Shares of Masonite International Corp. DOOR, +1.42% rocketed 34% toward its best day in 15 years in premarket trading Friday, after the doors maker agreed to be acquired by construction materials company Owens Corning OC, +0.58% in a cash deal valued at $3.9 billion. Owens Corning’s stock tacked on 0.3% in the premarket. Under terms of the deal, Owens Corning will pay $133 for each Masonite share outstanding, which represents a 37.7% premium to Thursday’s closing price of $96.61 and is above the record clo ...

TOLEDO, Ohio & TAMPA, Fla.--(BUSINESS WIRE)--Owens Corning (NYSE: OC), a leader in global building and construction materials, and Masonite International Corporation (“Masonite”) (NYSE: DOOR), a leading global provider of interior and exterior doors and door systems, today announced they have entered into a definitive agreement under which Owens Corning will acquire all outstanding shares of Masonite for $133.00 per share in cash, representing an approximate 38% premium to Masonite’s closing share price on ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ FORM 10-Q ____________________________ ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 1, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-11796 ____________________________ Masonite International Corporati ...

Joseph Ahlersmeyer And you think about these products and you see some pictures and I encourage you to go to their website fleetwoodusa.com. This trend macro trend, indoor outdoor living, lights, security, et cetera these are premium luxury products that really supports that innovation. Two, it addresses a large patio door market that we play in today. Remember when we talked at Investor Day, we participated in the hinged patio door market. We don't play in the vinyl sliding market, which we feel is much mo ...

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Financial Performance - Net sales for Q2 2023 were $741.884 million, a decrease of 2.9% compared to $761.874 million in Q2 2022[14] - Gross profit for the six months ended July 2, 2023, was $348.858 million, down from $363.734 million in the same period last year, reflecting a decline of 4.1%[14] - Operating income decreased to $76.556 million in Q2 2023, down 14.2% from $89.216 million in Q2 2022[14] - Net income attributable to Masonite for Q2 2023 was $48.245 million, a decrease of 17.5% compared to $58.515 million in Q2 2022[14] - Basic earnings per share attributable to Masonite were $2.19 for Q2 2023, down from $2.60 in Q2 2022, representing a decline of 15.8%[14] - Net income for the six months ended July 2, 2023, was $88.4 million, a decrease of 30.9% compared to $128.1 million for the same period in 2022[20] - Adjusted EBITDA for the three months ended July 2, 2023, was $118.5 million, slightly up from $118.1 million in the same period last year[82] - Adjusted EBITDA for the six months ended July 2, 2023, was $224.6 million, down from $242.9 million for the same period in 2022[82] Assets and Liabilities - Total assets increased to $2.683 billion as of July 2, 2023, compared to $2.248 billion at the beginning of the year, marking a growth of 19.4%[16] - Long-term debt rose to $1.067 billion as of July 2, 2023, up from $866.116 million at the start of the year, an increase of 23.2%[16] - Cash and cash equivalents increased to $317.157 million as of July 2, 2023, compared to $296.922 million at the beginning of the year, a rise of 6.8%[16] - Total accrued expenses as of July 2, 2023, were $227.8 million, slightly up from $223.0 million on January 1, 2023, indicating an increase of about 2.5%[38] - Long-term debt, excluding the current portion, increased to $1,067.2 million as of July 2, 2023, compared to $866.1 million on January 1, 2023, representing a rise of approximately 23.2%[39] Cash Flow - Net cash flow provided by operating activities increased significantly to $217.8 million from $34.1 million year-over-year[20] - The company reported a net cash flow used in investing activities of $404.3 million, primarily due to the acquisition of businesses[20] - Cash, cash equivalents, and restricted cash at the end of the period totaled $328.7 million, up from $242.6 million at the beginning of the period[20] - Cash provided by operating activities was $217.8 million during the six months ended July 2, 2023, compared to $34.1 million in the same period of 2022, reflecting a $183.7 million increase[157] - Cash used in investing activities increased to $404.3 million, primarily due to a $354.4 million increase in cash used for the acquisition of Endura[158] Acquisitions and Strategic Initiatives - The company completed the acquisition of EPI Holdings, Inc. for approximately $408.1 million, aimed at enhancing its product offerings and growth potential[28] - The strategic acquisition of Endura for approximately $408.1 million is aimed at accelerating growth potential and enhancing product offerings[107] - The company is actively reviewing strategic alternatives for its Architectural segment, including a potential sale, which could lead to material impairment charges[32] - The company is continuously evaluating strategic acquisitions, divestitures, and joint ventures to enhance shareholder value[154] Expenses and Costs - The company reported restructuring costs of $3.065 million in Q2 2023, compared to a benefit of $0.061 million in Q2 2022[14] - Selling, general and administrative expenses increased to $98.7 million, or 13.3% of net sales, compared to 11.9% in the same quarter of 2022[109] - Interest expense related to consolidated indebtedness for the six months ended July 2, 2023, was $29.5 million, compared to $20.7 million for the same period in 2022, marking an increase of about 42.5%[39] - The company experienced lower end market demand and negative impacts from macro-economic conditions, including rising interest rates and unfavorable consumer sentiment[96] Market Performance - North American Residential segment net sales were $585.0 million, down $22.8 million or 3.8% from $607.8 million in the prior year, with a significant impact from lower base volume[114] - European segment net sales decreased by $7.9 million or 10.7% to $66.0 million, primarily due to lower demand in the UK market[115] - Architectural segment net sales increased by $12.4 million or 16.4% to $87.8 million, driven by a 24.4% increase in average unit price[116] Shareholder Returns - The company completed a $100 million accelerated share repurchase transaction in the second quarter of 2022, resulting in the repurchase of 1,167,765 common shares[77] - The company repurchased 327,668 common shares at an aggregate cost of $29.1 million during the six months ended July 2, 2023[160] - The company has $217.8 million available for repurchase under its share repurchase programs as of July 2, 2023[187]

