Masonite International Corporation announced results for the three and six months ended July 3, 2022. Consolidated net sales were $762 million in the 2Q 2022, a 15% increase from $662 million in the 2Q 2021. The increase resulted from a 19% increase in average unit price (AUP), partially offset by a 2% decrease from unfavorable foreign exchange, a 1% decrease in volume, and a 1% decrease due to a prior year divestiture.
Total company gross profit was $179 million in the 2Q 2022, an increase of 9% compared to $164 million in the 2Q 2021. Gross profit margin decreased 120 basis points to 23.6%, as higher AUP was offset by the impact of inflation on raw materials and logistics costs, higher manufacturing wages and lower volume in our Europe and Architectural segments.
Net income was $59 million in the 2Q 2022 compared to $35 million in the 2Q 2021.
Adjusted EBITDA of $118 million in the 2Q 2022 increased approximately 7% from $111 million in the 2Q 2021. Diluted earnings per share were $2.58 in the 2Q 2022, an increase of 83% compared to $1.41 in the comparable 2021 period. Diluted adjusted earnings per share were $2.58 in the 2Q 2022 compared to $2.23 in the comparable 2021 period, which excludes $18 million in charges as discussed above.
“Masonite delivered another solid quarter of year-over-year net sales and Adjusted EBITDA growth driven by steady demand and strong execution in our North American Residential segment,” said Howard Heckes, President and CEO. “We have started shipments from two new door production facilities, in line with our strategy to deliver consistent and reliable supply. We also introduced new products and marketing initiatives aimed at supporting further growth and favorable mix. We believe that these initiatives, combined with thoughtful price-cost management, will allow us to effectively navigate near-term macro-economic headwinds and make continued progress toward our 2025 Centennial Plan.”
Masonite International Corporation is a leading global designer, manufacturer, marketer and distributor of interior and exterior doors for the new construction and repair, renovation and remodeling sectors of the residential and non-residential building construction markets.
