Cabinet Sales Up 33 Percent for Fortune Brands' Masterbrand & Norcraft
October 21, 2015 | 8:16 pm UTC
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 DEERFIELD, IL – Fortune Brands Home & Security, Inc. (NYSE: FBHS) cabinet sales increased 33 percent during the third quarter. Excluding the impact of the Norcraft Cabinets acquisition, sales increased 10 percent - primarily within the MasterBrand Cabinets operation based in Jasper, IN - with the dealer channel growing 11 percent and in-stock cabinet and vanities increasing strong double digits, says CEO Chris Klein.
 
Fortune Brands other businesses include Moen faucets, Therma-Tru door systems, and Master Lock and SentrySafe security products. Door sales were up 8 percent with growth in both the wholesale and retail channels.
 
“As we expected, the rate of growth for the home products market accelerated in the third quarter and our teams again delivered profit growth that was right on plan,” said Klein.“We continue to anticipate similar new construction activity in the fourth quarter. Based on that market assumption and our solid execution, we are maintaining our expectations for our core business for the remainder of 2015.”
 
For the third quarter of 2015, sales were $1.24 billion, an increase of 17 percent over the third quarter of 2014. Earnings per share were $0.61, compared to $0.52 in the prior-year quarter.
 
Fortune Brands says its 2015 annual outlook continues to be based on a U.S. home products market growth assumption of 6 to 7 percent.  “The third quarter home products market improved at an increasing rate,” said Klein. “We continue to see positive signs and look for similar market conditions in the fourth quarter, and are building our momentum heading into 2016.”
 

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Bill Esler | ConfSenior Editor

Bill wrote for WoodworkingNetwork.com, FDMC and Closets & Organized Storage magazines. 

Bill's background includes more than 10 years in print manufacturing management, followed by more than 30 years in business reporting on industrial manufacturing in the forest products industries, including printing and packaging at American Printer (Features Editor) and Graphic Arts Monthly (Editor in Chief) magazines; and in secondary wood manufacturing for WoodworkingNetwork.com.

Bill was deeply involved with the launches of the Woodworking Network Leadership Forum, and the 40 Under 40 Awards programs. He currently reports on technology and business trends and develops conference programs.

In addition to his work as a journalist, Bill supports efforts to expand and improve educational opportunities in the manufacturing sectors, including 10 years on the Print & Graphics Scholarship Foundation; six years with the U.S. WoodLinks; and currently on the Woodwork Career Alliance Education Committee. He is also supports the Greater West Town Training Partnership Woodworking Program, which has trained more than 950 adults for industrial wood manufacturing careers. 

Bill volunteers for Foinse Research Station, a biological field station staddling the border of Ireland and Northern Ireland, one of more than 200 members of the Organization of Biological Field Stations.