So Trey, on that one, just as a reminder, our business is pretty evenly split between the RRR side as well as new construction. On the new construction side, which is mostly our wholesale business, that services that we see, the inventory position is relatively balanced. Trey Grooms Steven Ramsey So we are not expecting RRR to get any worse than it is now. It is just slightly worse than it was. So remember we said, that we thought new construction would be down20%, and we thought RRR would be down high sing ...

Financial Data and Key Metrics Changes - In Q1 2023, net sales were $726 million, flat compared to the previous year, driven by a 10% increase in average unit price (AUP) and an 8% benefit from the Endura acquisition, offset by a 16% decline in volume [75][76] - Adjusted EBITDA was $108 million, down 15% year-over-year, with an adjusted EBITDA margin of 19%, reflecting volume deleveraging and dilution from the Endura acquisition [57][76] - Gross profit decreased 7% year-on-year to $170 million, yielding a gross margin of 23.5% [55][76] Business Line Data and Key Metrics Changes - North American Residential segment net sales were $569 million, flat year-over-year, with organic net sales down 10% due to a 17% decline in volume [77] - The Architectural segment saw net sales increase 24% year-over-year to $88 million, driven by a 28% increase in AUP, with adjusted EBITDA improving to $5 million from a loss in the prior year [80] Market Data and Key Metrics Changes - U.S. housing starts were down 18% year-on-year, slightly better than the expected 20% decline, while retail point of sale (POS) in North America was down low double digits [16][10] - The U.K. housing market showed a 28% year-over-year decline in starts, with builders expecting completions to drop between 30% and 40% for the full year [10] Company Strategy and Development Direction - The company is focused on reducing its cost structure and preserving margins while selectively investing in strategic priorities for long-term growth [6][4] - The "Doors That Do More" growth initiatives aim to enhance competitive advantage through reliable supply, product leadership, and deeper customer engagement [5][12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about demand recovery, noting stable order volumes and potential green shoots for increased demand later in the year [28][41] - The company anticipates a full-year free cash flow of $220 million to $250 million, with a focus on working capital reductions [44][43] Other Important Information - The company repurchased approximately 169,000 shares for $15 million at an average price of $87.33 during the quarter [61] - The integration of Endura is expected to yield $8 million in cost synergies, with over half to be realized in 2023 [38][56] Q&A Session Summary Question: What are the trends observed in the first quarter? - Management noted that the first quarter results were generally in line with expectations, with better-than-expected pricing contributing positively [87] Question: How is the company addressing the weakness in retail POS? - Management acknowledged macroeconomic concerns affecting retail POS but remains confident that the year is playing out largely as expected [94] Question: What is the outlook for the Architectural segment margins? - Management indicated that the Architectural segment is performing better than expected, with a positive trajectory for margins [30][31]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ FORM 10-Q ____________________________ ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 2, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-11796 ____________________________ Masonite International Corporation ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ FORM 10-Q ____________________________ ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 2, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-11796 ____________________________ Masonite International Corporati ...