Masonite International Corporation (NYSE:DOOR) Q1 2023 Earnings Conference Call May 9, 2023 9:00 AM ET

Company Participants

Rich Leland - Vice President of Finance and Treasurer

Howard Heckes - President & Chief Executive Officer

Russell Tiejema - Executive Vice President & Chief Financial Officer

Chris Ball - President of Global Residential

Conference Call Participants

Michael Rehaut - JPMorgan

Ryan Frank - RBC Capital Markets

Joe Ahlersmeyer - Deutsche Bank

Noah Merkousko - Stephens

Steven Ramsey - Thompson Research Group

Jay McCanless - Wedbush

Operator

Welcome to Masonite's First Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, that this conference call is being recorded.

I would now like to turn the call over to Rich Leland, Vice President, Finance and Treasurer.

Rich Leland

Thank you and good morning, everyone. We appreciate you joining us for today's call. With me here this morning are Howard Heckes, President and Chief Executive Officer; and Russ Tiejema, Executive Vice President and Chief Financial Officer. Also joining us today for Q&A is Chris Ball, our President of Global Residential. We issued a press release and earnings presentation yesterday reporting our first quarter 2023 financial results. These documents are available on our website at masonite.com.

Before we begin, let me remind you that this call will include forward-looking statements. Each forward-looking statement contained in this call is subject to risks and uncertainties that could cause actual results to differ materially from those projected in such statements. Additional information regarding these factors appears in the section entitled Forward-Looking Statements in the press release we issued yesterday. More information about risks can be found under the heading Risk Factors in Masonite's most recently filed annual report on form 10-K and our subsequent from 10-Q which are available at sec.gov and at masonite.com. The forward-looking statements in this call speak only as of today. And we undertake no obligation to update or revise any of these statements. Our earnings release and today's discussion include certain non-GAAP financial measures. Please refer to the reconciliations which are in the press release in the appendix of the earnings presentation. Our agenda for today's call includes a business overview from Howard, followed by a review of the first quarter financial results from Russ and then Howard will provide some closing remarks and will begin the question-and-answer session.

And with that, let me turn the call over to Howard.

Howard Heckes

Thanks, Rich. Good morning and welcome, everyone. Beginning on Slide 4; I'm pleased to report that Masonite is off to another solid start in 2023. First quarter net sales and adjusted EBITDA came in ahead of our expectations although down year-on-year given softer end demand and versus the exceptionally strong first quarter we had last year. Order volumes remained stable through the quarter and early success on our 2023 playbook initiatives further supported our Q1 adjusted EBITDA.