Masonite Reports a Flat Third Quarter

November 9th, 2015 by Editor

Masonite International Corporation reported stagnant sales in the third quarter of 2015.

The Tampa, Fla.-based manufacturer of doors reported net sales of $475.7 million for the third quarter of 2015. Minus the $26 million in negative impact from foreign exchange rates, net sales would have increased by 5.4 percent to $501.7 million, the company said.

Masonite posted a loss 54 cents per diluted share, which includes non-cash charges of $35.9 million related to the disposition of the company’s door business in France in the third quarter of 2015.

“We achieved our sixth consecutive quarter of double-digit adjusted EBITDA growth in the third quarter with adjusted EBITDA growth of 42 percent compared to the same period last year,” said Fred Lynch, president and CEO. “Gross profit margin expanded 450 basis points in the quarter, which we believe reflects our continued focus on improving the customer experience and achieving fair value for our products and services. Over the last four months we also took significant steps to optimize our portfolio with the divestiture of the door business in France, and the acquisitions of PDS, National Hickman and, most recently, USA Wood Door. We believe the combination of these actions will improve our overall customer value proposition and will increase long term shareholder value.”

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