JELD-WEN Holding, Inc. (JELD) Misses Q3 EPS by 12c, Revenues Miss; Affirms FY18 EBITDA Outlook

JELD-WEN Holding, Inc. (NYSE: JELD) reported Q3 EPS of $0.40, $0.12 worse than the analyst estimate of $0.52. Revenue for the quarter came in at $1.137 billion versus the consensus estimate of $1.14 billion.

• Results were in line with preliminary results announced on October 15, 2018
• Net revenues for the third quarter increased 14.7% year over year to $1.137 billion
• Net revenue growth was driven primarily by a 17% contribution from acquisitions, partially offset by a 2% foreign exchange headwind, while core revenue growth was unchanged
• Net income for the third quarter was $28.9 million, a decrease of $22.4 million year over year
• Diluted earnings per share ("EPS") for the third quarter was $0.27, a decrease of $0.20, and adjusted EPS amounted to $0.40, a decrease of $0.15, year over year
• Adjusted EBITDA for the third quarter was $132.9 million, an increase of $4.7 million year over year
• Returned $36.6 million to shareholders through share repurchases
• Outlook for full year 2018 includes net revenue growth of 15% to 17% and adjusted EBITDA of $455 million to $470 million

“In the third quarter JELD-WEN grew revenues by 14.7% through contributions from recent acquisitions, while core operating results were challenged by lower than anticipated volumes and unfavorable mix in certain business lines," said Gary S. Michel, president and chief executive officer. "Volumes were unfavorably impacted by the lingering effects of prior service issues in our U.S. windows and Northern European businesses, resulting in operational inefficiencies impacting our profitability. While we have corrected these service issues, the impact on our volumes is expected to persist in the fourth quarter. As we look ahead towards 2019, we are confident in our ability to drive revenue and earnings growth, realize pricing to offset inflation, and deliver productivity from our business operating system, the JELD-WEN Excellence Model or JEM."

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

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