JELD-WEN Holding's Q3 net revenue for the three months ended September 24, 2022 increased $149.2 million, or 13.0%, to $1,295.8 million, compared to $1,146.6 million for the same period last year. The increase in net revenue was driven by 18% core revenue growth, partially offset by a 5% adverse foreign exchange impact. Core revenue growth was driven by price realization (+15%) and positive volume/mix (+3%).
The decrease in net income was largely due to a $54.9 million pre-tax, non-cash goodwill impairment charge taken within its Europe segment resulting from deteriorated macroeconomic conditions including significant cost inflation and increased interest rates. In addition, net income was negatively impacted by higher SG&A and income tax expense, partially offset by higher gross profit.
Adjusted net income for the Q3 2022 increased $16.7 million, or 38.0%, to $60.7 million, compared to $44.0 million in the same period last year.
Adjusted EBITDA increased $17.7 million, or 17.9%, to $116.5 million, compared to the same quarter last year. Adjusted EBITDA margin increased 40 basis points to 9.0% primarily due to favorable price realization and the positive impact of higher volume/mix, partially offset by higher inflation and SG&A expense.
"JELD-WEN has tremendous potential and, with increased focus and discipline, we believe that we can meet our financial targets and drive more value for customers, associates and shareholders for the long-term," said Kevin Lilly, interim CEO. "I'm proud of our associates globally who performed well this quarter despite significant change within the company and in the face of a challenging operating environment."
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.
