USA - MasterBrand, Inc., the largest residential cabinet manufacturer in North America, recently disclosed its financial results for the first quarter of 2024 (1Q-2024).

The company reported net sales of USD 638.1 million, a decrease of 5.7% from USD 676.7 million in the 1Q-2023. However, net income surged to USD 37.5 million, up from USD 35.0 million in the 1Q-2023, marking a 7.1% increase attributed to reduced interest expenses and a lower effective tax rate.

Adjusted EBITDA for 1Q-2024 totaled USD 79.4 million, down from USD 81.5 million in the 1Q-2023, with the adjusted EBITDA margin expanding to 12.4%, compared to 12.0% in the same period last year.

Andi Simon, Executive Vice President and Chief Financial Officer, commented, “With our first quarter financial and operational performance aligning with our expectations, we are reaffirming our full-year 2024 outlook provided on February 26, 2024. Despite some increased macroeconomic uncertainty, we believe our initial view of end market demand remains intact, and continued execution on our strategic initiatives will allow us to achieve our full-year 2024 outlook while simultaneously investing in the business for growth.”