JELD-WEN Reports Fourth-Quarter Results and Establishes 2023 Guidance

Jeld-Wen Holding Inc. announced results for the quarter and year that ended Dec. 31, 2022. Comparability is to the same period in the prior year unless otherwise noted.

"Our team continued to take decisive actions in the fourth quarter to improve execution and address our cost structure while staying focused on safety and quality in all that we do," says CEO William J. Christensen. "I want to thank our global associates for their commitment to serving customers in 2022 amidst significant change and a challenging macroeconomic backdrop."

Fourth Quarter Highlights

• Net revenue of $1,331.4 million increased 3.5% in the fourth quarter driven by 9% core revenue growth. Core revenue growth included (+12%) price realization driven by continuing cost inflation and (-3%) lower volume/mix.
• Net income was $33.6 million or $0.40 per share, compared to net income of $42.1 million or $0.45 per share during the same quarter a year ago. Net income includes net after-tax charges of $5.9 million or $0.07 per share, compared to net after-tax charges of $7.0 million or $0.08 per share during the same quarter a year ago. A further reconciliation of these charges for both periods can be found in the tables at the end of this release.
• Adjusted EPS was $0.47, compared to adjusted EPS of $0.53 in the same quarter a year ago. Adjusted net income and adjusted EPS for the quarter ended Dec. 31, 2021, have been revised to conform to the current period presentation and revise the adjusted tax impact. 
• Adjusted EBITDA was $99.6 million, compared to $120.1 million during the same quarter a year ago. Adjusted EBITDA margins contracted by 180 basis points year-over-year to 7.5 percent.

Full Year Highlights

• Net revenue of $5,129.2 million increased 7.5% driven by 12% core revenue growth. Core revenue growth included (+13%) price realization mostly related to significant cost inflation, slightly offset by a decrease in volume/mix (-1%).
• Net income was $45.7 million or $0.53 per share, compared to net income of $168.8 million or $1.72 per share a year ago. Net income includes net after-tax charges of $100.8 million or $1.15 per share, due to a goodwill impairment and various other items. This compares to net after-tax charges of $28.9 million or $0.29 per share during the prior year.
• Adjusted EPS was $1.68, compared to adjusted EPS of $2.01 in the prior year. Adjusted net income and adjusted EPS for the first three quarters of 2022 and the full year ended Dec. 31, 2021, have been revised to conform to the current period presentation and revise the adjusted tax impact.
• Full-year results exceeded the high end of the company's most recent 2022 guidance range as adjusted EBITDA was $422.2 million, compared to $465.1 million in the prior year. Full-year adjusted EBITDA margins contracted 150 basis points to 8.2%.

2023 Full-Year Guidance

• Net revenue of $4.5 billion to $4.9 billion 
• Adjusted EBITDA in a range of $360 million to $400 million