The following is a summary of the MasterBrand Inc. (MBC) Q4 2023 Earnings Call Transcript:

Financial Performance:

• MasterBrand Inc. reported Q4 net sales declining to $677 million due to softer end-market demand.

• The company's Q4 adjusted EBITDA was $86 million, marking a slightly improved margin of 12.7%.

• MasterBrand achieved $50 million in savings from continuous improvement efforts.

• Q4 free cash flow was stronger than expected at $33 million; full year free cash flow was at $348 million, surpassing net income.

• Gross profit rose to $223.1 million, a 3.8% increase, and gross profit margin expanded to 32.9%.

• The company saw a considerable 134.4% year-over-year increase in net income, reaching $36.1 million for Q4.

• Diluted earnings per share rose to $0.28 in Q4, up from $0.12 the previous year.

• Full-year performance featured $2.7 billion in net sales, $901.4 million gross profit, and $182 million net income.

• Liquidity was robust, ending the year with $148.7 million in cash and $480.2 million available on their revolver.

Business Progress:

• Strategic initiatives like 'Align to Grow' and 'Lead Through Lean' led to significant supply chain and productivity savings.

• Implementation of technology to inspect products improved the Quality Management Process.

• A new customer portal, MasterBrand Connect, was launched to facilitate a more convenient buying experience.

• The company plans increased investment in business operations in 2024 to meet rising demand.

• Expectations for 2024 indicates a low-single digit market demand decrease, due to current rate trajectory and a long-term gap in housing supply.

• There's a focus to achieve an OSHA recordable rate of zero, an improvement from the current 0.84.

• The company is actively engaging with regulatory bodies on tariffs and continues to monitor transportation scenarios.

• Despite strong competition, MasterBrand Inc. remains confident with product lines such as Mantra growing significantly.

• The company continues to develop product offerings in line with feedback.

• Additional investments worth $20 million are being made into Tech Enabled initiative.

• Adjusted EBITDA guidance for 2024 is estimated between $370 to $400 million, with an EBITDA margin around 14% to 14.5%.

More details: MasterBrand IR

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