Jeld-Wen Holding's net revenue for the 1Q 2021 increased by $113.2 million, or 11.6%, to $1,092.4 million, compared to $979.2 million for the same period last year.
Net income was $25.5 million during the 1Q 2021, compared to a net loss of $0.2 million in the same quarter last year, an increase of $25.7 million. The increase in net income was primarily due to higher gross profit from improved price realization, operating leverage from volume/mix and operational improvements, partially offset by higher SG&A. The effective book income tax rate during the quarter was 28.9%.
Adjusted net income for the 1Q 2021 increased $14.8 million, or 113%, to $27.9 million, compared to $13.1 million in the same quarter last year.
1Q 2021 adjusted EBITDA increased $23.4 million, or 31.4%, to $97.9 million, compared to the same quarter last year. Adjusted EBITDA margin of 9% increased by 140 basis points compared to the prior year.
"Jeld-Wen delivered a strong start to 2021, building on continued operating momentum and disciplined execution, generating significant improvement in revenue, margin, and cash flow," said Gary S. Michel, President and CEO. "The rigorous deployment of our business operating system, the Jeld-Wen Excellence Model, throughout the organization is producing consistent growth and margin expansion, which in the first quarter included favorable price, volume/mix, and productivity in each of our geographic segments. Our multi-faceted growth platform is delivering revenue growth, improved earnings, and compounding cash flow."
Jeld-Wen is one of the world's largest door and window manufacturers.
