JELD-WEN Holding, Inc. (JELD) Tops Q3 EPS by 8c, Revenues Beat

JELD-WEN Holding, Inc. (NYSE: JELD) reported Q3 EPS of $0.52, $0.08 better than the analyst estimate of $0.44. Revenue for the quarter came in at $1.11 billion versus the consensus estimate of $1.09 billion.

Third Quarter 2020 Highlights

• Net revenue increased by 1.9% to $1,112.9 million, driven by favorable pricing and foreign exchange
• Adjusted EBITDA increased by 20.0% to $130.7 million, through pricing and productivity including benefits from JELD-WEN Excellence Model ("JEM") deployment as well as footprint rationalization and modernization
• Core adjusted EBITDA margins increased 200 basis points, a sequential improvement from the second quarter
• Pricing remained strong, demonstrated by 6% price realization in North America
• Free cash flow of $143.7 million improved $83.4 million during the first nine months of 2020
• Strong balance sheet provides flexibility with record liquidity of $952.8 million

"I am proud of our associates, whose commitment to operational execution, safety, and delivering for our customers produced revenue growth and margin expansion that exceeded expectations," said Gary S. Michel, president and chief executive officer. "The rigorous deployment of our business operating system, the JELD-WEN Excellence Model, and disciplined adherence to our playbook, produced positive price realization, profitable share gain, and favorable productivity that led to a substantial acceleration in third quarter margin expansion."

"Consumers' focus on their homes, coupled with our strategy to deliver profitable market share with key customers, is driving increased demand for products in both residential new construction and repair and remodel channels," said Mr. Michel. "Globally, JELD-WEN associates are focused on safely meeting this demand with the level of product quality and service that customers know and expect from us. We expect that our productivity initiatives and structural cost reductions through footprint rationalization and modernization will accelerate the bottom-line benefits of this growth."

2020 Outlook

While uncertainty remains elevated around COVID-19 and global macroeconomic conditions, based on continued strong operational performance and improved visibility the Company expects full year 2020 adjusted EBITDA between $435 million and $450 million. This outlook assumes, among other things, no significant changes in COVID-19 related operating restrictions or lockdowns during the fourth quarter.

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

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