Masonite International Corporation (DOOR) swung to a net profit for the quarter ended Oct. 02, 2016. The company has made a net profit of $32.01 million, or $ 1.03 a share in the quarter, against a net loss of $16.28 million, or $0.54 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $27.60 million, or $0.89 a share compared with $19.63 million or $0.62 a share, a year ago.
Revenue during the quarter went up marginally by 2.94 percent to $489.65 million from $475.65 million in the previous year period. Gross margin for the quarter expanded 280 basis points over the previous year period to 21.20 percent. Operating margin for the quarter period stood at positive 9.34 percent as compared to a negative 2.60 percent for the previous year period.
Operating income for the quarter was $45.71 million, compared with an operating loss of $12.38 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $65.11 million compared with $50.51 million in the prior year period. At the same time, adjusted EBITDA margin improved 268 basis points in the quarter to 13.30 percent from 10.62 percent in the last year period.
"We delivered our tenth consecutive quarter of double digit adjusted EBITDA growth with positive performance in all three reportable segments. At 12.9%, our year to date adjusted EBITDA margin is the highest it has been since 2009," said Fred Lynch, president and chief executive officer. "Our strategic initiatives and purposeful investments are reflected in our solid performance."
Working capital increases marginally
Masonite International Corporation has recorded an increase in the working capital over the last year. It stood at $361.57 million as at Oct. 02, 2016, up 1.56 percent or $5.56 million from $356.02 million on Sep. 27, 2015. Current ratio was at 2.58 as on Oct. 02, 2016, up from 2.30 on Sep. 27, 2015.
Cash conversion cycle (CCC) has decreased to 52 days for the quarter from 78 days for the last year period. Days sales outstanding went down to 48 days for the quarter compared with 49 days for the same period last year.
Days inventory outstanding has decreased to 28 days for the quarter compared with 57 days for the previous year period. At the same time, days payable outstanding went down to 24 days for the quarter from 28 for the same period last year.
Debt remains almost stable
Total debt of Masonite International Corporation remained almost stable for the quarter at $470.67 million, when compared with the last year period. Long-term debt of MASONITE INTERNATIONAL remained almost stable for the quarter at $470.67 million, when compared with the last year period. Total debt was 31.62 percent of total assets as on Oct. 02, 2016, compared with 29.81 percent on Sep. 27, 2015. Debt to equity ratio was at 0.69 as on Oct. 02, 2016, down from 0.71 as on Sep. 27, 2015.
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