of to and ones your I Hey and today. and proud thank for reopen. to us reflect you staying hope acceleration of thank first welcome you are couldn't everyone loved XXXX joining on be our our broad-based I begins a the performance. the that world results as parts more all remarkable you safe which call quarter of
the business board. very Our performed strongly across
our performance housing growth. delivering growth. quarter of of year margin result points the This in by XXX company organic the total we stages XX.X% period basis exceptional execution to by over increased XX%. is increased the long-term in is market teams which early a sustainable believe of our double-digit the each XX% last sales For business earnings with increased and Operating per share
and very quarter ahead meaningfully a in Our market good stellar first a results strong were of XXXX. QX lapped
Importantly including agenda improvement strategic margin while initiatives. market-leading we drive our advancing continue to accelerating growth our
drive improvement industry-leading into favorable our what above-market in increasing complexity deployed customers Our drove category service continue growth operational and chain also consumers reduction while brands investment people. and on investment They Fortune gains allowed margin for These provide to and to the I business. to our future. cannot excellence management, results achieved supply best-in-class across about center continue Brands safety share year common This brands both of our the will us ago. focus one and which efficiency call skills powerful sustained we and the you including advantage introduced combination our This capabilities execution to wonderful and global innovation, operating leverage. be focus with XX
delivering continues a to safe. environment to Fortune of performance partners providers to service levels Our demonstrate that working high high-demand brings most while the proactively among in keep channel our is people reliable
the As local working on of across the its holding we've to XX our we efforts are on-site continued planning held to into teams our vaccination events moves access secure locations. pandemic employees to our workers. safe next Through keep our for by stages, or have efforts tirelessly nearly vaccines our
about also are the to and possible. record local make ensure highest our events rates pandemic communities local manufacturing and we've environment with said operating to I'm track ahead to vaccination in apply working Fortune of as adoption continuously learned and proud help national of be of the lot a type this with we'll which That stand improve those and continues out vaccine our lessons and are employers. benchmarks. to safety We engaging among employees their educating Brands during
stakeholders. Pat challenges are earnings to detail housing cash financial outperformance with have and momentum, navigating growth, market to able go sustainable will the successfully back for greater year. the leading continued our guidance be global and market our demand-driven and pursue we of brands long-term the our higher of for margin, into the later, we On growth flow for U.S. increased in expectations rates how our
time. market gains enable to to We continue our innovation, digital and favorable brands this incremental income up to accelerate make capacity. in and supply free improvement strategy to operating more capture and chain leverage investments Brands long-term strategic will will our This us our continue in cash Fortune opportunities advantage over share to increase
remarks to remainder Turning our of today. the
First, I results. from home additional what on takeaways quarter first market. color will seeing our I products drove the and key we're highlight the provide in will then discuss what
as outlook will Finally increased strength our as on the sheet Pat year. balance results, provide our guidance highlights thoughts our to around financial financial for and well liquidity
strong demand rate further the the to turning home on very fundamentals housing after market. XXXX. housing of Now has a and views our favorable Long-term of half remain products accelerated and for second
homes even several long period at US impacts and growth and the housing construction housing for new of faced of the as noted years has with has supply as for long the in rate a millions very over household the dynamic widely starts under into stock. will both environment persist reached construction kept home This updating choice it or a recurring to supply been time. activity we currently This remodel current not a with underbooked expect a aged of take formations. grown supply point where has come unwinding to imbalance This new demand consumers are new balance. booked up is has severely purchasing and As
brands powerful take advantage are we positions a positioned of remain A to strength the R&R will long-term construction tailwind growth to future. into our activity. leading and result, exposure channel combined with level uniquely for in our channel differentiated a with the new of As housing well
for to generation support persist. millennial The this into forces to need expansionary key demographic-driven the housing their move continues years. home-buying environment Additionally,
While pandemic on the Boomer Baby accelerated the of already is in that has favorable generation the and their is home. has were accordingly. age to The place value in trends adapting homes focus increased proposition and choosing place
and resulting US away benefits the Even the their of both also as expands living and the employers offices. further This shift seen employees allow and of this from work week workplace purchases optionality vaccinated continued the arrangements. demand second year vaccine majority have seen population from of in full rise. the a the is flexible employees more create for we've Moreover, will office of workspace home homes in distribution
lasting brands to likely and products are be capitalize positioned movement. to Our well on this
seem these driven robust to new to of and activity inventory Activity and by low rates. by construction. builders specifically very mortgage governed labor remains Turning and the source to only land, be effectively. attractive favorable Current pace materials ability demographics,
strongly that multi-year rising favorable sustainable growth demographics trajectory, create expansion. we home Although believe housing a will inventory might and uneven prices fuel
on into significant As I strong demand consumers and to supply leading aging repair to being home R&R homes older and homes as an With expanded refurbish projects has remains as housing are also improvement inventories stock. remodel projects modernized. very for outpacing purchased XXXX mentioned, spend activity
plumbing This all-time consumers home trillion is more strong today of indicating focus start amplified our the more example, double-digit while inflation this have of paid the For in on large that interest also businesses home our home the in point as trillion. the rising confidence $X on prices year for driving before supply an the homeowners anticipated years R&R. strength pandemic. of the ticket to a chains. segments increased is accounts to the we come. place as price saw XXXX saving cabinets and of Current under premium the sitting to other fact as gives increased driver are material R&R record investment forecast This home by and of persistent cost activity quarter building, levels we than severe the demographics levels us combination $X tailwind of for for equity enjoyment in significant than equity and Much first pressure expect been multi-functional rates, has of global housing in well attention in market and attractive favorable high growth
