Masonite International Corporation posted disappointing results in the first quarter of 2014, with a deeper cumulative loss and a sluggish sales pace that was, like for so many others, attributed to the harsh winter weather.
Net sales decreased 0.5% to $422.5 million for the three months ended March 30, which was partially explained by a 4.5% drop in unit volumes counterbalanced by a 5.7% increase in average unit price.
Meanwhile, net loss increased to $16.6 million from 2013's loss of $5.8 million.
“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% increase in average unit price is a good ‘first step’ towards realizing appropriate value for the high quality products and services we provide.”