Masonite International Corporation (NYSE:DOOR) Q4 2022 Results Conference Call February 24, 2023 9:00 AM ET

Company Participants

Rich Leland - Vice President of Finance and Treasurer

Howard Heckes - President and Chief Executive Officer

Russ Tiejema - Executive Vice President and Chief Financial Officer

Chris Ball - President, Global Residential

Conference Call Participants

Mike Dahl - RBC Capital Markets

Noah Merkousko - Stephens

Steven Ramsey - Thompson Research Group

Tim Wojs - Baird

Operator

Welcome to Masonite's Fourth Quarter 2022 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. Please go ahead, sir.

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 fourth quarter 2022 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 Form 10-Qs, 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 and the appendix of the earnings presentation. Our agenda for today's call includes a business overview from Howard, followed by a review of the fourth quarter results by Russ. And then Howard will provide some closing comments, and we'll begin a question-and-answer session.

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

Howard Heckes

Thanks, Rich. Good morning, and welcome, everyone. Turning to Slide 4. We I'm pleased to report that 2022 was another year of significant growth for Masonite. Full year consolidated net sales increased 11% year-over-year, while adjusted EBITDA was up 8%. Adjusted EPS grew 19%, driven by both an increase in earnings as well as the impact of share buybacks executed throughout the year. We also delivered a 400 basis point improvement in return on invested capital, reaching an impressive 18%.