TAMPA, FL - Door and moulding manufacturer Masonite says net sales increased $20.3 million or 4.7% to $453.1 million in the second quarter 2013. Most of it was North American sales, which rose 9.4% to $346 million.
In July, Masonite closed on the acquisition of Chilean door maker Masisa's production operations. Masisa makes stile and rail and French doors primarily for the North American residential door market.
“Second quarter results reflect a strengthening U.S. housing market and on-going benefits from our strategic tuck-in acquisition program,” said Fred Lynch, CEO of Masonite in announcing the results. “Our decision to proactively discontinue certain unprofitable product lines and exit select markets in Europe also contributed meaningfully to second quarter results.”
Masonite says the a $16.3 million increase in net sales came from raising average unit prices, and $8.5 million related to an increase in unit volumes during the quarter.
Masonite's net sales in North America increased 9.4% to $346.7 million in second quarter 2013. Improvements in unit volumes and average unit prices which were slightly offset by lower external sales of door components, the door and moulding maker says.
Masonite claims 6,000 customers in 70 countries, and is preparing a public offering, which was approved by a proxy vote in June. Peter R. Dachowski, former CEO of Saint Gobain's CertainTeed, joined the Masonite board in July. He is currently a senior advisor to Graham Partners, a middle-market private equity firm.
Have something to say? Share your thoughts with us in the comments below.