Jeld-Wen earnings escalate in Q3

Door and window manufacturer Jeld-Wen reported a third quarter net revenue of $1.113 billion, rising 1.9%, from revenue of $1.092 billion for the same period last year. 

The increase in net revenue was primarily driven by a 2% positive impact from foreign exchange. Core revenue, which excludes the impact of foreign exchange and acquisitions completed in the last 12 months, was unchanged as a 3% pricing benefit was offset by a 3% headwind from product volume and mix.

The Charlotte, N.C.-based company also posted a $25.5 million, a 50% improvement over a net income of $17 million for the third quarter 2019.

North American revenue increased 0.6% to $662.7 million for the period while revenue from European operations jumped 8.1% to $311 million.

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The Bottom Line: Profits at Jeld-Wen jump 50% to $25.5 million as sales increase nearly 2% to $1.113 billion.

What the CEO said: "Consumers' focus on their homes, coupled with our strategy to deliver profitable market share with key customers, is driving increased demand for products in both residential new construction and repair and remodel channels," said Gary Michel, president and CEO of Jeld-Wen.

Company info: Jeld-Wen’s full third quarter financial report is available here.