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Masonite posts strong Q2 earnings

Sales soar in Europe for the door manufacturer.

BY HBSDealer Staff

Masonite posted net sales of $567 million in the second quarter of 2018, rising 9% from net sales of $520 million in the second quarter of 2017.

The Tampa, Fla.-based door manufacturer said the increase in net sales was the result of a 5% increase in acquisition volume, a 3% increase in average unit price, and a 2% benefit from foreign exchange.

North American Residential net sales were $378 million, a 3% increase over the second quarter of 2017, while sales in Europe rose 36% to $101 million.

Architectural net sales increased 11% to $82 million. The 2018 acquisition of Graham & Maiman and the 2017 acquisition of A&F Wood Products combined to contribute 12% of incremental net sales, Masonite reported.

The manufacturer also reported a net income attributable to Masonite of $35 million in the second quarter, rising 30% from a net income of $27 million for the same period last year.

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Leviton names new sales director

David Johnson will lead energy management, controls and automation team.

BY HBSDealer Staff

Melville, N.Y.-based Leviton promoted David Johnson to director of sales for Leviton’s Energy Management, Controls and Automation (EMC&A) business unit sales team. In his new role, Johnson will oversee Leviton’s independent lighting sales agencies, a national network of regional sales managers, and will direct the company’s demand creation team of technical sales specialists in key markets around the country.

A veteran of the lighting industry for 17 years, Johnson has had a diverse career with strong experience. He began his career at Juno Lighting before moving into a specification sales position with Lightolier in 2003. After six years as a business development manager with Schneider Electric, David joined Leviton in 2012 as the EMC&A central region manager, where he has continuously produced above forecast results for Leviton’s EMC&A and Lighting business divisions, the company says.

“We are thrilled to share the news of David’s promotion, and we are eager to see his continued growth at Leviton in his new position,” said Jeff Beyert, VP of sales for Leviton’s EMC&A business unit. “David’s proven results since joining Leviton combined with his nearly two decades of experience in the industry make him a strong leader among our sales teams, and we congratulate him on this achievement.”

A native and current resident of the Chicagoland area, Johnson holds a bachelor of arts in political science from the University of Wisconsin. He is the father to an 11-year-old daughter and 8-year-old son.

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FBM Q2 sales rise 14%

The California-based wallboard distributor will continue to expand in 2018.

BY HBSDealer Staff

Foundation Building Materials (FBM) reported consolidated net sales of $605 million for its second quarter, marking a 14.3% increase from consolidated net sales of $529.2 million for second quarter 2017.

Base business net sales increased 9.5%, to $546.2 million for the quarter. Net sales from acquired branches and existing branches that were strategically combined contributed $28.2 million to the increase in consolidated net sales, FBM said.

FBM posted a net income of $5.4 million for the second quarter compared to a net income of $1.3 million during the second quarter of last year.

Specialty building products net sales increased 13.5 % for the quarter to $522.2 million compared to $460.1 million. Net sales from base business contributed $34.4 million of the net increase, driven by strong commercial activity, price increases, and product expansion into new geographic markets. Net sales from acquired branches and existing branches that were strategically combined with acquired branches contributed $27.7 million of the increase, FBM said.

Mechanical insulation sales were $82.8 million for the quarter, up nearly 20%. Net sales from base business contributed $13.1 million of the increase, which was primarily due to higher net sales from FMB’s industrial end markets.

Consolidated net sales for the first six months of 2018 were $1.14 billion, up more than 13% from sales of $1 billion in the first half of 2017. FBM’s net income for the first half of 2018 fell 17% to $4.3 million from a profit of $5.2 million in the same period of 2017.

On Aug. 1 FBM completed the acquisition of Ciesco, Inc. adding 6 additional SBP branches to the company’s Northeastern and Mid-Atlantic markets. For the remainder of 2018, Ciesco is expected to contribute $24 million to $27 million to net sales.

Through Aug. 9, FBM Company has completed 3 acquisitions totaling 13 branches with combined annualized net sales in excess of $100 million.

As of June 30, 2018, the Company has opened 5 greenfield branches and expects to open up to 2 more branches by the end of 2018, for a total of 6 to 7 new branches.

“As we enter the second half of 2018, our business remains strong, and we see solid activity in each of our end markets,” said Reuben Mendoza, CEO of FBM.

Based in Tustin, Calif., FBM distributes wallboard, suspended ceiling systems, and mechanical insulation through more than 220 branches across the U.S. and Canada.

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