Masonite International Corporation announced results for the first quarter of 2023; ending April 2.
What Masonite says
“The early benefits from the 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,” says 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.”
Some highlights
Consolidated net sales were $726 million in the first quarter of 2023, or flat year over year, resulting from a 10 percent increase in average unit price and an 8 percent increase from the Endura acquisition, partially offset by a 16 percent decrease in volume and a combined 2 percent 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 percent. Gross profit margin decreased 190 basis points to 23.5 percent, as higher average unit price was more than offset by the impacts of inflation, lower volumes, the dilutive effect of the Endura acquisition and targeted investments in strategic initiatives.
Net income attributable to Masonite was $38 million in the first quarter of 2023, a decrease of 43 percent 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.
