Masonite International Corporation's net sales increased 3% to $490 million in the 3Q 2016, from $476 million in the comparable period of 2015, as the company said in the press release received by Lesprom Network.
Total company gross profit increased 19% to $104 million in the 3Q 2016, from $88 million in the 3Q 2015. Gross profit margin increased 280 basis points to 21.2%, primarily due to the favorable impact of volume leverage on its fixed costs, higher average unit prices and lower commodities costs.
Net income (loss) attributable to Masonite increased $48.3 million to $32 million in the 3Q 2016, from $(16.3) million in the comparable 2015 period. Adjusted EBITDA increased 29% to $65.1 million for the 3Q 2016, from $50.5 million in the comparable 2015 period.
“We delivered our tenth consecutive quarter of double digit adjusted EBITDA growth with positive performance in all three reportable segments. At 12.9%, our year to date adjusted EBITDA margin is the highest it has been since 2009,” said Fred Lynch, President and CEO. “Our strategic initiatives and purposeful investments are reflected in our solid performance.”
Net sales increased 8% to $1,493 million in the first nine months of 2016, from $1,387 million in the comparable period of 2015.
Total company gross profit increased 22% to $313 million in the first nine months of 2016, from $256 million in the first nine months of 2015. Gross profit margin increased 250 basis points to 21% due to increases in average unit price, lower commodities costs and favorable fixed cost leverage due to higher volumes.
Net income (loss) attributable to Masonite increased $117.1 million to $83.2 million in the first nine months of 2016, from $(33.9) million in the comparable 2015 period. Included in net income is the previously disclosed $6.5 million income tax benefit in 2016 as a result of adopting new accounting standards related to share based compensation transactions.
Adjusted EBITDA increased 30% to $191.9 million for the first nine months of 2016, from $147.4 million in the comparable 2015 period.
Masonite International Corporation is a leading global designer and manufacturer of interior and exterior doors for the residential new construction; the residential repair, renovation and remodeling; and the non-residential building construction markets.
