Masonite Q4 sales, earnings rise
Masonite International Corporation, the exterior and interior door manufacturer, reported fourth quarter 2017 net sales increased 6% to $509 million from $481 million in the comparable period of 2016.
North American Residential net sales were $359 million, a 7% increase over the fourth quarter of 2016, driven by a 4% increase in volume.
The company also reported a net income of $72 million for the fourth quarter compared to a net income of $15.4 million in the fourth quarter 2016. The Tampa, Fla.-based manufacturer said its fourth quarter net income included $51 million in tax benefits.
For the full year, Masonite reported net sales increased 3% to $2.03 billion from $1.97 billion in 2016. Masonite also reported a net income of $157 million, up 51% from a net income of $104 million in the full year 2016.
"We are encouraged by the steps taken in 2017 that improved our momentum in the second half of the year which we believe will continue to benefit our 2018 performance," said Fred Lynch, Masonite president and CEO.
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Strong Q4 performance for Trex
Trex Company, the manufacturer of wood-alternative decking and railing, reported fourth quarter 2017 consolidated sales of $122 million, up 28% from consolidated sales of $95 million in the fourth quarter 2016.
Residential Products’ sales were up 15% to $109.6 million, with Trex Commercial Products sales contributing an additional $12.7 million, the Winchester, Va.-based company said.
Net income for the fourth quarter of 2017 was $18 million, up 45% from the net income of $13 million from last year’s fourth quarter.
“Our fourth quarter results represented a strong finish to another record year for Trex. Positive consumer confidence trends, strong demand for Trex Residential Products, and continued support from our channel partners, drove organic revenue growth of 15%,” said James Cline, Trex president and CEO
For full year 2017, consolidated sales were $565 million, an 18% increase from sales of $480 million in 2016. Residential Products sales grew 13% to $543 million, and Trex Commercial Products adding $22 million.
The company’s net income for 2017 increased 40% to $95.1 million from a net income of $67.8 million in 2016.
In July 2017, Trex acquired SC Company – a commercial railing manufacturer. The move was funded entirely through internally-generated cash and was rebranded as Trex’s wholly-owned subsidiary, Trex Commercial Products.
“Looking ahead, indications point to continued positive trends for the repair and remodeling markets, which together with favorable consumer confidence data, have been closely correlated with demand for Trex decking products,” Cline said.