Every material Form 8-K MasterBrand filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
MasterBrand reported third-quarter 2024 results for the quarter ended September 29, 2024. Net sales rose 6% to $718.1 million, helped by the Supreme acquisition, while net income fell 51.3% to $29.1 million and diluted EPS fell to $0.22 from $0.46. The company reiterated its full-year 2024 outlook, which includes adjusted EBITDA of $385 million to $405 million, so shareholders face profit pressure with no change to guidance.
Net sales were $718.1 million, up 6%; the Supreme acquisition added 9% growth and lower average selling price reduced sales by 3%.
Diluted EPS was $0.22 versus $0.46 a year earlier; adjusted diluted EPS was $0.40 versus $0.49.
Full-year 2024 outlook reiterated: adjusted EBITDA of $385 million to $405 million and adjusted diluted EPS of $1.50 to $1.62.
Net debt was $953.9 million at September 29, 2024, and the company did not repurchase shares in the quarter.
MasterBrand reported second-quarter 2024 results on August 6, 2024, with net sales down 2.7% to $676.5 million and net income down 11.5% to $45.3 million from a year earlier. The company raised its full-year 2024 outlook after closing its $520 million net cash acquisition of Supreme Cabinetry Brands, but the filing says organic net sales are expected to decline by a low single-digit percentage.
Diluted EPS was $0.35 versus $0.39 a year earlier; adjusted diluted EPS was $0.45 versus $0.44, with the adjusted measure now excluding amortization.
2024 outlook: adjusted EBITDA of $385 million to $405 million and adjusted diluted EPS of $1.50 to $1.62.
Supreme Cabinetry Brands closed after the quarter ended, for a net cash payment of $520 million.
Operating cash flow was $96.1 million for the 26 weeks ended June 30, 2024, versus $194.0 million a year earlier; free cash flow was $77.8 million.
MasterBrand, Inc. completed its acquisition of Dura Investment Holdings LLC, the parent of Supreme Cabinetry Brands, on July 10, 2024, for $520 million in cash, subject to customary adjustments. The company expects $28 million in annual run-rate cost synergies by the end of year three and expects the deal to be accretive to adjusted diluted earnings per share within the first full year after closing.
Purchase price of $520 million in cash, subject to customary adjustments, completed on July 10, 2024
Expected annual run-rate cost synergies of $28 million by the end of year three, from procurement, facility optimization and overhead
Expected to be accretive to adjusted diluted earnings per share within the first full year after closing
Financial statements and pro forma information will be filed by amendment within 71 days after the 8-K due date
MasterBrand completed a $700.0 million private offering of 7.00% senior notes due 2032 and entered into a new $750.0 million revolving credit facility on June 27, 2024. The company said it will use the proceeds, along with revolver borrowings and cash on hand, to fund its previously announced acquisition of Supreme Cabinetry Brands, repay its existing term loan, and pay related fees. The new debt and secured credit terms add to the company's borrowing obligations, which shareholders should weigh against the pending acquisition.
Senior notes: $700.0 million principal, 7.00% interest, maturing July 15, 2032; net proceeds about $689.5 million
Revolving credit facility: 5-year, $750.0 million, with JPMorgan Chase Bank, N.A. as administrative agent
Proceeds to fund the Supreme Cabinetry Brands acquisition and refinance the existing credit agreement dated November 19, 2022
Credit agreement requires a net leverage ratio no higher than 3.50:1.00 through December 31, 2024, and 3.25:1.00 thereafter, subject to an acquisition step-up to 3.75:1.00
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every MasterBrand filing is on SEC EDGAR ↗. 8-K briefs of other companies →