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%.
