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Jul 01, 2023
JELD-WEN Q2 2023 Earnings Report
JELD-WEN's second quarter performance in 2023 reflected solid results and updated full-year guidance.
Key Takeaways
JELD-WEN reported a decrease in net revenues by 4.5% driven by a decline in Core Revenue, but achieved year-over-year improvements in both margin and cash flow. The company completed the sale of its Australasia business and is raising its full-year guidance to reflect the solid second quarter results.
Net revenues from continuing operations decreased 4.5% due to a decline in Core Revenue.
Net income from continuing operations was $22.5 million, compared to $35.0 million in the same quarter last year.
Adjusted EPS from continuing operations was $0.44, compared to $0.45 in the same quarter last year.
Adjusted EBITDA from continuing operations increased to $108.9 million with a margin increase of 50 basis points year-over-year to 9.7%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
JELD-WEN is raising its guidance to reflect the solid second quarter performance. The Company now expects 2023 net revenue of $4.2 to $4.4 billion and Adjusted EBITDA from continuing operations to be within the range of $350 to $370 million.
Positive Outlook
- Solid price/cost results
- Ongoing cost reductions
Challenges Ahead
- Continued macroeconomic uncertainty
- Weak demand across our markets
- Low double digit decline in volume/mix across its portfolio of products and geographies in North America and Europe.
- Core Revenues are forecasted to be down 4% to 8% as price realization partially offsets lower market demand.
- Lower year-over-year volumes and a reduction in other income
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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