Jeld-Wen sales, profits climb in Q4
Window and door manufacturer Jeld-Wen reported fourth quarter 2020 net revenues climbed 7.7% to $1.15 billion from net revenues of $1.07 billion in the fourth quarter 2019.
The Charlotte, N.C.-based company said that the revenue increase was primarily driven by a 4% increase in its core revenue.
Sales for the full year decreased 1.3% to $4.24 billion from sales of $4.29 billion in the prior year.
Jeld-Wen posted a net income of $43.2 million for the fourth quarter, surging ahead from a net income of $7.8 million in the prior fourth quarter. The company attributed the increase to higher gross profit from improved price realization and operational improvements along with tax benefits.
Profits for the full year increased 45.4% to $91.6 million from a 2019 net income of $63 million.
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The Bottom Line: Profits jump to $43.2 million in the fourth quarter as sales increase 7.7% to $1.15 billion.
What the CEO said: "In a challenging operating environment, we delivered significant revenue growth and margin expansion," said Gary Michel, Jeld-Wen president and CEO. "This quarter's results exemplify the progress we've made as a global team to drive improvement in our operations and consistency in our financial results through the disciplined execution of our business operating system, the JELD-WEN Excellence Model or JEM.”
Looking ahead, Michel said that the company expects “strong housing fundamentals for North American residential new construction.”
Company info: The full fourth quarter 2020 financial report from Jeld-Wen is available here.