JELD-WEN Holding, Inc. announced results for the three and nine months ending September 24, 2022. Comparability is to the same period in the prior year, unless otherwise noted. References to "core" financial results exclude the impact of foreign exchange and acquisitions completed in the last twelve months.
"JELD-WEN has tremendous potential and, with increased focus and discipline, we believe that we can meet our financial targets and drive more value for customers, associates and shareholders for the long-term," says Kevin Lilly, interim chief executive officer. "I'm proud of our associates globally who performed well this quarter despite significant change within the company and in the face of a challenging operating environment."
Third Quarter Highlights
Net revenue of $1,295.8 million increased 13 percent for the third quarter driven by 18 percent core revenue growth. Core revenue growth included 15 percent price realization and three percent positive volume/mix.
GAAP net loss was $33.2 million or $0.39 per share, compared to net income of $40.5 million or $0.41 per share during the same quarter a year ago.
Adjusted EPS was $0.71, compared to adjusted EPS of $0.45 in the same quarter a year ago. Adjusted EBITDA increased 17.9% in the third quarter to $116.5 million; adjusted EBITDA margins expanded 40 basis points to 9.0%.
Net cash flow used in operations was $73.4 million during the first nine months of 2022, compared to net cash flow from operations of $135.3 million in the same period a year ago. Free cash flow used was $130.9 million, compared to free cash flow of $61.6 million in the same period a year ago.
