Masonite International Corporation Reports First Quarter Results
Masonite International (NYSE: DOOR) reported first-quarter results for 2024, showing an 8% decrease in net sales compared to the same period in 2023. However, net income attributable to Masonite increased by 59%, with diluted earnings per share also rising by 60%. Adjusted EPS and EBITDA saw declines. The company is focused on price-cost management and the successful integration of acquisitions to drive profitability. Masonite shareholders approved a pending acquisition by Owens Corning, with the transaction expected to close in May 2024.
Net income attributable to Masonite increased by 59% in the first quarter of 2024.
Diluted earnings per share rose by 60% compared to the same period in 2023.
Positive contributions from price-cost management initiatives and the Fleetwood acquisition improved gross profit as a percentage of net sales by 130 basis points.
Adjusted EPS* decreased by 31% in the first quarter of 2024.
Adjusted EBITDA* was down by 9% driven primarily by volume declines.
SG&A expenses increased by 50% due to acquisition and due diligence-related costs, impacting net income.
Insights
($ in millions, except per share amounts) |
1Q24 |
|
1Q23 |
|
% Change |
Net sales |
|
|
|
|
( |
Net income attributable to Masonite |
|
|
|
|
+ |
% of net sales |
|
|
|
|
+380 bps |
Diluted earnings per share |
|
|
|
|
+ |
Adjusted EPS* |
|
|
|
|
( |
Adjusted EBITDA* |
|
|
|
|
( |
% of net sales |
|
|
|
|
(10 bps) |
“Although end-market conditions remain choppy, we saw a sequential improvement in performance as we moved through the quarter,” said Howard Heckes, President and CEO. “Disciplined price-cost management continues to benefit margins in our North American Residential segment and the integration of the Fleetwood acquisition is progressing according to plan. Subsequent to the quarter end we announced the pending sale of the Architectural business segment, which further sharpens our focus on capturing opportunities in our residential end markets. Now that our shareholders have approved the pending acquisition by Owens Corning, we look forward to closing the transaction and becoming part of the larger, combined entity.”
First Quarter 2024 Discussion
(All references to percent increase or decrease in the discussion below compare first quarter 2024 results to results from the first quarter of 2023 unless otherwise noted.)
Consolidated net sales were
Total Company gross profit was
Selling, general and administration (SG&A) expenses were
Net income attributable to Masonite was
Adjusted EBITDA* was
Balance Sheet, Cash Flow and Capital Allocation
At the end of the first quarter, total available liquidity was
Cash provided by operations was
During the first quarter, Masonite did not repurchase any shares of stock.
Acquisition by Owens Corning
On February 8, 2024, Masonite and Owens Corning entered into a definitive agreement under which Owens Corning will acquire all of the outstanding shares of Masonite for
In light of this pending transaction, Masonite does not plan to hold a live conference call to discuss first quarter results. Additional information on the Company's results can be found on our Form 10-Q to be filed with the Securities and Exchange Commission on May 7, 2024.
* See "Non-GAAP Financial Measures and Related Information" for definition and reconciliation of non-GAAP measures. |
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 6,600 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
