Masonite International Corp. announced results for the three months and full year ended Jan. 1, 2023. Highlights include:
- Achieved 2022 net sales of $2.9 billion, an increase of 11 percent.
- Delivered full-year net income attributable to Masonite of $214 million, up 127 percent, with adjusted EBITDA of $446 million, up 8 percent.
- Repurchased $149 million of common shares during 2022.
- Announced restructuring actions with $15 to $20 million in expected annual cost savings.
- Finalized the acquisition of Endura Products subsequent to quarter end.
- 2023 financial outlook includes strong free cash flow generation and maintenance of adjusted EBITDA margins despite lower end-market demand.
Masonite's take on the results
"2022 was another year of solid financial growth for Masonite, supported by terrific performance in our North American Residential segment and significant progress on our Doors That Do More strategy," says Howard Heckes, president and CEO. "Our seasoned management team demonstrated great agility throughout the year by proactively addressing volatile market conditions and responding to inflation with disciplined price-cost management. I am confident our team will likewise navigate near-term macro-economic headwinds in 2023 and I look forward to leveraging our new manufacturing plants, product innovations and the newly acquired Endura business to advance our service and product leadership in the industry."
