Masonite Reports an “Exceptional Year”February 26th, 2021 by Editor
“We are extremely pleased with our performance in the fourth quarter and our strong finish to what has been an exceptional year,” said Masonite president and CEO Howard Heckes when announcing the company’s 2020 fourth quarter and full year financial results. The numbers bear this out as net sales increased 16% to $619 million versus $531 million in the fourth quarter. For the full year, net sales increased 4% to $2.26 billion versus $2.18 billion.
“Strengthening demand in our residential businesses and strong average unit price allowed us to expand adjusted EBITDA margin in the quarter and to continue investing for future growth,” added Heckes.
For the fourth quarter, North American residential net sales were $453 million, a 26% increase compared to the fourth quarter of 2019. Architectural net sales were $77 million, a 10% decrease compared to the fourth quarter of 2019. Total company gross profit increased 28% to $142 million in the fourth quarter of 2020 compared to $111 million in the fourth quarter of 2019.
When looking at the full year, net sales increased 4% to $2,257 million in the year ended January 3, 2021, from $2,177 million in the comparable period of 2019. North American residential net sales were $1,638 million, a 12% increase from 2019. Architectural net sales were $341 million, a 7% decrease from 2019.
Total company gross profit increased 20% to $573 million in the year ended January 3, 2021, compared to $478 million in the comparable period of 2019. The growth doesn’t look like it will stop anytime soon. The company expects full-year 2021 net sales growth in the range of 7 to 10%, partially due to continued recovery in residential end markets and new business wins. “We entered 2021 with significant momentum,” said Heckes. “With favorable end-market conditions and shifting consumer preferences, we believe 2021 will be a pivotal year for Masonite’s growth and our commitment of delivering doors that do more.”