to unusually harsh winter conditions.
Net loss attributable to Masonite increased $10.8 million to $16.6 million, or $.56 per diluted share, in the first quarter of 2014 from a loss of $5.8 million, or $.21 per diluted share, in the first quarter of 2013.
Adjusted EBITDA decreased $6.5 million or 24.8 percent to $19.7 million in the first quarter of 2014 from the first quarter of 2013. Excluding the $4.5 million net recovery recognized in the first quarter of 2013 related to the final resolution of the Marshfield 2011 business interruption insurance claim, Adjusted EBITDA decreased $2.0 million, or 9.2 percent.
Total company gross profit increased to $53 million in the three months ended March 30, 2014, from $50.4 million in the three months ended March 31, 2013.
“Unusually harsh winter conditions negatively affected unit volume demand and led to increased costs across the North American business,” said Fred Lynch, president and CEO. “While first quarter results in the absolute were disappointing, we remain optimistic the U.S. housing market will accelerate throughout the balance of the year and believe the 5.7 percent increase in average unit price is a good ‘first step’ towards realizing appropriate value for the high quality products and services we provide.”