MasterBrand (MBC) Q4 FY2023 earnings: revenue $677 million, down 13.7% on the year

MasterBrand, Inc. (MBC) reported revenue of $677 million for Q4 FY2023, the quarter ended 31 December 2023, down 13.7% on the same quarter a year earlier. Net income was $36 million, up 134.4% on the year, and diluted earnings per share $0.28. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue$677 milliondown 13.7%

Net income$36 millionup 134.4%

Diluted EPS$0.28

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	677	677	n/a	n/a
Cost of revenue	454	440	n/a	n/a
Gross profit	223	238	n/a	n/a
Gross margin	32.9%	35.1%	n/a
Selling, general and administrative	152	140	n/a	n/a
Operating income	61.0	92.2	n/a	n/a
Operating margin	9.0%	13.6%	n/a
Interest expense	15.3	15.3	n/a	n/a
Pre-tax income	43.2	77.9	n/a	n/a
Income tax	7.1	18.2	n/a	n/a
Effective tax rate	16.4%	23.4%	n/a
Net income	36.1	59.7	n/a	n/a
Net margin	5.3%	8.8%	n/a
Diluted EPS	$0.28	$0.46	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	69.1	142	n/a	n/a
Capital expenditure	35.9	10.0	n/a	n/a
Free cash flow	33.2	132	n/a	n/a
Free cash flow margin	4.9%	19.6%	n/a
Cash from investing	-35.8	-9.9	n/a	n/a
Cash from financing	-7.8	-120	n/a	n/a
Depreciation and amortisation	17.8	15.5	n/a	n/a
Share-based compensation	4.6	4.3	n/a	n/a
Buybacks	6.4	11.5	n/a	n/a
Diluted shares, weighted	130m	130m	n/a	n/a
Shares outstanding at period end	127m	127m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,194	1,156	n/a	n/a
Debt	712	699	n/a	n/a
Operating lease liabilities	46.3	48.4	n/a	n/a
Other liabilities	429	474	n/a	n/a
Total liabilities and equity	2,382	2,378	n/a	n/a
Fixed assets	357	342	n/a	n/a
Goodwill	925	925	n/a	n/a
Intangible assets	336	338	n/a	n/a
Cash and equivalents	149	122	n/a	n/a
Receivables	203	234	n/a	n/a
Inventory	250	269	n/a	n/a
Other assets	163	148	n/a	n/a
Total assets	2,382	2,378	n/a	n/a

Questions

What was MasterBrand's revenue in Q4 FY2023?

MasterBrand (MBC) reported revenue of $677 million for Q4 FY2023, the quarter ended 31 December 2023, down 13.7% on the same quarter a year earlier.

How much did MasterBrand earn in Q4 FY2023?

Net income for Q4 FY2023 was $36 million, up 134.4% on the year, and diluted earnings per share $0.28.

When did MasterBrand report Q4 FY2023 results?

MasterBrand filed its 10-K for the year that ended with the quarter on 27 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	677	677	638	676	718	668	660	731	699	645	618	815
Cost of revenue	440	454	433	446	480	464	458	491	481	477	461	610
Gross profit	238	223	205	231	238	203	202	240	218	168	157	206
Gross margin	35%	33%	32%	34%	33%	30%	31%	33%	31%	26%	25%	25%
SG&A	140	152	138	147	166	152	154	159	168	187	156	217
Operating income	92.2	61.0	62.8	77.8	57.6	37.5	37.1	67.3	41.7	-27.1	-18.5	-27.8
Operating margin	14%	9%	10%	12%	8%	6%	6%	9%	6%	-4%	-3%	-3%
Interest expense	15.3	15.3	14.1	20.6	20.0	19.3	19.4	18.9	18.2	17.6	18.4	20.8
Pre-tax income	77.9	43.2	49.0	60.1	39.4	19.8	17.3	49.0	23.4	-43.4	-36.1	-48.5
Tax rate	23%	16%	23%	25%	26%	29%	23%	24%	23%	n/a	n/a	n/a
Net income	59.7	36.1	37.5	45.3	29.1	14.0	13.3	37.3	18.1	-42.0	-15.4	-57.6
Net margin	9%	5%	6%	7%	4%	2%	2%	5%	3%	-7%	-2%	-7%
Diluted EPS	$0.46	$0.28	$0.29	$0.35	$0.22	$0.11	$0.10	$0.29	$0.14	-$0.33	-$0.12	-$0.38
Operating cash flow	142	69.1	18.7	77.4	80.8	115	-31.4	84.8	55.4	86.9	-133	139
Capital expenditure	10.0	35.9	7.0	11.3	16.3	46.3	9.8	18.1	15.9	34.4	13.2	10.2
Free cash flow	132	33.2	11.7	66.1	64.5	68.8	-41.2	66.7	39.5	52.5	-146	129
Buybacks	11.5	6.4	1.6	4.9	0.0	0.0	11.4	6.7	0.0	0.0	0.0	0.0
Shares outstanding	127m	127m	127m	127m	127m	128m	127m	127m	127m	127m	128m	203m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 27 February 2024, accession 0001941365-24-000021: the filing on EDGAR. All of MasterBrand, Inc.'s filings: EDGAR company page.

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