TAMPA, Fla. - Masonite chose a great time to go public in 2013, as the housing market begain heading straight up. The door manufacturer will likely find a warm reception next week when it presents at the Deutsche Bank Basic Materials Conference June 8, 2016 in Chicago.
Frederick J. Lynch, CEO, and Russell T. Tiejema, CFO, will provide a status report and forecast, coming off a 13 percent rise in its latest quarterly results for the period ended April 3.
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ARCHIVE ARTICLE Masonite makes remarkable turnaround as it goes public Following a string of acquisitions, door manufacturer Masonite International filed with the U.S. Securities and Exchange Commission to make an initial public offering in 2013.
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Net sales for that period increased $54.8 million, up 13 percent compared to the first quarter or 2015, reaching $489.3 million. Net sales would have increased 16 percent aside from exchange rates in Masonite's export markets.
Net income rose $48.9 million to $17.8 million - in other words, reversing a loss from the year ago period.
Masonite operates 64 manufacturing and distribution facilities in 9 countries in North America, South America, Europe, Africa and Asia, with direct distribution to retail home center customers and direct sales to homebuilders and contractors; and two-step distribution through wholesale distributors. For retail home center customers, Mastonie's Dorfab facilities provide value-added fabrication and logistical services, including pre-finishing and store delivery of pre-hung interior and exterior doors.
North America net sales last year were $1.47 billion, 78.4 percent of the total. Europe, Asia and Latin America amounted to $356.2 million or 19 percent; and Africa 2.6 percent or $48.6 million.
“We were encouraged by the strong market conditions in the first quarter of 2016 during which demand increased across all reportable segments,” said Fred Lynch, President and CEO.
North American residential net sales were $328.7 million, a 20 percent rise first quarter. Architectural net sales were $73.5 million, a 10 percent increase over the first quarter of 2015
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