Masonite posts Q3 sales decline
Among the good news: North American residential sales were up 2%.
Facing soft end markets, Tampa-based Masonite International Corp. reported third quarter net sales of $552 million, down 1% from $557 million in the same quarter last year.
The company said the decline was the result of a 4% decrease in base volume, a 1% decrease due to foreign exchange and a 1% decrease in the sale of components and other products.
North American residential net sales were $374 million, a 2% increase compared to the third quarter of 2018. Architectural net sales were up 5%, while Europe net sales dropped 17%., due largely to the first quarter divestiture of non-core businesses.
The company said it scored its third consecutive quarter of year-over-year adjusted EBITDA growth and margin expansion, despite continued soft end markets.
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The bottom line: Net income of $15 million, down from $25 million in the prior-year quarter.
What the CEO said: Higher average unit price, along with continued factory productivity improvements, has helped offset higher operational expenses, including those related to our ongoing footprint rationalization,”
For more on Masonite: Read the company’s full third-quarter earnings release here.
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