MasterBrand reports Q1 EPS 18c, two estimates 22c

Reports Q1 revenue $660.3M, two estimates $660.8M. “End market demand was weaker than anticipated, as a slow start to the Spring selling season negatively impacted our customers servicing the new construction and the repair and remodel markets,” said Dave Banyard, President and Chief Executive Officer. “Softer demand put pressure on margins, as we continued to work on aligning production with the current environment, including execution of our Supreme integration plans and other facility consolidations. While we anticipate near-term pressure on margins, we believe these changes to our manufacturing network, along with further continuous improvement savings, proactive cost reductions, and thoughtful investment spending, will allow us to deliver competitive full year adjusted EBITDA margins.”