$MBC reports profitable growth, expanded gross margin in Q4 2022 financial results.
Mar 7th 2023, 9:07 pm
Analyst Summary: MasterBrand reported its fourth-quarter and full-year 2022 financial results, with net sales growing 5% and 15% YoY, respectively. The gross profit margin expanded significantly to 27.4% in Q4 and 28.7% in the full year, thanks to profitable growth that outperformed the underlying market. While net income decreased 56% YoY to $15.4 million in Q4, President and CEO Dave Banyard had confidence in the company's ability to continue creating value for all stakeholders. The company's strategic initiatives, such as Align to Grow and Tech Enabled, enabled a growth in adjusted EBITDA to $97.8 million in Q4, a 350 bp expansion from the prior year. Looking forward, the company expects to continue outperforming the market, despite lower backlog impacting net sales performance in Q1 2023. Overall, the CEO affirms that the company has positioned themselves well to deliver strong financial results for the near- and long-term.