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, restrictions during the pendency of the Acquisition that may impact our ability to pursue certain business opportunities or strategic transactions; risks related to diverting management’s attention from ongoing business operations and disrupting our relationships with third-parties and employees during the pendency of the Acquisition; the risk that the Acquisition may not be completed in a timely manner or at all, which may adversely affect our business and the price of our common stock; the outcome of any legal proceedings that may be instituted against us related to the Acquisition or the agreement pursuant to which the Acquisition would be effected, downward trends in our end markets and in economic conditions; volatility and uncertainty in general business, economic conditions or financial markets, including the impact on the building product industries and housing markets; challenges pertaining to financing and the impact on 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; the impact of energy and transportation price fluctuations; 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 innovate and accurately anticipate demand for our products; availability of raw materials, price fluctuations and supply chain disruptions; impacts on our business from weather and climate change; our ability to successfully consummate and integrate mergers, acquisitions and dispositions, including the pending disposition of our Architectural reporting segment; 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 and manufacturing realignments (including related restructuring charges); product liability claims and product recalls; retention of key management personnel; 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; 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; environmental and other government regulations, including the United States Foreign Corrupt Practices Act ("FCPA"), and any changes in such regulations; tariffs and evolving trade policy and friction between
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, as applicable: 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
|
|||||||
|
Three Months Ended |
||||||
|
March 31, 2024 |
|
April 2, 2023 |
||||
Net sales |
$ |
668,339 |
|
|
$ |
725,984 |
|
Cost of goods sold |
|
502,869 |
|
|
|
555,493 |
|
Gross profit |
|
165,470 |
|
|
|
170,491 |
|
Gross profit as a % of net sales |
|
24.8 |
% |
|
|
23.5 |
% |
|
|
|
|
||||
Selling, general and administration expenses |
|
152,644 |
|
|
|
101,705 |
|
Selling, general and administration expenses as a % of net sales |
|
22.8 |
% |
|
|
14.0 |
% |
|
|
|
|
||||
Restructuring costs |
|
1,394 |
|
|
|
3,678 |
|
Operating income |
|
11,432 |
|
|
|
65,108 |
|
Interest expense, net |
|
12,022 |
|
|
|
14,252 |
|
Other (income) expense, net |
|
(85,250 |
) |
|
|
52 |
|
Income before income tax expense |
|
84,660 |
|
|
|
50,804 |
|
Income tax expense |
|
23,278 |
|
|
|
11,360 |
|
Net income |
|
61,382 |
|
|
|
39,444 |
|
Less: net income attributable to non-controlling interests |
|
327 |
|
|
|
953 |
|
Net income attributable to Masonite |
$ |
61,055 |
|
|
$ |
38,491 |
|
|
|
|
|
||||
Basic earnings per common share attributable to Masonite |
$ |
2.79 |
|
|
$ |
1.74 |
|
Diluted earnings per common share attributable to Masonite |
$ |
2.74 |
|
|
$ |
1.71 |
|
|
|
|
|
||||
Shares used in computing basic earnings per share |
|
21,891,366 |
|
|
|
22,183,068 |
|
Shares used in computing diluted earnings per share |
|
22,322,748 |
|
|
|
22,480,233 |
|
MASONITE INTERNATIONAL CORPORATION
|
|||||||
ASSETS |
March 31, 2024 |
|
December 31, 2023 |
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
230,441 |
|
|
$ |
137,414 |
|
Restricted cash |
|
12,426 |
|
|
|
11,926 |
|
Accounts receivable, net |
|
336,472 |
|
|
|
326,224 |
|
Inventories, net |
|
383,866 |
|
|
|
391,199 |
|
Prepaid expenses and other assets |
|
60,168 |
|
|
|
60,092 |
|
Income taxes receivable |
|
27,928 |
|
|
|
26,544 |
|
Total current assets |
|
1,051,301 |
|
|
|
953,399 |
|
Property, plant and equipment, net |
|
743,900 |
|
|
|
747,970 |
|
Operating lease right-of-use assets |
|
235,408 |
|
|
|
202,806 |
|
Investment in equity investees |
|
21,360 |
|
|
|
20,378 |
|
Goodwill |
|
294,846 |
|
|
|
294,710 |
|
Intangible assets, net |
|
391,913 |
|
|
|
402,941 |
|
Deferred income taxes |
|
