Press Release Details

Press Release Details

Masonite International Corporation Reports Solid Start to 2023

May 8, 2023
  • Net sales remained flat year over year as strong AUP and contribution from Endura acquisition offset softer end-market demand
  • Delivered positive operating cash flow of $56 million in part from working capital initiatives
  • On schedule to deliver full year benefits from cost actions and restructuring
  • Repaid $100 million of debt and deployed $15 million to repurchase shares in Q1

Masonite International Corporation ("Masonite" or the "Company") (NYSE: DOOR) today announced results for the three months ended April 2, 2023.

($ in millions, except per share amounts)

1Q23

 

1Q22

 

% Change

Net sales

$726

 

$726

 

—%

Net income attributable to Masonite

$38

 

$68

 

(43%)

% of net sales

5.3%

 

9.3%

 

(400 bps)

Diluted earnings per share

$1.71

 

$2.89

 

(41%)

Adjusted EPS*

$1.88

 

$2.89

 

(35%)

Adjusted EBITDA*

$106

 

$125

 

(15%)

% of net sales

14.6%

 

17.2%

 

(260 bps)

“The early benefits from implementation of our 2023 Playbook initiatives allowed us to deliver financial results in Q1 that were ahead of expectations although down year over year given the exceptionally strong first quarter we had in 2022,” said Howard Heckes, President and CEO. “While end-market demand remains soft, trends are generally in line with our full-year planning assumptions. The continued execution of our cost actions, combined with strategic growth investments position us for accelerated margin growth as volumes return. Based on our proactive approach and successful execution by our teams, we remain confident in our ability to deliver on our full year 2023 outlook.”

* See "Non-GAAP Financial Measures and Related Information" for definition and reconciliation of non-GAAP measures.

First Quarter 2023 Discussion

(All references to percent increase or decrease in the discussion below compare current first quarter 2023 results to those realized in the first quarter of 2022 unless otherwise noted.)

Consolidated net sales were $726 million in the first quarter of 2023, or flat year over year, resulting from a 10% increase in average unit price (AUP) and an 8% increase from the Endura acquisition, partially offset by a 16% decrease in volume and a combined 2% decrease from unfavorable foreign exchange and lower component sales.

  • North American Residential net sales were $569 million, or flat year over year, driven by an 11% increase from the Endura acquisition and an 8% increase in AUP, partially offset by a 17% decrease in volume and a combined 2% decrease from unfavorable foreign exchange and lower component sales.
  • Europe net sales were $64 million, a 21% decrease driven by a 15% decrease in volume, an 8% decrease due to unfavorable foreign exchange and a 2% impact from lower component sales, partially offset by a 4% increase in AUP.
  • Architectural net sales were $88 million, a 24% increase driven by a 28% increase in AUP, partially offset by a 2% decrease in volume and a combined 2% decrease from unfavorable foreign exchange and lower component sales.

Total Company gross profit was $170 million in the first quarter of 2023, a decrease of 7%. Gross profit margin decreased 190 basis points to 23.5%, as higher AUP was more than offset by the impacts of inflation, lower volumes, the dilutive effect of the Endura acquisition and targeted investments in strategic initiatives.

Selling, general and administration (SG&A) expenses were $102 million in the first quarter of 2023, an increase of 22% primarily due to incremental SG&A from Endura and higher professional fees to support strategic initiatives as well as the absence of a previous year gain on sale of PP&E. SG&A as a percentage of net sales was 14.0%, a 250 basis point increase compared to the first quarter of 2022.

Net income attributable to Masonite was $38 million in the first quarter of 2023, a decrease of 43% primarily driven by lower gross profit as discussed above, as well as the actions taken as part of our previously announced restructuring plans which were incurred in the first quarter of 2023.

