Jeld-Wen revenue rises in Q4

Jeld-Wen reported fourth quarter revenue increased 11.8% to $1.287 billion compared to fourth quarter 2020 revenue of $1.151 million.

The Charlotte, N.C.-based door and window manufacturer said that fourth quarter revenue was driven by an 11% price increase and a 1% increase in volume.

Sales in North America rose 15.1% to $772.7 million as sales in Europe were up 7.7%  to $359.6 million.

For the full year, sales increased 12.7% to $4.772 billion compared to $4.236 billion for the same period last year.

Net income for the fourth quarter decreased 2.5% to $42.1 million compared to $43.2 million for the corresponding period a year ago.

Jeld-Wen’s net income for the year jumped  84.3% to $168.8 million from $91.6 million in the prior year.

During the quarter, Jeld-Wen repurchased 1,814,199 shares for $45.7 million. For the full year the company repurchased 11,564,009 shared, or 11.5% of total shares outstanding at Dec. 31, 2020, for $323.7 million.

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The Bottom Line: Profits slip 2.5% in the fourth quarter but Jeld-Wen’s net income for 2021 soars by 84.3%.

What the CEO said: "We head into 2022 with robust demand across our end markets and with confidence that our commercial and operational excellence initiatives are set to drive breakthrough growth and margin expansion," said Gary Michel, Jeld-Wen chair, president and CEO.

Company info: Click here to read Jeld-Wen’s full fourth quarter report.