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Dec 31, 2022
JELD-WEN Q4 2022 Earnings Report
Announced results for the quarter and year ended December 31, 2022.
Key Takeaways
JELD-WEN's fourth quarter net revenue increased by 3.5% to $1,331.4 million, driven by 9% core revenue growth, while net income decreased to $33.6 million, or $0.40 per share. Adjusted EPS was $0.47, and Adjusted EBITDA was $99.6 million with a margin of 7.5%. The company is taking actions to improve execution and address cost structure amidst softening demand in end markets.
Net revenue increased 3.5% to $1,331.4 million, driven by 9% Core Revenue growth.
Net income was $33.6 million, or $0.40 per share, compared to $42.1 million, or $0.45 per share, in the same quarter last year.
Adjusted EPS was $0.47, compared to $0.53 in the same quarter a year ago.
Adjusted EBITDA was $99.6 million, compared to $120.1 million during the same quarter a year ago, with margins contracting by 180 basis points to 7.5%.
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 expects 2023 net revenue of $4.5 to $4.9 billion which reflects a low double digit decline in volume/mix across its portfolio of products and geographies. Core Revenues are forecasted to be down 4-8% as carry-forward price realization partially offsets lower market demand. Further, the Company expects 2023 Adjusted EBITDA to be within the range of $360 to $400 million driven by lower year-over-year volumes and the non-recurrence of certain Other Income items partially offset by improved productivity and cost reductions.
Positive Outlook
- Carry-forward price realization partially offsets lower market demand.
- Improved productivity.
- Cost reductions.
- Capital expenditures are forecasted to be slightly higher year-over-year with approximately half focused on productivity activities
- Capital expenditures are forecasted to be slightly higher year-over-year with approximately the other half spent on maintenance.
Challenges Ahead
- Low double digit decline in volume/mix across its portfolio of products and geographies.
- Core Revenues are forecasted to be down 4-8%.
- Lower year-over-year volumes.
- Non-recurrence of certain Other Income items.
- Uncertainty regarding the future performance of the global economy, the continuing conflict in Ukraine, ongoing disruptions in global supply chains, and potential changes in raw material prices and other costs
Revenue & Expenses
Visualization of income flow from segment revenue to net income