Jeld-Wen Holding's 4Q 2021 net revenue increased $135.7 million, or 11.8%, to $1,286.9 million, compared to $1,151.3 million for the same period last year. The increase in net revenue was driven by 12% core revenue growth.
Net income for the 4Q 2021 decreased $1.2 million to $42.1 million, compared to $43.2 million in the same period last year. The decrease in net income was largely from lower gross profit due to inflation and higher income tax expense, partially offset by lower SG&A. Adjusted net income for the 4Q 2021 decreased $1.3 million, or 2.7%, to $44.6 million, compared to $45.9 million in the same period last year.
Adjusted EBITDA increased $4.6 million, or 4.0%, to $120.1 million, compared to the same quarter last year. Adjusted EBITDA margin declined due to higher raw material, freight and labor inflation, partially offset by higher price realization and lower SG&A expense.
"Our associates' commitment to serving customers and relentless focus on continuous improvement delivered solid financial performance in 2021 including record revenue and core revenue growth," said Gary S. Michel, chair, President, and CEO. "Our premier performance culture is a competitive advantage that is driving improved execution including industry leading lead times and setting the foundation for future above-market growth."
"We head into 2022 with robust demand across our end markets and with confidence that our commercial and operational excellence initiatives are set to drive breakthrough growth and margin expansion," said Michel. "We expect these initiatives combined with returns-focused capital deployment to drive sustained improvement in shareholder value."
Net revenue for the twelve months ended December 31, 2021 increased $536 million, or 12.7%, to $4.772 billion, compared to $4.236 billion for the same period last year. The increase was driven by a 10% increase in core revenues and a 3% foreign exchange benefit.
FY 2021 net income increased $77.2 million, or 84.3%, to $168.8 million, compared to $91.6 million in the same period last year. The increase in net income was primarily due to higher gross profit from price realization and volume/mix and higher foreign exchange gains, partially offset by higher income tax expense. Adjusted EBITDA in 2021 increased $18.7 million, or 4.2%, to $465.1 million, compared to $446.4 million in the same period last year. Adjusted EBITDA margins decreased 80 basis points to 9.7%, from 10.5% in the same period a year ago.
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.
