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Sep 29, 2024
MasterBrand Q3 2024 Earnings Report
MasterBrand's financial performance aligned with expectations, driven by operational excellence and the Supreme acquisition, despite market choppiness.
Key Takeaways
MasterBrand reported a 6.0% increase in net sales to $718.1 million, driven by the Supreme acquisition, but experienced a decrease in net income to $29.1 million and a decline in adjusted EBITDA margin to 14.6%. The company reiterates its 2024 financial outlook.
Net sales increased 6.0% year-over-year to $718.1 million, driven by 9% growth from the Supreme acquisition.
Net income decreased to $29.1 million, with net income margin declining to 4.1%.
Adjusted EBITDA margin decreased 160 basis points year-over-year to 14.6%.
Diluted earnings per share was $0.22, while adjusted diluted earnings per share was $0.40.
Forward Guidance
The Company reiterates prior expectations for full year 2024, anticipating year-over-year growth in net sales and profitability.
Positive Outlook
- Net sales year-over-year increase of low single-digit percentage
- Organic decline of low single-digit percentage
- Acquisition-related increase of mid single-digit percentage
- Adjusted EBITDA in the range of $385 million to $405 million
- Adjusted EBITDA margin of roughly 14.0% to 14.5%
Challenges Ahead
- Demand trends across R&R and new construction end markets will remain mixed for the balance of the year.
- Organic net sales performance is expected to be in line with the underlying market demand.
- Reiterates 2024 financial outlook
- Adjusted Diluted EPS in the range of $1.50 to $1.62
Historical Earnings Impact
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Avg. Return Before/After Earnings
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