JELD-WEN Holding, Inc. (NYSE: JELD) today announced that it will
release second quarter 2020 results before the market opens on
Tuesday, August 4, 2020. The company will hold a conference call to
discuss the results at 8 a.m. EDT that same day. Regarding second
quarter business performance, Gary S. Michel, president and CEO,
commented:
“Our focus at JELD-WEN remains the health and safety of our
associates, customers, and partners while meeting our customers’
needs and ensuring business continuity. Despite the disruption from
COVID-19, we continue to deliver on our strategy.
Although we faced temporary closures of certain manufacturing
facilities due to local government mandates related to COVID-19 in
April and May, demand performed largely as expected. I am pleased
that our global manufacturing operations and supply chain have
largely returned to normal operations.
In April and May, revenue was consistent with our original
expectations, with declines of high-teens percentage compared to
prior year. June revenue improved significantly on a sequential
basis to approximately flat with prior year, nicely ahead of our
original expectations. June results benefited from the reopening of
all our manufacturing facilities and improved demand in North
America and Europe, partially offset by continued weakness in
Australia.
Margin improved sequentially throughout the second quarter and
exceeded our original expectations due in large part to improved
demand, strong price realization, benefits from cost actions, and
continued savings from the deployment and adoption of our business
operating system, the JELD-WEN Excellence Model.
We continue to monitor our COVID response plan in light of
recent increases in COVID-19 infection rates in key markets. In
response to the uncertainty of future demand, we continue to adjust
our cost structure across the enterprise, and further execute our
footprint rationalization and modernization program.
We look forward to discussing the details of our second quarter
results on our upcoming conference call.”
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 (833) 921-1640 and using conference ID 8976103.
For those unable to listen to the live event, a replay will be
available on the company’s website approximately two hours
following completion of the call.
To learn more about JELD-WEN, please visit the company’s website
at https://www.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
Certain statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements by our CEO and statements
regarding our business strategies and ability to execute on our
plans, market potential, future financial performance, customer
demand, the potential of our categories, brands and innovations,
the impact of our footprint rationalization and modernization
program, our pipeline of productivity projects, the estimated
impact of tax reform on our results, litigation outcomes, and our
expectations, beliefs, plans, objectives, prospects, assumptions,
or 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.
Risks and uncertainties that could cause actual results to
differ materially from such statements include risks associated
with the impact of the COVID-19 pandemic on the company and our
employees, customers, and suppliers, and other factors, including
the factors discussed in our Annual Reports on Form 10-K and our
other filings with the Securities and Exchange Commission.
The forward-looking statements included in this release are made
as of the date hereof, and except as required by law, we undertake
no obligation to update, amend or clarify any forward-looking
statements to reflect events, new information or circumstances
occurring after the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20200708005265/en/
Investor Relations: JELD-WEN Holding, Inc. Christopher
Teachout Investor Relations Manager 704.378.7007
investors@jeldwen.com
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