Profits slump at Masonite
Interior and exterior door manufacturer Masonite reported first quarter 2019 net sales grew 2% to $530 million from net sales of $518 million in the first quarter last year.
Net income attributable to Masonite was $4 million compared to $21 million. The Tampa, Fla.-based company said the decline was due to charges related to restructuring actions and divestiture of non-core businesses.
The company also announced that it has appointed Howard Heckes as its new president and CEO, effective June 3. Heckles will also join the board of directors.
Heckes replaces Fred Lynch who announced his retirement plans earlier last December.
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Bottom Line: Profits slump as restructuring cost mount. But the company has a new CEO.
From the CEO: “We are pleased with our first quarter performance. Adjusted EBITDA margin expanded both year-on-year and sequentially, despite slower end market demand and anticipated inflationary pressures,” said Fred Lynch, President and CEO. “Our teams are executing well on our key strategic initiatives including announced restructuring actions. Our continued focus on operations, coupled with previously implemented pricing, suggests we are well positioned for 2019.”
Company Info: Read Masonite’s full first quarter earnings release here.
Net income attributable to Masonite was $4 million compared to $21 million. The Tampa, Fla.-based company said the decline was due to charges related to restructuring actions and divestiture of non-core businesses.
The company also announced that it has appointed Howard Heckes as its new president and CEO, effective June 3. Heckles will also join the board of directors.
Heckes replaces Fred Lynch who announced his retirement plans earlier last December.
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Bottom Line: Profits slump as restructuring cost mount. But the company has a new CEO.
From the CEO: “We are pleased with our first quarter performance. Adjusted EBITDA margin expanded both year-on-year and sequentially, despite slower end market demand and anticipated inflationary pressures,” said Fred Lynch, President and CEO. “Our teams are executing well on our key strategic initiatives including announced restructuring actions. Our continued focus on operations, coupled with previously implemented pricing, suggests we are well positioned for 2019.”
Company Info: Read Masonite’s full first quarter earnings release here.