Jeld-Wen Holding’s net revenues for the three months ended March 30, 2019 increased $64.7 million, or 6.8%, to $1.011 billion, compared to $946.2 million for the same period last year, as the company said in the press release received by Lesprom Network.
1Q 2019 net income was $16.6 million, compared to net income of $40.3 million in the same quarter last year, a decrease of $23.7 million. The decrease in net income was primarily due to the non-recurrence of a $20.8 million one-time non-cash gain and related tax benefit associated with the revaluation of a minority investment in the 1Q 2018.
Adjusted net income for the 1Q 2019 was $23.1 million, compared to $26.1 million in the same quarter last year, a decrease of $3 million, due to an increase in interest expense and a higher effective tax rate.
Adjusted EBITDA increased $2.8 million, or 3.2%, to $90.6 million, compared to $87.8 million in the same quarter last year. Adjusted EBITDA margins decreased 30 basis points in the quarter to 9%, from 9.3% in the prior year, primarily due to the impact of recent acquisitions and the adverse impact from foreign currency exchange.
Jeld-Wen 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.
