TAMPA, FL - Masonite International (NYSE: DOOR) net sales rose 6.8%, to $448.9 million in the fourth quarter, and 6.2%, to $1.84 billion for the year ended Dec. 28. Currency exchange rates hurt, but $2.7 million of business interruption insurance following the explosion at the Estcourt Mill in South Africa helped.
Excluding the unfavorable impact of foreign exchange, net sales would have increased by 9.7% for the fourth quarter, Masonite estimates.
The door company plans big investment in automating is door manufacturing. During an investment conference presentation last year, Masonite told analysts it could increase door production from 1,200 per day to 1,750 by adding CNCs and robots. Its current outdated stations produce through batch processing and require 43 full time equivalent employees. Automating would reduce the employee requirement to 27. Masonite also estimates that its interior door business is about the same size as rival Jeld-Wen.
Revenues increased based on price increases, which added $103.3 million while unit volume sales improvements added $32.7 million, "primarily from growth in North America and our Door-Stop acquisition."
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