Masonite International Corporation's net sales were $652 million in the 3Q 2021, an 11% increase from $588 million in the comparable period of 2020. Total company gross profit was $154 million in the 3Q 2021, a decrease of 4% compared to $160 million in the 3Q 2020. Gross profit margin decreased 370 basis points to 23.6%, due to the impact of higher inflation and tariffs on raw materials, rising logistics costs, and higher manufacturing wages and benefits, partially offset by higher AUP.
Net income attributable to Masonite was $38 million in the 3Q 2021 compared to a loss of $22 million in the 3Q 2020. Adjusted EBITDA of $105 million in the 3Q 2021 decreased 4% from $109 million, which excludes the settlement litigation charge, in the 3Q 2020.
“We delivered another quarter of year-on-year net sales growth as a result of favorable pricing actions across all three of our reporting segments and base volume growth in our residential businesses,” said Howard Heckes, President and CEO. “Inflationary pressures continued to weigh on our results as expected, as did labor availability and absenteeism in the quarter. I am extremely pleased with the organization’s ability to navigate these challenges while making continued progress on our long-term growth initiatives.”
Net sales were $1,961 million in the first nine months of 2021, a 20% increase from $1,639 million in the comparable period of 2020. The increase in net sales was a result of a 10% increase in AUP, a 7% increase in base volume, a 3% increase due to favorable foreign exchange and a 1% increase in the sale of components and other products, partially offset by a less than 1% decrease from the impact of a divestiture.
Total company gross profit was $477 million in the first nine months of 2021, an increase of 11% compared to $431 million in the first nine months of 2020. Gross profit margin decreased 200 basis points to 24.3%.
Adjusted EBITDA of $317 million in the first nine months of 2021 increased 12% from $282 million, which excludes the settlement litigation charge in the first nine months of 2020.
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.
