Q3 2024 Masterbrand Inc Earnings Call Transcript
Key Points
- MasterBrand Inc (MBC) reported a 6% increase in net sales for the third quarter of 2024, driven by the acquisition of Supreme Cabinetry Brands.
- The company delivered strong free cash flow of $65 million in the third quarter, bringing the year-to-date total to $142 million.
- MasterBrand Inc (MBC) is seeing growth in the US single-family new construction market, with year-over-year market growth of mid-single digits.
- The integration of Supreme Cabinetry Brands is progressing well, with operational and commercial synergies being realized.
- Strategic initiatives such as Align to Grow, Lead through Lean, and Tech Enabled are driving efficiency and growth in targeted areas.
- Adjusted EBITDA margin contracted by 160 basis points to 14.6% due to timing of price realization and inflation in cost of goods.
- The repair and remodel market remains soft, with consumers hesitant to commit to large purchases due to economic and political uncertainty.
- Net income decreased by 51.3% compared to the same period last year, impacted by acquisition-related costs and higher interest expenses.
- The Canadian market remains weak, with challenges in housing affordability and new housing despite rate reductions.
- MasterBrand Inc (MBC) experienced a 3% decrease in its legacy business due to lower net average selling prices from seasonal promotions.
Greetings and welcome to the MasterBrand's third quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Farand Pawlak, Vice President of Investor Relations. Thank you, sir. You may begin.
Thank you. 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 third quarter 2024 financial results. If you do not have this document, it is available on the investor 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 or the associated question and answer session. These forward-looking statements are based on current expectations and market outlook,
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