Loading...
•
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%.
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
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