Masonite posts strong Q2 earnings
Sales soar in Europe for the door manufacturer.
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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