In the fourth quarter Masonite International was confronted with declines in its key results figures. According to the business report published on 18 February, the adjusted EBITDA decreased by 10.4% to US$57.5m. Operating profit decreased by 33.4% to US$26.9m and pre-tax profit by almost 50% to US$16.6m. Net profit, at US$12.3m, also declined significantly, although the preceding year’s figure was enhanced by a tax effect amounting to some US$51m.
Quarterly turnover increased by 3.9% to US$528.4m. This was exclusively due to acquisition effects (+7.9%) and higher sales prices (+3.1%). Turnover declined by some 6% due to lower sales volumes, and currency effects also had an unfavourable impact at -1.1%. With regard to sales volumes, Masonite recorded turnover declines in all business divisions in the fourth quarter. This development was most significant in the North America Residential division. The adjusted EBITDA in this business division decreased by 21.4% to US$39.7m.
In the Europe business division turnover increased by 22.6% to US$89.9m. The integration of the British group of companies DW3 Products, which was taken over at the beginning of 2018, had a considerable impact in this connection. The adjusted EBITDA increased by 21.6% to US$10.7m. The architectural business division generated a 19.3% turnover increase to US$83.0m.