Adjusted EBITDA* of $106 million in the first quarter of 2023 decreased 15% from $125 million in the first quarter of 2022. Diluted earnings per share were $1.71 in the first quarter of 2023, a decrease of 41% compared to $2.89 in the comparable 2022 period. Diluted adjusted earnings per share* were $1.88 in the first quarter of 2023 compared to $2.89 in the comparable 2022 period.

Balance Sheet, Cash Flow and Capital Allocation

At the end of the first quarter, total available liquidity was $542 million, inclusive of $331 million of availability under our ABL Facility and our AR Sales Program and $211 million in unrestricted cash.

Cash provided by operations was $56 million for the three months ended April 2, 2023, as compared to cash used in operations of $38 million in the prior year period. Capital expenditures were $28 million for the three months ended April 2, 2023, an increase from $19 million in the comparable period of 2022.

During the first quarter, Masonite repurchased approximately 168,523 shares of stock for $15 million, at an average price of $87.33.

Masonite Earnings Conference Call

The Company will hold a live conference call and webcast on May 9, 2023. The live audio webcast will begin at 9:00 a.m. Eastern Time and can be accessed, together with the presentation, on the Masonite website www.masonite.com.

Telephone access to the live call will be available at 877-407-8289 (in the U.S.) or by dialing 201-689-8341 (outside the U.S.).

A telephone replay will be available approximately one hour following completion of the call through May 23, 2023. To access the replay, please dial 877-660-6853 (in the U.S.) or 201-612-7415 (outside U.S.). Enter Conference ID #13737354.

About Masonite

Masonite International Corporation is a leading global designer, manufacturer, marketer and distributor of interior and exterior doors, door system components and door systems for the new construction and repair, renovation and remodeling sectors of the residential and non-residential building construction markets. Since 1925, Masonite has provided its customers with innovative products and superior service at compelling values. Masonite currently serves approximately 7,000 customers globally. Additional information about Masonite can be found at www.masonite.com.

Forward-looking Statements

This press release contains forward-looking information and other forward-looking statements within the meaning of applicable Canadian and/or U.S. securities laws, including our discussion of our 2023 outlook, the housing and other markets and future demand, the effects of our strategic and restructuring initiatives, new products, labor availability and supply chain and logistics constraints, the impact from foreign exchange on net sales, and the consummation of and expected benefits related to, pending and completed transactions, statements relating to our business and growth strategy and product development efforts. When used in this press release, such forward-looking statements may be identified by the use of such words as “may,” “might,” “could,” “will,” “would,” “should,” “expect,” “believes,” “outlook,” “predict,” “forecast,” “objective,” “remain,” “anticipate,” “estimate,” “potential,” “continue,” “plan,” “project,” “targeting,” or the negative of these terms or other similar terminology.

Forward-looking statements involve significant known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Masonite, or industry results, to be materially different from any future plans, goals, targets, objectives, results, performance or achievements expressed or implied by such forward-looking statements. As a result, such forward-looking statements should not be read as guarantees of future performance or results, should not be unduly relied upon, and will not necessarily be accurate indications of whether or not such results will be achieved. Factors that could cause actual results to differ materially from the results discussed in the forward-looking statements include, but are not limited to, downward trends in our end markets and in economic conditions; reduced levels of residential new construction; residential repair, renovation and remodeling; and non-residential building construction activity due to increases in mortgage rates, changes in mortgage interest deductions and related tax changes and reduced availability of financing; competition; the continued success of, and our ability to maintain relationships with, certain key customers in light of customer concentration and consolidation; our ability to accurately anticipate demand for our products; impacts on our business from weather and climate change; our ability to successfully consummate and integrate acquisitions; changes in prices of raw materials and fuel; tariffs and evolving trade policy and friction between the United States and other countries, including China, and the impact of anti-dumping and countervailing duties; increases in labor costs, the availability of labor, or labor relations (i.e., disruptions, strikes or work stoppages); our ability to manage our operations including potential disruptions, manufacturing realignments (including related restructuring charges) and customer credit risk; product liability claims and product recalls; our ability to generate sufficient cash flows to fund our capital expenditure requirements and to meet our debt service obligations, including our obligations under our senior notes, our term loan credit agreement (the "Term Loan Facility") and our asset-based revolving credit facility (the "ABL Facility"); limitations on operating our business as a result of covenant restrictions under our existing and future indebtedness, including our senior notes, the Term Loan Facility and the ABL Facility; fluctuating foreign exchange and interest rates; the continuous operation of our information technology and enterprise resource planning systems and management of potential cyber security threats and attacks and data privacy requirements; political, economic and other risks that arise from operating a multinational business; retention of key management personnel; environmental and other government regulations, including the United States Foreign Corrupt Practices Act ("FCPA"), and any changes in such regulations; the scale and scope of public health issues and their impact on our operations, customer demand and supply chain; and our ability to replace our expiring patents and to innovate and keep pace with technological developments. For additional information on identifying factors that may cause actual results to vary materially from those stated in the forward-looking statements, see Masonite’s reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time . Masonite undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Non-GAAP Financial Measures and Related Information

