Jeld-Wen swings to Q1 profit

Window and door manufacturer Jeld-Wen reported first quarter net revenue increased 11.6% to $1.09 billion, including a 6% increase in core revenue, compared to revenue of $979.2 million in the first quarter last year.

The Charlotte, N.C.-based manufacturer also swung to a net income of $25.5 million from a net loss of $200,000 million in the first quarter 2020.

North American sales increased 9% to $639.6 million due to a 9% increase in core revenue, the company said. 

Sales in Europe rose 13.9% to $320.5 million for the period.

During the quarter, Jeld-Wen repurchased 809,884 company shares for $23.1 million.

Jeld-Wen also revised its 2021 outlook and said it expects net revenue growth to be within a range of 8% to 11% compared to 4% to 7% previously stated.

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The Bottom Line: Jeld-Wen swings from a loss in the first quarter of 2020 to a net income of $25.5 million in the first quarter of 2021.

What the CEO said: "Jeld-Wen delivered a strong start to 2021, building on continued operating momentum and disciplined execution, generating significant improvement in revenue, margin, and cash flow," said Gary Michel, president and CEO. “We remain optimistic on performance for the remainder of the year driven by the cadence and quality of operational initiatives currently underway and supportive market fundamentals for both residential new construction and repair and remodel activity."

Company info: Click here to read the full first quarter 2021 financial report from Jeld-Wen.