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Sep 30, 2023
JELD-WEN Q3 2023 Earnings Report
Reported increased profitability and strong cash flows driven by actions to strengthen the foundation of the business.
Key Takeaways
JELD-WEN reported a decrease in net revenues by (5.5%) to $1,077.0 million, but net income increased to $16.9 million, or $0.20 per share. Adjusted EPS was $0.53, and Adjusted EBITDA increased to $105.7 million. The company is raising its full-year guidance for continuing operations to reflect its solid third quarter results.
Net revenues decreased (5.5%) driven by a (7%) decline in Core Revenue.
Net income was $16.9 million or $0.20 per share, compared to a net loss of ($45.1) million or ($0.53) per share during the same quarter a year ago.
Adjusted EPS was $0.53, compared to Adjusted EPS of $0.37 in the same quarter a year ago.
Adjusted EBITDA increased to $105.7 million, compared to $94.5 million during the same quarter a year ago with margin increasing by 150 basis points to 9.8%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
JELD-WEN is raising its guidance to reflect the solid third quarter performance. The Company now expects 2023 net revenue of $4.25 to $4.35 billion and Adjusted EBITDA from continuing operations to be within the range of $365 to $375 million.
Positive Outlook
- Solid third quarter performance
- Strong price/cost results
- Ongoing cost reductions
- Net revenue expected between $4.25B and $4.35B
- Adjusted EBITDA expected between $365M and $375M
Challenges Ahead
- Low double digit decline in volume/mix across its portfolio of products and geographies in North America and Europe.
- Lower market demand
- Uncertain operating environment will continue.
- Weaker demand
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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