Our management reviews net sales and Adjusted EBITDA (as defined below) to evaluate segment performance and allocate resources. Net assets are not allocated to the reportable segments. Adjusted EBITDA is a non-GAAP financial measure which does not have a standardized meaning under GAAP and is unlikely to be comparable to similar measures used by other companies. Adjusted EBITDA should not be considered as an alternative to either net income or operating cash flows determined in accordance with GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not include certain cash requirements such as interest payments, tax payments and debt service requirements. Adjusted EBITDA is defined as net income attributable to Masonite adjusted to exclude the following items: depreciation; amortization; share based compensation expense; loss (gain) on disposal of property, plant and equipment; registration and listing fees; restructuring costs; asset impairment; loss (gain) on disposal of subsidiaries; interest expense (income), net; loss on extinguishment of debt; other expense (income), net; income tax expense (benefit); other items; loss (income) from discontinued operations, net of tax; and net income (loss) attributable to non-controlling interest. This definition of Adjusted EBITDA differs from the definitions of EBITDA contained in the indentures governing the 2028 and 2030 Notes and the credit agreements governing the ABL Facility and Term Loan Facility. Adjusted EBITDA, as calculated under our ABL Facility or senior notes would also include, among other things, additional add-backs for amounts related to: cost savings projected by us in good faith to be realized as a result of actions taken or expected to be taken prior to or during the relevant period; fees and expenses in connection with certain plant closures and layoffs; and the amount of any restructuring charges, integration costs or other business optimization expenses or reserve deducted in the relevant period in computing consolidated net income, including any one-time costs incurred in connection with acquisitions. Adjusted EBITDA is used to evaluate and compare the performance of the segments and it is one of the primary measures used to determine employee incentive compensation. Intersegment sales are recorded using market prices. We believe that Adjusted EBITDA, from an operations standpoint, provides an appropriate way to measure and assess segment performance. Our management team has established the practice of reviewing the performance of each segment based on the measures of net sales and Adjusted EBITDA. We believe that Adjusted EBITDA is useful to users of the consolidated financial statements because it provides the same information that we use internally to evaluate and compare the performance of the segments and it is one of the primary measures used to determine employee incentive compensation.

The tables below set forth a reconciliation of net income (loss) attributable to Masonite to Adjusted EBITDA for the periods indicated.

Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Net Sales. Management believes this measure provides supplemental information on how successfully we operate our business.

Adjusted EPS is diluted earnings per common share attributable to Masonite (EPS) less restructuring costs, asset impairment charges, loss (gain) on disposal of subsidiaries, loss on extinguishment of debt and other items, if any, that do not relate to Masonite’s underlying business performance (each net of related tax expense (benefit)). Management uses this measure to evaluate the overall performance of the Company and believes this measure provides investors with helpful supplemental information regarding the underlying performance of the Company from period to period. This measure may be inconsistent with similar measures presented by other companies.

