Masonite Int'l (DOOR) Misses Q3 EPS by 5c, Revenues Miss
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Masonite Int'l (NYSE: DOOR) reported Q3 EPS of $1.03, $0.05 worse than the analyst estimate of $1.08. Revenue for the quarter came in at $557 million versus the consensus estimate of $560.02 million.
- Net sales increased 8% to $557 million versus $518 million. Excluding foreign exchange, net sales increased 9%.
- Net income attributable to Masonite was $25 million compared to $29 million. The decline was primarily due to a loss on the extinguishment of debt.
- Diluted earnings per share decreased to $0.89 from $1.00. Adjusted earnings per share* increased to $1.03 from $1.00. Adjusted earnings per share* excludes a pre-tax loss of $5.4 million related to the extinguishment of debt.
- Adjusted EBITDA* increased 2% to $71 million versus $69 million.
- Repurchased 503,166 shares of stock in the third quarter for approximately $34 million.
“We delivered another quarter of year on year sales growth, due again to strong performance from our acquisitions and higher average unit prices," said Fred Lynch, President and Chief Executive Officer. "However, in the third quarter, the benefit from previous price increases was not enough to fully cover rising costs. Our team continues to pursue multiple strategies to improve margins despite a strong inflationary environment."
For earnings history and earnings-related data on Masonite Int'l (DOOR) click here.
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