MBC
MasterBrand, Inc.11.50
-0.06-0.52%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms outlook, nuances mix and tariffs.
Q&A largely reaffirmed prepared remarks on mid-single-digit declines across new construction and R&R, with builders possibly weaker early due to starts pace before easier comps. Management pinned Q4 price deceleration on trade-down to opening price points and tariff mitigation timing lags amid competitive discounting. The $30 million cost reductions deliver full-year savings, annualized higher through structural cuts. Late-quarter residential weakness echoed prior-year November drop-off, offset by low-end volume but yielding factory inefficiencies. No walk-backs surfaced. Investors will watch tariff offset execution and spring demand signals.
Key Stats
Market Cap
1.46BP/E (TTM)
18.25Basic EPS (TTM)
0.63Dividend Yield
0%Recent Filings
10-K
FY2025 results
MasterBrand's FY2025 net sales edged up 1.3% to $2.73B, propped by $132M from a full year of Supreme acquisition, yet organic volumes plunged on soft R&R and new construction demand. Gross margins slipped to 30.3% from fixed cost leverage and tariffs, while SG&A ballooned 10.7% on bad debt charges and M&A costs, slashing operating income 49.5% to $119M. Q4 hammered profits with a $17M customer receivable hit. Operating cash flow halved to $196M; revolver drew down to $285M outstanding. $18M share repurchases signal confidence. Pending American Woodmark merger eyes early 2026 close. Housing downturns threaten demand momentum.
8-K
Q4 loss, cost cuts ahead
MasterBrand reported Q4 net sales down 3.5% to $644.6M amid mid-single-digit market decline, swinging to a $42M net loss from prior profit, with adjusted EBITDA margin contracting 580bps to 5.4% on volume drops, tariffs, and a $17.1M credit loss allowance. Full-year sales rose 1.3% to $2.7B, adjusted EBITDA fell to $298M. Cost actions target $30M savings in 2026; Q1 outlook sees mid-to-high single-digit sales drop. Tariffs hit hard early.
8-K
FTC issues Second Request
10-Q
Q3 FY2026 results
MasterBrand's Q3 FY2025 net sales dipped 2.7% y/y to $698.9M, reflecting softer unit volume across dealers and retailers, yet YTD sales rose 2.8% to $2,090.1M on Supreme's full-quarter contribution. Gross profit margins slipped to 31.2% from 33.2% y/y amid higher manufacturing costs and tariffs, driving operating income down 27.6% y/y to $41.7M and diluted EPS to $0.14 from $0.22 (reconciles to 129.5M diluted shares). Operating cash flow generated $108.8M YTD, yielding $65.0M free cash flow (derived); revolver drew to $265.0M from $320.0M with $461.9M available under $750M facility, total debt $954.1M. Supreme closed July 2024 for $527.3M cash, adding $203.4M goodwill and $259.2M intangibles (17.5-year customer relationships); American Woodmark merger announced August 2025, all-stock, expected early 2026 pending HSR clearance. Housing market softness persists.
8-K
Q3 sales dip, resilient margins
MasterBrand reported Q3 net sales down 2.7% to $698.9M amid mid-to-high single-digit market declines, yet price gains and builder channel share cushioned the blow. Gross margin slipped to 31.2% from fixed cost leverage and tariffs, while Adjusted EBITDA fell to $90.6M at 13.0% margin. Volumes hurt. Full-year outlook holds net sales flat, Adjusted EBITDA $315-335M.
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