Officials for Masonite International Corp. say they are pleased with margin expansion and earnings before interest, tax, depreciation and amortization (EBITDA) growth for the third quarter of 2019, despite flat net sales and a drop in net income.

“Higher average unit price, along with continued factory productivity improvements, has helped offset higher operational expenses, including those related to our ongoing footprint rationalization,” said Howard Heckes, the company’s president and CEO.

Total net sales decreased 1% from the 2018 third quarter with North American residential net sales at $374 million, a 2% increase from 2018. Net income decreased from $25 million to $15 million, which the company attributes to debt extinguishment costs; higher selling, general and administrative expenses; and costs related to previously announced restructuring activities.

Diluted earnings per share were $0.59 in the third quarter of 2019 compared to $0.89 in the same quarter of 2018. The total company gross profits increased 13% from $111 million in 3Q 2018 to $126 million for 3Q 2019.

The full-year 2019 outlook remains consistent with an update provided in the second quarter predicting net sales growth in the range of 0%-2% and an adjusted EBITDA of $275 million to $295 million.


Leave a Reply

Your email address will not be published. Required fields are marked *