JELD-WEN Holding, Inc. (JELD) Posts Q4 Revs of $973.2M

JELD-WEN Holding, Inc. (NYSE: JELD) reported Q4 revenue of $973.2 million versus the consensus estimate of $825.8 million.

• Net revenues for the fourth quarter increased by 9.2% to $973.2 million, driven by core growth of 5%. The Company defines core growth as the increase in net revenues, excluding the impact of foreign exchange and acquisitions completed in the last twelve months. Full year net revenues increased by 8.5% to $3.7 billion, with core growth contributing 3%.
• Net Income for the fourth quarter increased $212.7 million, to $233.0 million. Net Income for the full year increased $266.6 million, to $357.5 million.
• Adjusted EBITDA margin for the fourth quarter expanded 180 basis points to 10.6%.
• Full year adjusted EBITDA increased 26.7% to $394.1 million.
• Company expects continued growth in 2017 with an increase in net revenues of 1.5% to 3.5% and adjusted EBITDA of $435 to $455 million.

“We are pleased with the progress that we made in 2016, including our strong finish to the year as reflected in our fourth quarter results,” said Mark Beck, president and chief executive officer. “Our operational initiatives drove healthy growth in both net revenues and adjusted EBITDA. We expect this improvement to continue as we remain in the early stages of our business transformation and have solid momentum as we begin 2017. We are very excited about our recent initial public offering and the future of JELD-WEN as a public company. We believe JELD-WEN is well-positioned for continued success.”

Annual Outlook for 2017

For 2017, net revenues are expected to increase 1.5% to 3.5% from core growth while unfavorable foreign exchange impact on global net revenues is expected to offset the incremental net revenue contribution of 2016 acquisitions. Adjusted EBITDA is expected to be in the range of $435 million to $455 million. Capital expenditures are expected to be in the range of $90 to $100 million.

“Demand drivers and macroeconomic factors in our diverse global end markets look constructive as we enter 2017,” stated Beck. “Our annual outlook predicts continued margin expansion in 2017 by executing on the initiatives of our operating model, focusing on achieving savings through operational excellence programs and driving profitable revenue growth.”

For earnings history and earnings-related data on JELD-WEN Holding, Inc. (JELD) click here.

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