Jeld-Wen Reports Earnings That Beat Estimates

11/7/17

Jeld-Wen Holding Inc., a door and window manufacturer, reported third- quarter earnings that beat analyst expectations, according to a filing with the Securities and Exchange Commission.

The Charlotte-based company reported net income of $51.3 million, or 55 cents per share, an 11.3 percent increase from $46.1 million in the same quarter a year ago. Jeld-Wen beat analyst expectations of 52 cents per share.

Adjusted EBITDA net income was $128.2 million, or 47 cents per share.

“We are pleased to deliver core revenue growth in all three reporting segments and we are encouraged with the overall demand environment in our markets,” CEO Mark Beck said in a statement.

“Additionally, we delivered another consecutive quarter of earnings growth and margin expansion, while overcoming the impact of operational headwinds in specific product lines. We are enthusiastic about our recent acquisitions, which align to our strategy and are financially accretive.”

Jeld-Wen agreed to acquire the Domoferm Group on Oct. 12 and the Kolder Group on Sept. 1 for undisclosed amounts. The company has completed 10 acquisitions in the past two years.

Net revenues for the third quarter was $991.4 million, an increase of $58.9 million, or 6.3 percent, compared to $932.5 million for last year’s third quarter.

Jeld-Wen updated its 2017 outlook and expects net revenue growth between 2 percent and 4 percent, compared to the previous range of 1.5 percent to 3.5 percent. The adjusted outlook resulted from recently closed acquisitions.

Company shares are currently trading at $34.75 a share, down 57 cents, or 1.61 percent, from Monday’s close.

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