Q2 2024 MasterBrand Inc Earnings Call Transcript
Key Points
- MasterBrand Inc (MBC) delivered adjusted EBITDA of $105 million in the second quarter, with a margin of 15.5%, which is a 20 basis point increase from the previous year.
- The acquisition of Supreme Cabinetry Brands is expected to enhance MasterBrand's portfolio with complementary products in the premium kitchen and bath categories.
- MasterBrand Inc (MBC) successfully restructured its debt, resulting in improved financial flexibility and lower cost of capital.
- The company reported strong free cash flow of $66 million for the quarter, despite a year-over-year decline.
- MasterBrand Inc (MBC) continues to benefit from its strategic initiatives, particularly the Align to Grow program, which has helped the company perform at or above market conditions.
- Net sales in the second quarter of 2024 were $677 million, a 3% decline compared to the same period last year.
- The repair and remodel market showed continued softness, impacting overall sales performance.
- Personnel inflation and strategic investments negatively impacted margins, despite cost-saving initiatives.
- The company anticipates certain costs to increase for the remainder of the year, leading to the implementation of price increases.
- MasterBrand Inc (MBC) experienced choppiness in orders, particularly in the repair and remodel market, indicating consumer hesitancy.
Welcome back to MasterBrand's second-quarter 2024 earnings conference call. We appreciate your patience this afternoon following a brief severe weather delay due to a tornado warning in the Cleveland area. (Operator Instructions)
Please note that this conference call is being recorded. I would now like to turn the call over to Farand Pawlak, Vice President of Investor Relations, Treasury, and Corporate Communications.
Thank you and good afternoon.
We appreciate you joining us for today's call. With me on the call today are Dave Banyard, President and Chief Executive Officer; and Andi Simon, Executive Vice President and Chief Financial Officer. We issued a press release earlier this afternoon disclosing our second-quarter 2024 financial results. If you do not have this document, it is available on the Investors section of our website at masterbrand.com.
I would like to remind you that this call will include forward-looking statements in either our prepared remarks
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