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JELD-WEN
🇺🇸 NYSE:JELD
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Jun 25, 2022

JELD-WEN Q2 2022 Earnings Report

Announced results for the second quarter of 2022, with net revenue increasing but profitability impacted by cost inflation and softening retail demand.

Key Takeaways

JELD-WEN reported a 6.8% increase in net revenue for Q2 2022, driven by core revenue growth, but experienced a decrease in net income and adjusted EBITDA due to significant cost inflation and softening retail demand in North America and Europe.

Net revenue increased 6.8% for the second quarter driven by 11% core revenue growth.

Realized 12% pricing to mitigate significant cost inflation.

Adjusted EBITDA decreased 15.1% in the second quarter to $125.8 million.

Repurchased 5.2 million shares in the first six months or approximately 6% of total shares outstanding at year-end 2021.

Total Revenue
$1.33B
Previous year: $1.25B
+6.8%
EPS
$0.57
Previous year: $0.59
-3.4%
Adjusted EBITDA
$126M
Previous year: $148M
-15.1%
Adjusted EBITDA Margin
9.5%
Previous year: 11.9%
-20.2%
Gross Profit
$244M
Previous year: $292M
-16.3%
Cash and Equivalents
$273M
Previous year: $618M
-55.9%
Free Cash Flow
-$201M
Previous year: $88.1M
-327.5%
Total Assets
$3.82B
Previous year: $4B
-4.7%

JELD-WEN

JELD-WEN

JELD-WEN Revenue by Segment

JELD-WEN Revenue by Geographic Location

Forward Guidance

JELD-WEN revised its 2022 outlook due to foreign exchange translation headwinds and market headwinds, lowering the adjusted EBITDA guidance while maintaining core revenue growth expectations.

Positive Outlook

  • Core revenue growth remains at approximately 10%.
  • Full year 2022 capital expenditures are expected to be within a range of $90 million to $110 million, compared to the previous outlook of $130 million to $150 million.
  • New share repurchase authorization to purchase up to $200 million of the company's common stock.
  • The company expects to fund repurchases through cash on hand and cash generated from operations.
  • Confident in strategy to deliver profitable growth and focused on operational excellence, world-class innovation and exceptional customer service.

Challenges Ahead

  • Revenue growth is revised to a range of 4% to 6% from a previous range of 7% to 10% due to foreign exchange translation headwinds.
  • Adjusted EBITDA is lowered to a range of $430 million to $450 million from previous outlook of $520 million to $565 million.
  • Significant cost inflation impacted profitability more than anticipated.
  • Softening retail demand in North America and Europe impacted profitability more than anticipated.
  • Market headwinds are likely to persist through year-end.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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