customers. pulling lever us are every to We available to our service
demonstrated, to consistent nature challenges overcome through As results. ability demand, delivery whether we our our of in prudent been have and has supply mitigate inflationary or
early margin execution the environment. organization to in capabilities we our us consistent the year brand across be in that market efficiency With in our increased innovation, for began on growth allowed matter on speak invest as quarter that our outlook driving backdrop performance fuel will thoughts objectives executed to XXXX. today, in both margin of financial to product having further growth our delivered you capabilities all programs, capacity Fortune sales continue including and in on quarter. from digital benefit expansions. As value the initiatives key the the the which again with Brands Consistent having our and and We once advantage continued we and strategy, the our for for accretion some created laser-focused of saw exceptional recent we stakeholder
to investment unfold as linear improvement expansions is discipline core cross-company even With and of our and contributed for XXXX maintain still behind an are prior ongoing outlook, drive pandemic improvement growth growth always to as these knowing investment above the and long-term our and initiatives so ahead margin are the well we we the priorities free performance margin consistent will key to to in way also that our as investment additional stakeholders. up not stronger in delivering improvement while strategies funds a in our accelerating deliver do schedule our have At same margin for Importantly, time, quarter. expectations.
with Now businesses let me Starting turn a for how and our long-term future. plumbing. positioning stronger to individual we are
margin, OI customer across investment Group in accelerated in XX% of sales operating quarter the all increased and US and business channels quarter strong year Our exclude Plumbing drove continued to of China and brands, notwithstanding isolate through first this plumbing These in the still quarter. leverage in XX%. markets. regions. plumbing growth a double-digit on experienced brands, The of we innovation of very the sales excess have service. impact XXXX's the first with resulting in Global outperform sales the XX% business, global sales to if We grew excess strong Even
Our and to Moen continues its win core adjacencies. products in brand
brand resonates leading intent and Our metrics key no with loyalty persistently show consumer. awareness, the purchase millennial
accolades we winning behind is our investing marketing and cutting-edge powerful campaign. more are Our
partner of smart no as a our into will and flow defining technology rolled future. now our humans significant made we as builder water in drive one line into profit and on-trend on combination distribution. out Our and increased share retail interact key technology progress the also advanced with We growth the and way designs leads
expanded network KBIS the show. our monitor, with and also which Sump accolades Flo by We Pump Moen Moen's digital CES at home prestigious smart further won
on plumbing investment will service levels product brand in of the sustained unrelenting for perpetuate brand. delivery innovation, cycle continue channel America's focus leading outperformance and Our with North to and
of continues service outperform and category China expansion, our to through levels providing product high customers. channel market Moen its Additionally, and while quality to
of double-digit channels quarter XXXX pre-COVID versus their grew our All levels. first
are increased We China investment a our seeing have rolled out to very in campaign. brand and response strong
and in plumbing resonates continued Europe. their rolling and The luxury with and strong who showroom Rohl restrictions collections these in excess are positioning balance globally, and of customize of in the XX% is own authentic despite bathroom US designs. kitchen Canada brands and consumers lockdowns the leveraging sheets to capacity their Finally, were of House elevate
in operating XXX points which very Outdoors by our With but Sales exclude XX% a work by than from Fortune portfolio growth These the work more time growth increased growth. fit business and XX.X%. with were XX% and LARSON and decking is in impressive exceptional schedule driven at Turning in team security synergies family. at doors of Brands announced to good sales, to and and results our to our acquisition, do, exceptional came respect across as expectation integrating LARSON, we addition of at proving we wonderful teams strong over growth LARSON and be synergies. hard There increased our execution are the The double-digit is capturing to to are the thought continued the segment. & to transaction. ahead are recent this our we over or Security. basis Organic expected an by margin better
decking. board to our share from increasing other of Turning impressive some the we decking but not grew decking only winter lumber in to composite during Fiberon that normally has Similar to seasonal XX%, feat products. brand is in take period excess continued an continue strengthening. selling. includes makers, Momentum
materials. positions contributing heavily with our for the Engineered greater to eco-friendly branded value choosing as commodity in wood of distribution add in to equation We moderates, double-digit and on fueled robust lumber the from leveraging material negligible, construction trends including new deeply in wholesale cost by expansion differential the even as demand wood experienced inflationary line ramped developed proposition decking across favor weigh quarter, to capacity innovation. capabilities and Our to lumber percent and much Sales POS engineered pricing as during retail Materials. and growth midyear Engineered strong growth number between and market through we That our long-term over investment recycled is customers said, continue outdoor track the last increased long-term the in thesis Materials remain living doors conversion advantage confirmed year, continues Fiberon. on double-digit in price Fiberon will will benefit quarter, a to the continue improve pressure legacy brand the branding channel. drive activity higher-performing top up to coupled in our brands be over growth as leveraging housing, With of
benefits construction new supply while working chain and single-family is results advantaged Much at demand, Fiberon, are increasing hard team Our increasingly more well-ahead exposure These consumers outdoor exterior and and cost our or driving business to to the conversion supply Therma-Tru realizing traditional our challenges. continue tailwinds is used navigating like of the the in of living. will doors engineered materials power products market. doors
category technologically-driven have as in set and skins coatings Our the ability new the number customize design exterior the where and tools have we performance deepened position door to one innovation expanded functionality and and opportunity through our this product brand.
