JELD-WEN Holding, Inc. (JELD) Misses Q4 EPS by 16c, Miss on Revenues; Offers FY18 Fiscal Guidance

Note: EPS may not be comparable

JELD-WEN Holding, Inc. (NYSE: JELD) reported Q4 EPS of $0.26, $0.16 worse than the analyst estimate of $0.42. Revenue for the quarter came in at $976 billion versus the consensus estimate of $1 billion.

Highlights:

• Net revenues for the fourth quarter increased 0.3% on five fewer shipping days, bringing the full year total increase in net revenues to 2.6%
• Net loss for the fourth quarter amounted to $93.7 million, impacted by non-cash tax charges and expenses related to the December debt refinancing
• Diluted earnings (loss) per share ("EPS") for the fourth quarter was a loss of $(0.89) and adjusted EPS amounted to $0.26
• Adjusted EBITDA for the fourth quarter amounted to $103.1 million, bringing the full year total adjusted EBITDA to $437.6 million, an increase of 11.2% over the prior year
• Full year 2017 cash flow from operations improved $64.1 million, or 31.8%, over the prior year and free cash flow improved $80.6 million, or 66.0%, over the prior year
• Previously announced acquisition of Domoferm closed on February 19, 2018
• Outlook for 2018 includes net revenue growth of 8.0% to 11.0% and adjusted EBITDA of $500 million to $530 million

Annual Outlook for 2018

For full year 2018 compared to full year 2017, the company expects net revenue growth of 8.0% to 11.0%. The outlook for net revenue growth assumes core revenue growth of approximately 3%, based on expectations for favorable demand drivers in the North America and Europe segments, offset by continued market weakness in the Australasia segment. The outlook also assumes current foreign exchange rates and contributions from recent acquisitions, including the carryover of three acquisitions closed in 2017 as well as the partial year impact of the Domoferm acquisition.

The company\'s outlook for 2018 adjusted EBITDA is $500 million to $530 million, compared to 2017 adjusted EBITDA of $437.6 million. The outlook for adjusted EBITDA reflects margin improvement from our JEM initiatives, profitable core growth, and contributions from recent acquisitions.

Capital expenditures are expected to be in the range of $100 million to $120 million, compared to 2017 capital expenditures of $63.0 million.

“Looking forward into 2018, we are well positioned for core revenue growth, supported by constructive end market demand and our continued investments in new products and innovation,\" stated Beck. "We are confident that our JEM initiatives will continue to drive self-help margin improvement. We will also remain disciplined as we use our healthy balance sheet to continue executing on our pipeline of M&A opportunities."

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

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