Jeld-Wen Holding's net revenue for the Q4, 2022 increased $44.4 million, or 3.5%, to $1,331.4 million, compared to $1,286.9 million for the same period last year.
Net income was $33.6 million in the Q4 2022, compared to net income of $42.1 million in the same period last year, a decrease of $8.5 million. Despite positive price/cost results, the decrease in net income was largely due to higher SG&A expense and lower volume/mix. Adjusted Net Income for the Q4 2022 decreased $9.5 million, to $39.5 million, compared to $49.0 million in the same period last year.
Adjusted EBITDA decreased $20.5 million, to $99.6 million, compared to the same quarter last year. Adjusted EBITDA margin contracted 180 basis points to 7.5%, as positive price/cost was more than offset by higher SG&A expense.
"Our team continued to take decisive actions in the Q4 to improve execution and address our cost structure, while staying focused on safety and quality in all that we do," said CEO, William J. Christensen. "I want to thank our global associates for their commitment to serving customers in 2022 amidst significant change and a challenging macroeconomic backdrop."
Christensen continued, "As we look ahead in 2023, we expect softening demand in most of our end markets. We are taking a two-pronged approach to streamline and strengthen Jeld-Wen to improve short-term financial performance while positioning the company for longer-term success. We are focused on expanding our margins and increasing our cash flow generation by reducing our cost structure through operational efficiencies and rationalizing our global footprint. At the same time, we have formalized workstreams to deliver long-term profitable growth by optimizing our production network and investing in products and services to better serve customers."
Full Year 2022 Results
Net revenue for the full year ended December 31, 2022 increased $357.5 million, or 7.5%, to $5,129.2 million, compared to $4,771.7 million for prior year. The increase in net revenue was driven by 12% Core Revenue growth, partially offset by a 5% adverse foreign exchange impact.
Net income was $45.7 million in the full year compared to net income of $168.8 million in the same period last year, a decrease of $123.1 million.
Adjusted EBITDA decreased $42.9 million, to $422.2 million compared to the same period last year. Adjusted EBITDA margin decreased 150 basis points to 8.2% primarily as improved productivity was more than offset by higher SG&A expenses and lower volume/mix.
Jeld-Wen is a leading global manufacturer of high-performance interior and exterior building products, offering one of the broadest selections of windows, interior and exterior doors, and wall systems.