Certain amounts in the Condensed Consolidated Financial Statements and associated tables may not foot due to rounding. All percentages have been calculated using unrounded amounts.

MASONITE INTERNATIONAL CORPORATION

SALES RECONCILIATION AND ADJUSTED EBITDA BY REPORTABLE SEGMENT

(In millions of U.S. dollars)

(Unaudited)

 

 

North American Residential

 

Europe

 

Architectural

 

Corporate and Other

 

Total

 

% Change

First quarter 2022 net sales

$

568.6

 

 

$

80.5

 

 

$

71.0

 

 

$

6.2

 

 

$

726.2

 

 

 

Acquisitions, net of divestitures

 

59.8

 

 

 

 

 

 

 

 

 

 

 

 

59.8

 

 

8.2

%

Volume

 

(99.4

)

 

 

(12.4

)

 

 

(1.2

)

 

 

 

 

 

(113.0

)

 

(15.6

%)

Average unit price

 

46.7

 

 

 

3.0

 

 

 

19.7

 

 

 

1.6

 

 

 

71.1

 

 

9.8

%

Components

 

(2.5

)

 

 

(1.2

)

 

 

(0.8

)

 

 

(2.5

)

 

 

(6.9

)

 

(1.0

%)

Foreign exchange

 

(4.2

)

 

 

(6.2

)

 

 

(0.8

)

 

 

 

 

 

(11.2

)

 

(1.5

%)

First quarter 2023 net sales

$

569.0

 

 

$

63.7

 

 

$

87.9

 

 

$

5.3

 

 

$

726.0

 

 

 

Year over year change, net sales

 

0.1

%

 

 

(20.9

%)

 

 

23.8

%

 

 

(14.5

%)

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First quarter 2022 Adjusted EBITDA

$

127.7

 

 

$

11.8

 

 

$

(2.9

)

 

$

(11.9

)

 

$

124.8

 

 

 

First quarter 2023 Adjusted EBITDA

 

107.9

 

 

 

5.2

 

 

 

5.4

 

 

 

(12.2

)

 

 

106.2

 

 

 

Year over year change, Adjusted EBITDA

 

(15.5

%)

 

 

(56.5

%)

 

nm

 

nm

 

 

(14.9

%)

 

 

 

MASONITE INTERNATIONAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except share and per share amounts)

(Unaudited)

 

Three Months Ended

 

April 2, 2023

 

April 3, 2022

Net sales

$

725,984

 

 

$

726,217

 

Cost of goods sold

 

555,493

 

 

 

541,968

 

Gross profit

 

170,491

 

 

 

184,249

 

Gross profit as a % of net sales

 

23.5

%

 

 

25.4

%

 

 

 

 

Selling, general and administration expenses

 

101,705

 

 

 

83,246

 

Selling, general and administration expenses as a % of net sales

 

14.0

%

 

 

11.5

%

 

 

 

 

Restructuring costs (benefit)

 

3,678

 

 

 

(19

)

Operating income

 

65,108

 

 

 

101,022

 

Interest expense, net

 

14,252

 

 

 

10,239

 

Other expense (income), net

 

52

 

 

 

(1,415

)

Income before income tax expense

 

50,804

 

 

 

92,198

 

Income tax expense

 

11,360

 

 

 

23,477

 

Net income

 

39,444

 

 

 

68,721

 

Less: net income attributable to non-controlling interests

 

953

 

 

 

1,139

 

Net income attributable to Masonite

$

38,491

 

 

$

67,582

 

 

 

 

 

Basic earnings per common share attributable to Masonite

$

1.74

 

 

$

2.93

 

Diluted earnings per common share attributable to Masonite

$

1.71

 

 

$

2.89

 

 

 

 

 

Shares used in computing basic earnings per share

 

22,183,068

 

 

 

23,081,474

 

Shares used in computing diluted earnings per share

 

