MasterBrand, Inc. Reports Q3 Earnings

NEW YORK – MasterBrand, Inc. (NYSE:MBC) reported third quarter revenue that exceeded analyst expectations, although earnings fell short. The cabinet manufacturer reiterated its full-year outlook.

MasterBrand posted Q3 adjusted earnings per share of $0.40, missing the analyst consensus of $0.43. Revenue reached $718.1 million, surpassing estimates of $670.5 million and increasing by 6% year-over-year.

The revenue growth was propelled by a 9% increase from its Supreme acquisition, slightly offset by a 3% decrease in average selling prices. Volume and foreign exchange did not impact the year-over-year results.

Gross profit margin decreased by 200 basis points to 33.1%, attributed to lower average selling prices, personnel and freight inflation, as well as the absence of one-time benefits from the previous year. Cost-saving initiatives partly mitigated this decline.

CEO Dave Banyard stated, "We are pleased to announce that our third quarter financial performance was in-line with our expectations, as we continued to navigate choppiness in our end markets."

For the full year of 2024, MasterBrand maintained its outlook for adjusted EPS of $1.50 to $1.62, compared to the consensus estimate of $1.49. The company anticipates low single-digit percentage revenue growth for the year.

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