USA - Masonite International Corporation, a global leader in the manufacture of architectural doors, announced results for the three months ended March 29, 2020. Net sales increased 4 percent to USD 551 million in the first quarter of 2020, from USD 530 million in the comparable period of 2019.

The increase in net sales was the result of a 4 percent increase in average unit price (AUP) and a 2 percent increase in base volume, partially offset by a 2 percent decrease from the combined impact of divestitures and unfavorable foreign exchange.

Masonite had USD 30 million of net income in the first quarter of 2020, an increase of USD 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 USD 2 million pre-tax in the first quarter. Adjusted EBITDA increased to USD 82 million in the first quarter of 2020 from USD 65 million in the first quarter of 2019.

“Masonite kicked off 2020 building strong momentum. Our North American Residential pricing strategy was successfully implemented, and our global operations were performing well, resulting in strong first quarter results despite modest headwinds from COVID-19 beginning in March,” said Howard Heckes, President and Chief Executive Officer.

“As this situation evolved into a global pandemic, we took swift and decisive action to protect the health and welfare of our employees while maintaining business continuity to support essential services. We are focused on maintaining financial stability, afforded by the strength of our balance sheet and liquidity. These are truly unprecedented times and we believe these actions will help us navigate near-term uncertainty and position us for further success once our end markets stabilize and recover.”