MasterBrand Q3 revenue tops estimates, but EPS misses

NEW YORK - MasterBrand, Inc. (NYSE:MBC) reported third quarter revenue that beat analyst expectations, though earnings fell short of estimates. The cabinet manufacturer also reiterated its full-year outlook.

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

The company said the revenue increase was driven by 9% growth from its Supreme acquisition, partially offset by a 3% decline in average selling prices. Volume and foreign exchange had no impact on the year-over-year performance.

Gross profit margin decreased 200 basis points to 33.1%, which the company attributed to lower average selling prices, personnel and freight inflation, and the absence of one-time benefits from the prior year period. This was partially offset by cost savings initiatives.

"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," said CEO Dave Banyard.

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

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com