22,480,233

 

 

 

23,378,354

 

MASONITE INTERNATIONAL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars, except share amounts)

(Unaudited)

ASSETS

April 2, 2023

 

January 1, 2023

Current assets:

 

 

 

Cash and cash equivalents

$

210,725

 

 

$

296,922

 

Restricted cash

 

11,587

 

 

 

11,999

 

Accounts receivable, net

 

391,559

 

 

 

375,918

 

Inventories, net

 

418,581

 

 

 

406,828

 

Prepaid expenses and other assets

 

52,280

 

 

 

55,051

 

Income taxes receivable

 

18,433

 

 

 

16,922

 

Total current assets

 

1,103,165

 

 

 

1,163,640

 

Property, plant and equipment, net

 

714,259

 

 

 

652,329

 

Operating lease right-of-use assets

 

165,869

 

 

 

160,695

 

Investment in equity investees

 

19,924

 

 

 

16,111

 

Goodwill

 

257,977

 

 

 

69,868

 

Intangible assets, net

 

266,658

 

 

 

136,056

 

Deferred income taxes

 

19,156

 

 

 

16,133

 

Other assets

 

34,049

 

 

 

33,346

 

Total assets

$

2,581,057

 

$

2,248,178

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

123,768

 

 

$

111,526

 

Accrued expenses

 

193,642

 

 

 

223,046

 

Income taxes payable

 

8,329

 

 

 

14,361

 

Total current liabilities

 

325,739

 

 

 

348,933

 

Long-term debt

 

1,113,880

 

 

 

866,116

 

Long-term operating lease liabilities

 

155,993

 

 

 

151,242

 

Deferred income taxes

 

128,292

 

 

 

79,590

 

Other liabilities

 

76,429

 

 

 

59,515

 

Total liabilities

 

1,800,333

 

 

 

1,505,396

 

Commitments and Contingencies

 

 

 

Equity:

 

 

 

Share capital: unlimited shares authorized, no par value, 22,138,282 and
22,155,035 shares issued and outstanding as of April 2, 2023, and January 1, 2023, respectively

 

529,156

 

 

 

520,003

 

Additional paid-in capital

 

218,010

 

 

 

226,514

 

Retained earnings

 

155,625

 

 

 

127,826

 

Accumulated other comprehensive loss

 

(133,121

)

 

 

(142,224

)

Total equity attributable to Masonite

 

769,670

 

 

 

732,119

 

Equity attributable to non-controlling interests

 

11,054

 

 

 

10,663

 

Total equity

 

780,724

 

 

 

742,782

 

Total liabilities and equity

$

2,581,057

 

 

$

2,248,178

 

MASONITE INTERNATIONAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars, except share amounts)

(Unaudited)

 

Three Months Ended

Cash flows from operating activities:

April 2, 2023

 

April 3, 2022

Net income

$

39,444

 

 

$

68,721

 

Adjustments to reconcile net income to net cash flow provided by (used in) operating activities:

 

 

 

Depreciation

 

21,485

 

 

 

17,272

 

Amortization

 

7,421

 

 

 

4,612

 

Share based compensation expense

 

6,054

 

 

 

4,719

 

Deferred income taxes

 

885

 

 

 

7,027

 

Unrealized foreign exchange (gain) loss

 

(97

)

 

 

594

 

Share of income from equity investees, net of tax

 

(748

)

 

 

(1,687

)

Pension and post-retirement funding, net of expense

 

(509

)

 

 

(114

)

Non-cash accruals and interest

 

1,445

 

 

 

(304

)

Loss (gain) on sale of property, plant and equipment

 

1,038

 

 

 

(2,854

)

Changes in assets and liabilities, net of acquisitions:

 

 

 

Accounts receivable

 

(5,457

)

 

 

(64,948

)

Inventories

 

34,024

 

 

 

(58,106

)

Prepaid expenses and other assets

 

(7,730

)

