Fourth quarter 2020 sales at Masonite increased 16% to $619 million from sales of $531 million in the fourth quarter 2019.
North American residential sales were $453 million, a 26% increase compared to the previous fourth quarter while sales in Europe grew 4% to $83 million. Architectural net sales fell 10% to $77 million during the period.
The Tampa, Fla.-based interior and exterior door manufacturer posted a net income of $28.5 million in the fourth quarter, a massive upsurge from a net income of $2.9 million in the prior fourth quarter.
For the full year, Masonite reported a 2020 net income of $73.7 million marking more than a 50% increase from a net income of $49 million in 2019.
The Bottom Line: Masonite profits see a big increase, hitting $28.5 million for the quarter, as sales jump 16% to $619 million.
What the CEO said: "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,” said Masonite President and CEO Howard Heckes. We believe our focus on employee safety, servicing customers and operational performance helped us achieve these results and will enable even stronger performance in 2021.”
Company info: Click here to read the full fourth quarter 2020 financial report from Masonite.