10,420 |
|
|
|
26,658 |
|
Other assets |
|
37,570 |
|
|
|
36,517 |
|
Total assets |
$ |
2,786,718 |
|
|
$ |
2,685,379 |
|
|
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
151,392 |
|
|
$ |
113,208 |
|
Accrued expenses |
|
225,500 |
|
|
|
240,476 |
|
Income taxes payable |
|
11,281 |
|
|
|
3,400 |
|
Current portion of long-term debt |
|
37,500 |
|
|
|
37,500 |
|
Total current liabilities |
|
425,673 |
|
|
|
394,584 |
|
Long-term debt |
|
1,040,536 |
|
|
|
1,049,384 |
|
Long-term operating lease liabilities |
|
226,058 |
|
|
|
186,647 |
|
Deferred income taxes |
|
116,348 |
|
|
|
120,278 |
|
Other liabilities |
|
58,049 |
|
|
|
75,158 |
|
Total liabilities |
|
1,866,664 |
|
|
|
1,826,051 |
|
Commitments and Contingencies |
|
|
|
||||
Equity: |
|
|
|
||||
Share capital: unlimited shares authorized, no par value, 21,976,156 and 21,835,474 shares issued and outstanding as of March 31, 2024, and December 31, 2023, respectively |
|
538,746 |
|
|
|
525,232 |
|
Additional paid-in capital |
|
223,442 |
|
|
|
231,332 |
|
Retained earnings |
|
272,936 |
|
|
|
211,881 |
|
Accumulated other comprehensive loss |
|
(124,735 |
) |
|
|
(120,192 |
) |
Total equity attributable to Masonite |
|
910,389 |
|
|
|
848,253 |
|
Equity attributable to non-controlling interests |
|
9,665 |
|
|
|
11,075 |
|
Total equity |
|
920,054 |
|
|
|
859,328 |
|
Total liabilities and equity |
$ |
2,786,718 |
|
|
$ |
2,685,379 |
|
MASONITE INTERNATIONAL CORPORATION
|
|||||||
|
Three Months Ended |
||||||
Cash flows from operating activities: |
March 31, 2024 |
|
April 2, 2023 |
||||
Net income |
$ |
61,382 |
|
|
$ |
39,444 |
|
Adjustments to reconcile net income to net cash flow provided by operating activities: |
|
|
|
||||
Depreciation |
|
27,568 |
|
|
|
21,485 |
|
Amortization |
|
10,876 |
|
|
|
7,421 |
|
Share based compensation expense |
|
6,930 |
|
|
|
6,054 |
|
Deferred income taxes |
|
12,196 |
|
|
|
885 |
|
Unrealized foreign exchange gain |
|
(234 |
) |
|
|
(97 |
) |
Share of income from equity investees, net of tax |
|
(838 |
) |
|
|
(748 |
) |
Pension and post-retirement funding, net of expense |
|
(683 |
) |
|
|
(509 |
) |
Non-cash accruals and interest |
|
1,420 |
|
|
|
1,445 |
|
Loss on sale of property, plant and equipment |
|
1,068 |
|
|
|
1,038 |
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
||||
Accounts receivable |
|
(6,692 |
) |
|
|
(5,457 |
) |
Inventories |
|
6,494 |
|
|
|
34,024 |
|
Prepaid expenses and other assets |
|
(197 |
) |
|
|
(7,730 |
) |
Accounts payable and accrued expenses |
|
8,362 |
|
|
|
(33,223 |
) |
Other assets and liabilities |
|
5,670 |
|
|
|
(7,685 |
) |
Net cash flow provided by operating activities |
|
133,322 |
|
|
|
56,347 |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Additions to property, plant and equipment |
|
(25,764 |
) |
|
|
(27,827 |
) |
Acquisition of businesses, net of cash acquired |
|
(392 |
) |
|
|
(353,618 |
) |
Proceeds from sale of property, plant and equipment |
|
— |
|
|
|
4 |
|
Proceeds from repayment of note receivable |
|
— |
|
|
|
12,000 |
|
Other investing activities |
|
(455 |
) |
|
|
(3,511 |
) |
Net cash flow used in investing activities |
|
(26,611 |
) |
|
|
(372,952 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Proceeds from issuance of long-term debt |
|
— |
|
|
|
250,000 |
|
Repayments of long-term debt |
|
(9,375 |
) |
|
|
— |
|
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 |
|
(2,094 |
) |
|
|
(1,960 |
) |
Distributions to non-controlling interests |
|
(1,582 |
) |
|
|
(554 |
) |
Repurchases of common shares |
|
— |
|
|
|
(14,717 |
) |
Net cash flow (used in) provided by financing activities |
|
(13,051 |
) |
|
|
229,141 |
|
|
|
|
|
||||
Net foreign currency translation adjustment on cash |
|
(133 |
) |
|
|
855 |
|
Increase (decrease) in cash, cash equivalents and restricted cash |
|
93,527 |
|
|
|
(86,609 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
149,340 |
|
|
|
308,921 |
|