 

 

(387

)

Accounts payable and accrued expenses

 

(33,223

)

 

 

(11,294

)

Other assets and liabilities

 

(7,685

)

 

 

(1,100

)

Net cash flow provided by (used in) operating activities

 

56,347

 

 

 

(37,849

)

Cash flows from investing activities:

 

 

 

Additions to property, plant and equipment

 

(27,827

)

 

 

(19,095

)

Acquisition of businesses, net of cash acquired

 

(353,618

)

 

 

 

Proceeds from sale of property, plant and equipment

 

4

 

 

 

6,393

 

Proceeds from repayment of note receivable

 

12,000

 

 

 

 

Other investing activities

 

(3,511

)

 

 

(588

)

Net cash flow used in investing activities

 

(372,952

)

 

 

(13,290

)

Cash flows from financing activities:

 

 

 

Proceeds from issuance of long-term debt

 

250,000

 

 

 

 

Payment of debt issuance costs

 

(3,628

)

 

 

 

Proceeds from borrowings on revolving credit facilities

 

100,000

 

 

 

 

Repayments of borrowings on revolving credit facilities

 

(100,000

)

 

 

 

Tax withholding on share based awards

 

(1,960

)

 

 

(2,963

)

Distributions to non-controlling interests

 

(554

)

 

 

(1,385

)

Repurchases of common shares

 

(14,717

)

 

 

(140,000

)

Net cash flow provided by (used in) financing activities

 

229,141

 

 

 

(144,348

)

Net foreign currency translation adjustment on cash

 

855

 

 

 

(1,394

)

Decrease in cash, cash equivalents and restricted cash

 

(86,609

)

 

 

(196,881

)

Cash, cash equivalents and restricted cash, beginning of period

 

308,921

 

 

 

391,505

 

Cash, cash equivalents and restricted cash, at end of period

$

222,312

 

 

$

194,624

 

MASONITE INTERNATIONAL CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

TO GAAP FINANCIAL MEASURES

(In thousands of U.S. dollars, except share and per share amounts)

(Unaudited)

 

Three Months Ended

(In thousands)

April 2, 2023

 

April 3, 2022

Net income attributable to Masonite

$

38,491

 

 

$

67,582

 

 

 

 

 

Add: Adjustments to net income attributable to Masonite:

 

 

 

Restructuring costs (benefit)

 

3,678

 

 

 

(19

)

Other items (1)

 

1,381

 

 

 

 

Income tax impact of adjustments

 

(1,316

)

 

 

5

 

Adjusted net income attributable to Masonite

$

42,234

 

 

$

67,568

 

 

 

 

 

Diluted earnings per common share attributable to Masonite ("EPS")

$

1.71

 

 

$

2.89

 

Diluted adjusted earnings per common share attributable to Masonite ("Adjusted EPS")

$

1.88

 

 

$

2.89

 

 

 

 

 

Shares used in computing EPS and Adjusted EPS

 

22,480,233

 

 

 

23,378,354

 

____________

(1)

Other items include $1,381 in acquisition and due diligence related costs in the three months ended April 2, 2023, and were recorded in selling, general and administration expenses within the condensed consolidated statements of comprehensive income.

The weighted average number of shares outstanding utilized for the diluted EPS and diluted Adjusted EPS calculation contemplates the exercise of all currently outstanding SARs and the conversion of all RSUs. The dilutive effect of such equity awards is calculated based on the weighted average share price for each fiscal period using the treasury stock method. For all periods presented, common shares issuable for stock instruments which would have had an anti-dilutive impact under the treasury stock method have been excluded from the computation of diluted earnings per share.

