Masonite International Corporation's 4Q 2019 net sales increased 1% to $531 million from $528 million in the comparable period of 2018.
Total company gross profit increased 16% to $111 million in the 4Q 2019, from $95 million in the comparable period of 2018. Gross profit margin increased 290 basis points to 20.9%.
Masonite had $2 million of net income in the 4Q 2019, a decrease of $11 million from the prior year, primarily due to a $12 million charge related to previously announced restructuring plans. Adjusted EBITDA increased to $62 million in the 4Q 2019 from $58 million in the 4Q 2018.
"I am pleased that we finished the year strong, with adjusted EBITDA margin expansion for the fourth consecutive quarter and year-on-year net sales turning positive in the quarter,” said Howard Heckes, President and CEO. “The organization’s focus on continuous improvement has allowed us to largely offset higher operational expenses and the impact of tariffs and deliver on our margin improvement initiatives."
FY 2019 net sales were $2,177 million in the year ended December 29, 2019, essentially flat compared to $2,170 million in the comparable period of 2018.
Total company gross profit increased 10% to $478 million in 2019, from $435 million in the comparable period of 2018. Gross profit margin increased 180 basis points to 21.9% in 2019.
FY 2019 net income decreased to $45 million from $93 million in 2018, due to costs related to its previously announced restructuring plans, debt extinguishment costs, as well as higher SG&A expenses, as discussed above. Adjusted EBITDA increased to $283 million from $268 million in 2018.
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.