and further security. progresses performance Turning is markets Lock open. leadership. new to demonstrate Sales improved it to grew transformation this its past quarter continue as continuing commercial under international as Master to its
Fortune to margin advantage employing, operating growth capabilities security operations are our improvement. We and within drive Brands
versus the securities fact, in to contributed past ago. margin In success of performance segment the this overall progression a year quarter
cabinets. to turning Finally,
across double team, row strong in growth in expanded the the impressive cabinets With bigger XXX delivered off lines product grew digits activity improvement ticket Sales prior a R&R a Having strong Our again, year new margin third basis quarter excellent performance as points low margins results construction strong and new quarter. single-family increased. operating for as year points, seasonally QX ago. was year construction to price over XX.X%. produced last all of a at by
both increasing cabinets continues past top-line business way years we our work over at and look view demonstrate Our our opportunities. at changed operations to how leading considerably few We've future the produces hard our market margins. performance the current
imports, and our resiliency increased work both operating business. commonization scalable building lead global leverage share We're with in network times. adding cost-effective which and and press in and flexibility our Our winning platform is both a seeing spectrum. at at the and and coming are of ends market longer across driving a chain cost against best-in-class fragmented the at growth We're to We're higher low-cost supply service. against domestic simplification
housing our value late Our extremely innings we nice cabinets in first In our in the quarter capitalize price well demand past performance reaccelerates. per growth delivered by strong the categories. points make-to-order market plant in the make-to-order return a we as both In U.S., materializes. business, led wherever now premium that are our and double-digit in business to Canada this the quarter, trends price positions and seeing to
for dealer deliver continues best-in-class network us. Our to
omni-channel while Additionally to share our we grid in cabinets, investments accelerating value continue and operations opportunities cabinet e-commerce. team offerings. price is Within optimizing exploring is and new our gain our
Mexico, quarter, value-priced was the considerable products. and widespread demand new as of and in as on-time our Mantra made builder, in other We the During investments surging opening cabinets the dealer demand capacity with in and in in value quarter across retail facility see channels. Southeast progress distribution well
market with XXXX, for product. previously in expect importers addressed lead which the breakout line time We another serves Mantra year short our stylish, by
Our the is opportunity on last doing they has and few increased team and the continuing advantaged so win an pursuing replatformed share to the have in ahead it figure More cabinet is by team with that market years. over lies demonstrated base. cost and same the tenacity
entertaining challenges or world connection We well In within journey not to home. tirelessly the mid-teens deliver The whether we margins. risks, of between a and and of health take fulfilling teams or human summary, family. goal pride people's drive our our purpose, of to be is on impact safety otherwise. it lives provides The quality the comfort, our center are the deeper our for on our And without relationships business long-term great home. respite cabinets to protection, is home our dreams work in on generally friends work, or forming school,
comes met of in the day. and innovation our We are home. to the people central brands every private role through, our And role
safety challenging the improve social around to are initiatives, to filling our raise diversity low of the I to recently leading ourselves report. our supply encourage homes, environmental with of ESG it's lives committed our demographics, its of continually responsible us and dreams demand attractive Whether strong equity we bar. to or long-term a to multiyear environmentally is help through visit you, governance home, for to released efforts. part our and our the doing record houses. website company addition and products, tailwind expect In inclusion see to those Combined we
fold As long demand of share, we with in the record. expect and ahead market to continue supply, to severe that expands our consistent the track take gap housing scale to
continuously this our any market may of of By premium portfolio is way. creation of than team, at expansion positions innovative the our actions capture to powerful intend sheet, we heart own to while leading the to for we broader managing uniquely upside Our to multi-year our continue the exceptional and channel leveraging business ever the this our that products channel and positioned exposure resilience, volatility targeted come before. drive brands, and value With balance our stakeholders. strong accelerated are improve
to Our our invest business, for increased long-term. to we while reflects updated XXXX leverage strength the improved of with growth and the continue robust outlook and translating operating margins,
continue challenges offsetting We expect markets to to and supply even results. fully beyond, outperform and to in while inflation XXXX our produce stronger chain
balance drive powerful to us continue value positions sheet our incremental to creation. addition, In
excited, turn will results. With accomplish. our the call Pat? can speak that, people, I We to Pat, world-class are brands will financial and what for over who our to