 

Three Months Ended April 2, 2023

(In thousands)

North American Residential

 

Europe

 

Architectural

 

Corporate & Other

 

Total

Net income (loss) attributable to Masonite

$

86,755

 

 

$

203

 

 

$

1,465

 

 

$

(49,932

)

 

$

38,491

 

Plus:

 

 

 

 

 

 

 

 

 

Depreciation

 

13,232

 

 

 

2,204

 

 

 

2,957

 

 

 

3,092

 

 

 

21,485

 

Amortization

 

3,790

 

 

 

2,808

 

 

 

252

 

 

 

571

 

 

 

7,421

 

Share based compensation expense

 

 

 

 

 

 

 

 

 

 

6,054

 

 

 

6,054

 

Loss (gain) on disposal of property, plant and equipment

 

1,040

 

 

 

(3

)

 

 

(13

)

 

 

14

 

 

 

1,038

 

Restructuring costs

 

2,380

 

 

 

 

 

 

684

 

 

 

614

 

 

 

3,678

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

14,252

 

 

 

14,252

 

Other (income) expense, net

 

(28

)

 

 

(61

)

 

 

 

 

 

141

 

 

 

52

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

11,360

 

 

 

11,360

 

Other items (1)

 

 

 

 

 

 

 

5

 

 

 

1,376

 

 

 

1,381

 

Net income attributable to non-controlling interest

 

712

 

 

 

 

 

 

 

 

 

241

 

 

 

953

 

Adjusted EBITDA

$

107,881

 

 

$

5,151

 

 

$

5,350

 

 

$

(12,217

)

 

$

106,165

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

569,039

 

 

$

63,694

 

 

$

87,902

 

 

$

5,349

 

 

$

725,984

 

Adjusted EBITDA Margin

 

19.0

%

 

 

8.1

%

 

 

6.1

%

 

nm

 

 

14.6

%

____________

(1)

Other items include $1,381 in acquisition and due diligence related costs in the three months ended April 2, 2023, and were recorded in selling, general and administration expenses within the condensed consolidated statements of comprehensive income.

 

Three Months Ended April 3, 2022

(In thousands)

North American Residential

 

Europe

 

Architectural

 

Corporate & Other

 

Total

Net income (loss) attributable to Masonite

$

117,033

 

 

$

5,732

 

 

$

(2,826

)

 

$

(52,357

)

 

$

67,582

 

Plus:

 

 

 

 

 

 

 

 

 

Depreciation

 

9,964

 

 

 

2,341

 

 

 

2,879

 

 

 

2,088

 

 

 

17,272

 

Amortization

 

619

 

 

 

3,270

 

 

 

182

 

 

 

541

 

 

 

4,612

 

Share based compensation expense

 

 

 

 

 

 

 

 

 

 

4,719

 

 

 

4,719

 

Loss (gain) on disposal of property, plant and equipment

 

338

 

 

 

(12

)

 

 

(3,180

)

 

 

 

 

 

(2,854

)

Restructuring (benefit) costs

 

(91

)

 

 

6

 

 

 

47

 

 

 

19

 

 

 

(19

)

Interest expense, net

 

 

 

 

 

 

 

 

 

 

10,239

 

 

 

10,239

 

Other (income) expense, net

 

(790

)

 

 

506

 

 

 

 

 

 

(1,131

)

 

 

(1,415

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

23,477

 

 

 

23,477

 

Net income attributable to non-controlling interest

 

594

 

 

 

 

 

 

 

 

 

545

 

 

 

1,139

 

Adjusted EBITDA

$

127,667

 

 

$

11,843

 

 

$

(2,898

)

 

$

(11,860

)

 

$

124,752

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

568,564

 

 

 

80,468

 

 

 

70,989

 

 

 

6,196

 

 

 

726,217

 

Adjusted EBITDA Margin

 

22.5

%

 

 

14.7

%

 

nm

 

nm

 

 

17.2

%

 

Richard Leland
VP, FINANCE AND TREASURER
rleland@masonite.com
813.739.1808

Marcus Devlin
DIRECTOR, INVESTOR RELATIONS
mdevlin@masonite.com
813.371.5839

Source: Masonite International Corporation