Mixed results for Jeld-Wen in Q4
Jeld-Wen reported net revenue for its fourth quarter 2022 increased 3.5% to $1.33 million from revenue of $1.29 million in the fourth quarter 2021.
The window and door manufacturer said revenue for the quarter included core growth of 9% driven by higher prices. Net revenue for North America increased 11.7% to $862.8 million for the period.
Net revenue for the full year moved ahead 7.5% to $5.12 billion, compared to $4.77 million for 2021, including 12% core revenue growth.
The Charlotte, N.C.-based company’s net income for the fourth quarter was $33.6 million, falling 20% compared to a net income of $42.1 million in the fourth quarter a year ago.
Jeld-Wen’s net income for the full year dropped drastically to $45.7 million compared to $168.8 million in 2001. The manufacturer said it net income for 2022 included after-tax charges of $100.8 million.
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The Bottom Line: Jeld-Wen sales rise 3.5% in Q4 but profits drop by 20% for the period.
What the CEO said: "As we look ahead in 2023, we expect softening demand in most of our end markets. We are taking a two-pronged approach to streamline and strengthen JELD-WEN to improve short-term financial performance while positioning the company for longer-term success,” said William Christensen, Jeld-Wen CEO.
“We are focused on expanding our margins and increasing our cash flow generation by reducing our cost structure through operational efficiencies and rationalizing our global footprint. At the same time, we have formalized workstreams to deliver long-term profitable growth by optimizing our production network and investing in products and services to better serve customers."
Christensen was appointed CEO and joined Jeld-Wen’s board of directors in December 2022.
Company info: Click here to read the full fourth quarter 2022 financial report from Jeld-Wen.
