JELD-WEN Holding, Inc. (JELD) Misses Q2 EPS by 12c, Revenues Beat; Lowers FY18 Adj. EBITDA Views

JELD-WEN Holding, Inc. (NYSE: JELD) reported Q2 EPS of $0.45, $0.12 worse than the analyst estimate of $0.57. Revenue for the quarter came in at $1.17 billion versus the consensus estimate of $1.16 billion.

Second Quarter Summary:

• Net revenues for the second quarter increased 23.6%, driven primarily by a 19% increase from acquisitions and 3% from core growth
• Net income for the second quarter was $35.5 million, a decrease of $11.3 million
• Diluted earnings per share (\"EPS\") for the second quarter was $0.33, a decrease of $0.10 and adjusted EPS amounted to $0.45, a decrease of $0.06
• Adjusted EBITDA for the second quarter was $135.0 million, an increase of $9.6 million
• Cash used for share repurchases in the second quarter totaled $47.0 million for 1,643,917 shares
• Updated outlook for full year 2018 includes net revenue growth of 16% to 18% and adjusted EBITDA of $500 million to $520 million

“In the second quarter JELD-WEN grew revenues by 23.6% through contributions from recent acquisitions and core growth, while our operating results were challenged by a difficult inflationary environment. As we move into the second half of 2018, we will gain momentum as we execute on our near-term priorities such as improving service levels for our customers, driving cost out of our business, and remaining disciplined with both pricing and share,” said Gary S. Michel, president and chief executive officer. “Based on my initial assessment of JELD-WEN since assuming the CEO role in June, I am confident that we have the right strategy, operating model, and talent already in place. I see substantial opportunities in all three segments for core growth, margin improvement, and bolt-on M&A as we create shareholder value and continue to make progress towards achieving our long-term financial and strategic targets."

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

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