Pricing Helps Masonite Sales

Masonite International Corporation had net sales of $652 million for the third quarter of 2021, an increase of 11 per cent over net sales of $588 million in the third quarter of 2020. The increase was as a result of favourable pricing actions across all three of the company’s reporting segments and base volume growth in its residential businesses. North American net sales were $489 million, up 16 per cent year-over-year. Net sales for the architectural segment were $75 million, a 13 per cent decrease compared to the third quarter of 2020, driven by a 15 per cent decrease in base volume and a three per cent decrease in the sale of components and other products. Total company gross profit was $154 million, a decrease of four per cent compared to $160 million in the year-ago period. Gross profit margin decreased 370 basis points to 23.6 per cent, due to the impact of higher inflation and tariffs on raw materials, rising logistics costs, and higher manufacturing wages and benefits. The company had net income of $38 million for the third quarter, compared to a loss of $22 million last year.