JELD-WEN Holding, Inc. (JELD) Tops Q3 EPS by 3c, Beats on Revenues; Boosts FY17 Revenue Growth, Narrows Adj. EBITDA Range

November 7, 2017 6:06 AM EST

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JELD-WEN Holding, Inc. (NYSE: JELD) reported Q3 EPS of $0.55, $0.03 better than the analyst estimate of $0.52. Revenue for the quarter came in at $991.4 million versus the consensus estimate of $975.08 million.

Updated Annual Outlook for 2017

For full year 2017 compared to full year 2016, the company now expects net revenue growth of 2.0% to 4.0%, compared to the previous range of 1.5% to 3.5%. The revised outlook for net revenue growth reflects recently closed acquisitions and is based on an assumption of continued favorable demand drivers in the company's key geographic end markets.

The company\'s outlook for 2017 adjusted EBITDA is now $440 million to $450 million, compared to the previous range of $440 million to $460 million, and 2016 actual adjusted EBITDA of $393.7 million. The revised outlook for adjusted EBITDA reflects the expected contribution from recent acquisitions, offset by the impact of the operational headwinds described above, as well as investments expected in the fourth quarter of 2017 in preparation for incremental new North American retail business expected to begin in early 2018.

Capital expenditures are now expected to be in the range of $60 million to $70 million, reduced from the previous range of $80 million to $90 million.

“Looking forward into 2018, we expect that our revenue growth will be supported by constructive end market demand and our recent acquisitions," stated Beck. "We are confident that our JEM initiatives will continue to drive annual margin improvement of 100 to 150 basis points from both cost savings initiatives and core growth. We will also remain disciplined as we continue to pursue our healthy pipeline of M&A opportunities."

Highlights:

  • Net revenues for the third quarter increased 6.3%, bringing the year-to-date total increase in net revenues to 3.5%
  • Net income for the third quarter amounted to $51.3 million and adjusted EBITDA amounted to $128.2 million
  • Adjusted EBITDA for the third quarter increased 8.7%, and adjusted EBITDA margins expanded 20 basis points
  • Diluted earnings per share ("EPS") for the third quarter amounted to $0.47 and adjusted EPS amounted to $0.55
  • Cash flow from operations improved $63.9 million in the first nine months of 2017 and free cash flow improved $94.0 million
  • Full year outlook for net revenue growth increased to 2.0% to 4.0% and adjusted EBITDA outlook range narrowed to $440 million to $450 million

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



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