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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.
JELD-WEN
JELD-WEN
JELD-WEN Revenue by Segment
JELD-WEN Revenue by Geographic Location
Revenue by Segment
North America Revenue
CapyFin.comEurope Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comEurope Revenue
CapyFin.com 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