Posted August 16, 2018
Jeld-Wen Holding, Inc. announced results for the three months ended June 30, 2018. Net revenues for the three months ended June 30, 2018 increased $223.7 million, or 23.6%, to $1.172 billion, compared to $948.8 million for the same period last year. The increase in net revenues was driven by a 19% contribution from recent acquisitions, 3% from core revenue growth, and 2% from the favorable impact of foreign exchange, as the company said in the press release received by Lesprom Network.
Net income was $35.5 million, compared to net income of $46.8 million in the same quarter last year, a decrease of $11.3 million. Adjusted net income for the 2Q was $48.5 million, compared to $55.3 million in the same quarter last year, a decrease of $6.8 million.
Adjusted EBITDA increased $9.6 million, or 7.7%, to $135 million, compared to $125.3 million in the same quarter last year. Adjusted EBITDA margins decreased 170 basis points in the quarter to 11.5%, from 13.2% in the same quarter a year ago.
“In the 2Q Jeld-Wen grew revenues by 23.6% through contributions from recent acquisitions and core growth, while our operating results were challenged by a difficult inflationary environment. As we move into the second half of 2018, we will gain momentum as we execute on our near-term priorities such as improving service levels for our customers, driving cost out of our business, and remaining disciplined with both pricing and share,” said Gary S. Michel, president and CEO.
Jeld-Wen, founded in 1960, is one of the world’s largest door and window manufacturers, operating manufacturing facilities in 20 countries located primarily in North America, Europe and Australia.