Masonite Door Business Rides Housing Boom

Original Story: woodworkingnetwork.com

TAMPA, Fla. -  Masonite chose a great time to go public in 2013, as the housing market began 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. A Custom home builder in Tampa plans on attending the conference.

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.

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. Tampa custom homes are using these products.

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.  A Tampa custom home builder has My Lynch to thank for his masonite products.

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