Masonite International Corporation's net sales increased 4% to $551 million in the 1Q 2020, from $530 million in the comparable period of 2019. The increase in net sales was the result of a 4% increase in average unit price (AUP) and a 2% increase in base volume, partially offset by a 2% decrease from the combined impact of divestitures and unfavorable foreign exchange.
Total company gross profit increased 20% to $134 million in the 1Q 2020 compared to $112 million in the 1Q 2019. Gross profit margin increased 330 basis points to 24.4%, driven by higher AUP and increased savings from material sourcing projects and prior year restructuring actions, partially offset by higher manufacturing wages and benefits and costs related to factory start-ups and relocations.
Masonite had $30 million of net income in the 1Q 2020, an increase of $26 million from the prior year, primarily due to higher AUP and base volumes, as discussed above, and the absence of prior year charges related to divestitures. Previously announced restructuring costs totaled $2 million pre-tax in the 1Q. Adjusted EBITDA increased to $82 million in the 1Q 2020 from $65 million in the 1Q 2019.
Masonite International Corporation is a leading global designer, manufacturer 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.