Cash, cash equivalents and restricted cash, at end of period |
$ |
242,867 |
|
|
$ |
222,312 |
|
MASONITE INTERNATIONAL CORPORATION
|
|||||||
|
Three Months Ended |
||||||
(In thousands) |
March 31, 2024 |
|
April 2, 2023 |
||||
Net income attributable to Masonite |
$ |
61,055 |
|
|
$ |
38,491 |
|
|
|
|
|
||||
Add: Adjustments to net income attributable to Masonite: |
|
|
|
||||
Restructuring costs (benefit) |
|
1,394 |
|
|
|
3,678 |
|
Other (income) expense, net (1) |
|
(85,250 |
) |
|
|
— |
|
Other items (2) |
|
37,832 |
|
|
|
1,381 |
|
Income tax impact of adjustments |
|
13,838 |
|
|
|
(1,316 |
) |
Adjusted net income attributable to Masonite |
$ |
28,869 |
|
|
$ |
42,234 |
|
|
|
|
|
||||
Diluted earnings per common share attributable to Masonite ("EPS") |
$ |
2.74 |
|
|
$ |
1.71 |
|
Diluted adjusted earnings per common share attributable to Masonite ("Adjusted EPS") |
$ |
1.29 |
|
|
$ |
1.88 |
|
|
|
|
|
||||
Shares used in computing EPS and Adjusted EPS |
|
22,322,748 |
|
|
|
22,480,233 |
|
____________ |
|
(1) |
Other expense (income), net includes |
(2) |
Other items include |
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 March 31, 2024 |
||||||||||||||||||
(In thousands) |
North American Residential |
|
|
|
Architectural |
|
Corporate & Other |
|
Total |
||||||||||
Net income (loss) attributable to Masonite |
$ |
83,282 |
|
|
$ |
(4,286 |
) |
|
$ |
1,595 |
|
|
$ |
(19,536 |
) |
|
$ |
61,055 |
|
Plus: |
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation |
|
15,392 |
|
|
|
2,285 |
|
|
|
3,070 |
|
|
|
6,821 |
|
|
|
27,568 |
|
Amortization |
|
7,137 |
|
|
|
2,836 |
|
|
|
185 |
|
|
|
718 |
|
|
|
10,876 |
|
Share based compensation expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,930 |
|
|
|
6,930 |
|
Loss (gain) on disposal of property, plant and equipment |
|
95 |
|
|
|
7 |
|
|
|
(34 |
) |
|
|
1,000 |
|
|
|
1,068 |
|
Restructuring costs (benefits) |
|
450 |
|
|
|
961 |
|
|
|
— |
|
|
|
(17 |
) |
|
|
1,394 |
|
Interest expense, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,022 |
|
|
|
12,022 |
|
Other expense (income), net (1) |
|
11 |
|
|
|
138 |
|
|
|
— |
|
|
|
(85,399 |
) |
|
|
(85,250 |
) |
Income tax expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23,278 |
|
|
|
23,278 |
|
Other items (2) |
|
145 |
|
|
|
— |
|
|
|
— |
|
|
|
37,687 |
|
|
|
37,832 |
|
Net income attributable to non-controlling interest |
|
289 |
|
|
|
— |
|
|
|
— |
|
|
|
38 |
|
|
|
327 |
|
Adjusted EBITDA |
$ |
106,801 |
|
|
$ |
1,941 |
|
|
$ |
4,816 |
|
|
$ |
(16,458 |
) |
|
$ |
97,100 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales |
$ |
530,643 |
|
|
$ |
58,392 |
|
|
$ |
75,539 |
|
|
$ |
3,765 |
|
|
$ |
668,339 |
|
Adjusted EBITDA margin |
|
20.1 |
% |
|
|
3.3 |
% |
|
|
6.4 |
% |
|
nm |
|
|
14.5 |
% |
||
____________ |
|
(1) |
Other expense (income), net include |
(2) |
Other items include |
|
Three Months Ended April 2, 2023 |
||||||||||||||||||
(In thousands) |
North American Residential |
|
|
|
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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240506609817/en/
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
FAQ
<p>What was the percentage change in net sales for Masonite in the first quarter of 2024?</p>
Masonite reported an 8% decrease in net sales for the first quarter of 2024 compared to the same period in 2023.
<p>What is the NYSE symbol for Masonite International ?</p>
The NYSE symbol for Masonite International is DOOR.
<p>How much did net income attributable to Masonite increase by in the first quarter of 2024?</p>
Net income attributable to Masonite increased by 59% in the first quarter of 2024.
<p>What pending acquisition was approved by Masonite shareholders?</p>
Masonite shareholders approved a pending acquisition by Owens Corning.
<p>When is the transaction with Owens Corning expected to close?</p>
The transaction with Owens Corning is anticipated to close in May 2024, subject to customary closing conditions.
