JELD-WEN Holding, Inc. (NYSE: JELD) today announced selected
preliminary financial results for the first quarter of 2020.
Highlights
- Net revenues of approximately $979 million, compared to $1,010
million in the same period last year
- Net revenues were unfavorably impacted by a decline in core
revenues of approximately 3% and the impact of foreign exchange of
approximately 2%, partially offset by a 2% contribution from the
VPI acquisition
- Positive pricing of approximately 2% was offset by unfavorable
volume/mix of approximately 5%; volumes were primarily impacted by
market weakness in Australasia and Europe
- Adjusted EBITDA of $73 million to $76 million, compared to
$89.3 million in the same period last year
- Adjusted EBITDA decreased primarily due to volume/mix and
unfavorable foreign exchange, partially offset by positive pricing
and cost reductions
- Withdrawing 2020 financial guidance due to global economic
uncertainties related to COVID-19 pandemic
“As we face these unprecedented times, our thoughts are first
with everyone who has been impacted by the COVID-19 pandemic,
especially the essential front-line workers who are supporting
their communities. We have taken decisive action across the
enterprise to combat the effects of COVID-19,” said Gary S. Michel,
president and chief executive officer. “We established measures to
guard the health and safety of our associates while maintaining
continuity of operations. In light of the uncertain impact of
COVID-19, we moved quickly to reduce operating costs and defer
non-essential capital investment, maintain the integrity of our
supply chain, and manage our cash and liquidity. We continue to
support our customers and maintain our ability to respond quickly
to changing market conditions. Our strong balance sheet and
liquidity position provide us financial flexibility amidst the
COVID-19 volatility.”
Mr. Michel added, “We carried our 2019 operating momentum into
the first quarter of 2020, realizing positive pricing ahead of
inflation for the sixth consecutive quarter and advancing JEM, the
JELD-WEN Excellence Model. We look forward to discussing our full
first quarter results and our comprehensive COVID-19 response plan
during our scheduled earnings call on May 5, 2020.”
Conference Call Information
JELD-WEN management will host a conference call on May 5, 2020,
at 8 a.m. EDT, to discuss the company’s financial results.
Interested investors and other parties can access the call either
via webcast by visiting the Investor Relations section of the
company's website at http://investors.jeld-wen.com, or by dialing
(877) 396-4218 (domestic) or (647) 689-5631 (international). A
slide presentation highlighting the company’s results will also be
available on the Investor Relations section of the company’s
website.
For those unable to listen to the live event, a webcast replay
will be available approximately two hours following completion of
the call.
To learn more about JELD-WEN, please visit the company’s website
at http://investors.jeld-wen.com.
About JELD-WEN
JELD-WEN, founded in 1960, is one of the world’s largest door
and window manufacturers, operating manufacturing facilities in 20
countries located primarily in North America, Europe and Australia.
Headquartered in Charlotte, N.C., JELD-WEN designs, produces and
distributes an extensive range of interior and exterior doors,
wood, vinyl and aluminum windows and related products for use in
the new construction and repair and remodeling of residential homes
and non-residential buildings. JELD-WEN is a recognized leader in
manufacturing energy-efficient products and has been an ENERGY
STAR® Partner since 1998. Our products are marketed globally under
the JELD-WEN® brand, along with several market-leading regional
brands such as Swedoor® and DANA® in Europe and Corinthian®,
Stegbar®, and Trend® in Australia.
Forward-Looking Statements
The company has not yet closed and not yet finalized its
financial statement review process for the first quarter of 2020.
As a result, the information in this release is preliminary and
based upon information available to the company as of the date of
this release, and thus remains subject to the completion of the
normal quarter-end accounting procedures and adjustments. During
the course of the company’s review process, items may be identified
that would require the company to make adjustments, which could
result in changes to its preliminary selected financial information
above. As a result, the preliminary selected financial information
above is forward-looking information and subject to risks and
uncertainties, including possible adjustments to such information.
The company expects to report its first quarter 2020 results on May
5, 2020.
Certain statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding first quarter
2020 revenues and adjusted EBITDA, business strategies, market
potential, future financial performance, the potential of our
categories and brands, pipeline of productivity projects, and
footprint modernization and rationalization programs, and our
expectations, beliefs, plans, objectives, prospects and assumptions
about other future events. Forward-looking statements are generally
identified by our use of forward-looking terminology such as
“anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”,
“intend”, “may”, “might”, “plan”, “potential”, “predict”, “seek”,
or “should”, or the negative thereof or other variations thereon or
comparable terminology. Where, in any forward-looking statement, we
express an expectation or belief as to future results or events,
such expectation or belief is based on the current plans,
expectations, assumptions, estimates, and projections of our
management. Although we believe that these statements are based on
reasonable expectations, assumptions, estimates and projections,
they are only predictions and involve known and unknown risks, many
of which are beyond our control that could cause actual outcomes
and results to be materially different from those indicated in such
statements.
Our actual results could differ materially from the results
contemplated by these forward-looking statements due to a number of
factors, including risks associated with the impact of the COVID-19
pandemic on the company and our employees, customers and suppliers
and the factors discussed in our Annual Reports on Form 10-K, and
our Quarterly Reports on Form 10-Q, both filed with the Securities
and Exchange Commission. The forward-looking statements included in
this release are made as of the date hereof. Factors or events that
could cause our actual results to differ may emerge from time to
time, and it is not possible for us to predict all of them. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
Non-GAAP Financial Information
This press release presents certain “non-GAAP” financial
measures, including preliminary Adjusted EBITDA.
We use Adjusted EBITDA because we believe it assists investors
and analysts in comparing our operating performance across
reporting periods on a consistent basis by excluding items that we
do not believe are indicative of our core operating performance.
Our preliminary Adjusted EBITDA should not be considered an
alternative to net income as a measure of financial
performance.
The company has not included a GAAP reconciliation of its
preliminary Adjusted EBITDA to net income because such
reconciliation could not be produced without unreasonable effort.
The company will provide a full GAAP reconciliation of final
Adjusted EBITDA when it reports its full first quarter 2020
financial results.
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version on businesswire.com: https://www.businesswire.com/news/home/20200427005435/en/
Investor Relations: JELD-WEN Holding, Inc. Christopher
Teachout Investor Relations Manager 704.378.7007
investors@jeldwen.com Media Relations: JELD-WEN Holding,
Inc. Noreen Pratscher Vice President, Global Corporate
Communications 704.526.4146 corporate@jeldwen.com
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