Masonite's sales up 4.7% with net income loss in Q2
Masonite's second quarter results pointed to strong year-ago gains of 4.7% to $453.1 million in net sales, though the company sustained a loss in net income.
Specifically, net income loss attributable to Masonite totaled $1.21 million, a gain compared to 2012's Q2 loss of $3.89 million.
“Second quarter results reflect a strengthening U.S. housing market and on-going benefits from our strategic tuck-in acquisition program,” said Fred Lynch, president and CEO of Masonite. “Pricing actions taken in the first quarter led to improvements in the average unit price achieved in North America. Also, our decision to proactively discontinue certain unprofitable product lines and exit select markets in Europe also contributed meaningfully to second quarter results.”
Masonite's position in Q2 was strengthened by other meaningful expansions, including its recent acquisition of the door manufacturing operations of the Chile-based Masisa S.A.