Masonite Europe: further losses in sales/turnover

In the second quarter, the Europe business division of Masonite International was confronted by further declines in sales and turnover. In the first quarter, division turnover had already declined by 9.0% to US$80.5m. The second quarter then developed along even poorer lines, with division turnover dropping by 15.8% to US$73.9m. Declines in sales volume (-US$14.0m), changes relating to consolidation (-US$5.4m) as well as changes in the exchange rate (-US$8.6m) reduced turnover of the business division by US$28.0m. This negative effect could only partially be offset by higher average prices (+US$14.0m). As a consequence of the turnover decline and cost increases that occurred, adjusted EBITDA also almost halved to US$8.6m.

In the architectural business division, turnover at US$75.4m remained virtually stable vis à vis the preceding year because the decline in sales volume (-US$9.8m) could be offset by price increases (+US$9.9m). Adjusted EBITDA nevertheless declined to US$0.1m. The North America residential business division again distinguished itself by achieving a turnover increase of 23.2% to US$607.8m and adjusted EBITDA to the amount of US$125.0m. Group turnover in the second quarter consequently increased by 15.0% to US$761.9m (volume: -US$7.6m, consolidation: -US$5.4m, price: +US$127.4m, exchange rate: -US$12.8m). Adjusted EBITDA, at US$118.1m, exceeded the preceding year’s figure, resulting in a margin of 15.6%.

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