Residential sales in North America helped fuel Masonite's first quarter performance.
Door manufacturer Masonite posted first quarter 2022 sales of $726 million, rising more than 12% from sales of $646 million in the first quarter of 2021.
North American Residential net sales were $569 million, a 19% increase compared to the first quarter of 2021, driven by a 17% increase in average unit price and a 3% increase in base volume.
Sales in Europe net sales fell 9% to $80 million driven by a 16% decrease in base volume, a 7% decrease due to a prior year divestiture, and a 3% decrease due to unfavorable foreign exchange, Masonite reported.
Architectural net sales decreased 5% to $71 million, including a 10% decrease in sales volume.
Net income attributable to Masonite was $68 million in the first quarter, increasing 44.6% compared to $47 million in the first quarter of 2021.
The Bottom Line: Sales rise 12% at Masonite while the company’s income soars by nearly 45% to $68 million.
What the CEO said: “While the longer-term macro-environment presents some uncertainty, we have an experienced team in place that is focused on carefully managing business performance and executing on our ‘Doors That Do More’ strategy,” said Howard Heckes, president and CEO of Masonite. “I believe Masonite is well-positioned in the current environment and making significant progress towards achieving our 2025 Centennial Plan financial goals.”
Company info: For Masonite’s full first quarter 2022 financial report, click here.