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Sep 24, 2022
JELD-WEN Q3 2022 Earnings Report
Reported third quarter results with revenue increase driven by core revenue growth and adjusted EBITDA increase, but experienced a GAAP net loss due to goodwill impairment and other charges.
Key Takeaways
JELD-WEN Holding, Inc. reported a 13.0% increase in net revenue for the third quarter of 2022, driven by an 18% core revenue growth. However, the company experienced a GAAP net loss of $33.2 million, or $0.39 per share, compared to a net income of $40.5 million, or $0.41 per share, in the same quarter last year. Adjusted EPS was $0.71, compared to $0.45 in the same quarter a year ago. The company has updated its outlook for full year 2022 adjusted EBITDA to be between $400 million and $420 million.
Net revenue increased by 13.0% driven by 18% core revenue growth.
GAAP net loss was $33.2 million or $0.39 per share, compared to net income of $40.5 million or $0.41 per share during the same quarter a year ago.
Adjusted EPS was $0.71, compared to adjusted EPS of $0.45 in the same quarter a year ago.
Adjusted EBITDA increased 17.9% to $116.5 million; adjusted EBITDA margins expanded 40 basis points to 9.0%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company has updated its outlook for full year 2022 adjusted EBITDA to be between $400 million and $420 million and expects full-year 2022 capital expenditures to be within a range of $85 million to $95 million.
Positive Outlook
- Net revenue guidance is unchanged, with net revenues still expected to increase by 4% to 6%.
- Full year 2022 capital expenditures are expected to be within a range of $85 million to $95 million.
Challenges Ahead
- Adjusted EBITDA is updated to a range of $400 million to $420 million from the previous outlook of $430 million to $450 million.
- The primary drivers to lower earnings compared to the previous outlook include persistent inflation and reduced savings from productivity.
- Uncertainty regarding the future performance of the global economy.
- Continuing conflict in Ukraine.
- Ongoing disruptions in global supply chains.
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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