Jeld-Wen Holding, Inc. announced selected preliminary financial results for the 3Q 2019.
-Net revenues of approximately $1.09 billion, a decrease of 3.9% compared to the same period last year.
-Adjusted EBITDA of $106 million to $110 million, compared to $132.6 million in the same period a year ago.
3Q 2019 results were lower than expected in North America and Australasia, primarily related to reduced demand in residential new construction channels, and the impact of continued erratic order patterns in North America windows retail channel.
“I am disappointed in our preliminary results for the 3Q, primarily driven by soft demand in North America and further deterioration in housing activity in Australasia,” said Gary S. Michel, president and CEO. “Profitability was impacted by the lower volumes as well as manufacturing inefficiencies in our North America windows business, caused by continued erratic ordering activity in the retail channel, where we were unable to adjust our cost structure within the quarter to support the unexpected demand patterns. We delivered core margin expansion in Europe driven by positive price and productivity, partially offsetting the North America and Australasia performance.”
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.
