Jeld-Wen Q1 sales jump 12%
Door and window manufacturer Jeld-Wen reported that its first quarter 2018 net revenues increased nearly 12% to $946.2 million, compared to revenues of $847.9 million for the first quarter of 2017.
The Charlotte, N.C.-based company said the increase was driven by a 7% contribution from recent acquisitions.
Jeld-Wen also reported a net income of $40.3 million for the quarter, compared to net income of $6.4 million in the same quarter last year. The increase in net income was primarily due to a non-cash gain and related tax benefits on the revaluation of a minority investment as well as reduced interest expense compared to the same quarter last year, the company said.
North America revenues increased $13.8 million (or 2.8%) to $497.9 million, due to contributions from the MMI Door acquisition. In Europe, revenues increased $59.4 million (or 24.5%) to $301.7 million.
Looking ahead, Jeld-Wen said it now expects net revenue growth of 17–19% for the full year, compared to the previous outlook of 10–13%.
The Charlotte, N.C.-based company said the increase was driven by a 7% contribution from recent acquisitions.
Jeld-Wen also reported a net income of $40.3 million for the quarter, compared to net income of $6.4 million in the same quarter last year. The increase in net income was primarily due to a non-cash gain and related tax benefits on the revaluation of a minority investment as well as reduced interest expense compared to the same quarter last year, the company said.
North America revenues increased $13.8 million (or 2.8%) to $497.9 million, due to contributions from the MMI Door acquisition. In Europe, revenues increased $59.4 million (or 24.5%) to $301.7 million.
Looking ahead, Jeld-Wen said it now expects net revenue growth of 17–19% for the full year, compared to the previous outlook of 10–13%.