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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%.
Revenue by Segment
Revenue by Geographic Location
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%.
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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