Masonite International Corporation's consolidated net sales were $728 million in the Q3 2022, a 12% increase from $652 million in the Q3 2021. The increase resulted from a 21% increase in average unit price (AUP), partially offset by a 6% decrease in volume, a 2% decrease from unfavorable foreign exchange and a 1% impact from lower component sales.
Total company gross profit was $167 million in the Q3 2022, an increase of 8.5% compared to $154 million in the Q3 2021. Gross profit margin decreased 60 basis points to 23.0%, as higher AUP was more than offset by the impact of inflation on raw materials and logistics costs, higher manufacturing wages and energy costs and lower volume in our Europe and Architectural segments.
Net income was $57 million in the Q3 2022 compared to $38 million in the Q3 2021. The increase was primarily driven by higher gross profit as discussed above, as well as the absence of $11 million in charges related to the loss on extinguishment of debt and actions taken as part of previously announced restructuring plans, each of which were incurred in the Q3 2021.
Adjusted EBITDA of $112 million in the Q3 2022 increased 7% from $105 million in the Q3 2021.
“Our core North American Residential business continued to deliver outstanding results this quarter, allowing Masonite to achieve double digit net sales growth despite significant macroeconomic headwinds in our European segment,” said Howard Heckes, President and CEO. “The pending acquisition of Endura Products, a U.S. manufacturer of innovative door system components, will drive further momentum and fuel our Doors That Do More™ strategy. As we enter the fourth quarter, our teams remain focused on disciplined execution of our strategy and utilizing our Mvantage operating system to adapt to evolving end markets and deliver another year of revenue and earnings growth.”
Masonite International Corporation is a leading global designer, manufacturer, marketer and distributor of interior and exterior doors and door systems.
