Jeld-Wen Holding, Inc. announced results for the three months ended April 1, 2023. Net revenue for the three months ended April 1, 2023 increased $51.6 million, or +4.4%, to $1,222.6 million, compared to $1,171.0 million for the same period last year. The increase in net revenue was driven by +7% Core Revenue growth, partially offset by a -3% adverse foreign exchange impact. Core Revenue growth was driven by price realization of +10% mostly related to prior year increases and continuing cost inflation partially offset by lower volume/mix (-3%).
Net income was $15.1 million in the Q1, compared to net loss of ($0.5) million in the same period last year, an increase of $15.7 million. The growth in net income was driven by positive price/cost, partially offset by lower volume/mix. Adjusted Net Income for the first quarter increased $7.8 million, to $29.6 million, compared to $21.8 million in the same period last year.
Earnings per share ("EPS") for the Q1 2023 was $0.18, compared to net loss per share of ($0.01) for the same quarter last year. Adjusted EPS for the Q1 was $0.35 compared to Adjusted EPS of $0.24 in the same quarter last year.
Adjusted EBITDA increased $13.3 million, to $93.5 million, compared to the same quarter last year. Adjusted EBITDA Margin increased 80 basis points to 7.7%, as positive price/cost was partially offset by lower volume/mix.
"We made progress in the Q1 to simplify and strengthen Jeld-Wen which, combined with more favorable than expected market conditions, resulted in improved financial performance," said CEO William J. Christensen. "During this time of weaker demand, our associates carefully controlled costs while continuing to deliver on our customers' expectations. In addition, to further simplify our global operations, we recently announced the sale of our Australasia business to Platinum Equity which will allow us to focus on our two largest regions and strengthen our balance sheet by paying down debt."
Headquartered in Charlotte, N.C., 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.
