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JELD-WEN Holding, Inc. (JELD) Reports In-Line Q2 EPS, Miss on Revenues; Reaffirms FY17 Revenue/EBITDA Outlook

August 8, 2017 6:19 AM EDT

JELD-WEN Holding, Inc. (NYSE: JELD) reported Q2 EPS of $0.51, in-line with the analyst estimate of $0.51. Revenue for the quarter came in at $9.45 billion versus the consensus estimate of $977.54 million.

Updated Annual Outlook for 2017

For full year 2017 compared to full year 2016, the company continues to project an increase in net revenues of 1.5% to 3.5%. The increase in net revenues is expected to be driven by positive core growth and a small benefit from recent acquisitions, partially offset by unfavorable foreign exchange impact.

The company\'s outlook for 2017 adjusted EBITDA is unchanged at $440 million to $460 million, compared to adjusted EBITDA of $393.7 million for 2016. Capital expenditures are now expected to be in the range $80 million to $90 million, reduced from the previous range of $90 million to $100 million.

“For the second half of 2017, the fundamental demand drivers across our global end markets look constructive and we have confidence in our ability to achieve margin improvement through our JEM initiatives,” stated Beck. “For these reasons, we are re-affirming our 2017 outlook for revenue and adjusted EBITDA. To enhance our performance, we continue investing in profitable growth initiatives and are making progress on our healthy pipeline of acquisition opportunities."

Highlights:

  • Net income for the second quarter amounted to $46.8 million and adjusted EBITDA amounted to $125.3 million
  • Adjusted EBITDA for the second quarter increased 11.2%, and adjusted EBITDA margins expanded 150 basis points
  • Diluted earnings per share (\"EPS\") for the second quarter amounted to $0.43 and adjusted EPS amounted to $0.51
  • Net revenues for the second quarter decreased 1.6%, bringing the year-to-date total increase in net revenues to 2.0%
  • Cash flow from operations improved $53.6 million in the first six months of 2017 and free cash flow improved $77.0 million
  • Full year outlook for net revenue growth and adjusted EBITDA unchanged at 1.5 - 3.5% and $440 - $460 million, respectively

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



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