MasterBrand Sees Net Sales YoY Decline Of Mid Teens Percentage In Q4 2023
Benzinga Newsdesk 3 years ago
NewsGuidance
2023 Financial OutlookThe Company expects:Net sales year-over-year decline of mid teens percentage in the fourth quarter of 2023Adjusted EBITDA1,2 in the range of $370 million to $380 million, with related adjusted
2023 Financial Outlook
The Company expects:
- Net sales year-over-year decline of mid teens percentage in the fourth quarter of 2023
- Adjusted EBITDA1,2 in the range of $370 million to $380 million, with related adjusted EBITDA margins1,2 of roughly 13.5 to 14.0 percent for the full year 2023
The Company is increasing the midpoint of its full-year adjusted EBITDA1 outlook by $20 million based on stronger than expected performance in the third quarter of 2023. This outlook includes the remaining insurance proceeds received related to the Company's claim in the second quarter for damages resulting from the impact of a tornado at its Jackson, Georgia production facility. Net sales outlook remains unchanged for the remainder of the year as the Company continues to expect softer end market demand in 2023.
"Given our financial performance in the third quarter and continued operational excellence, we are raising our adjusted EBITDA1 and related margin outlook for the full year 2023," said Andi Simon, Executive Vice President and Chief Financial Officer. "We are extremely pleased with the savings generated by our strategic initiatives to date, and we believe further investments can yield incremental savings in future periods."