Core growth boosts Jeld-Wen in Q4

Jeld-Wen Holding, Inc. made major headway in the fourth quarter and full fiscal year, driven by solid core growth independent of foreign exchange and acquisitions.

“We are pleased with the progress that we made in 2016, including our strong finish to the year as reflected in our fourth quarter results,” said Mark Beck, president and CEO. “Our operational initiatives drove healthy growth in both net revenues and adjusted EBITDA. We expect this improvement to continue as we remain in the early stages of our business transformation and have solid momentum as we begin 2017. We are very excited about our recent initial public offering and the future of JELD-WEN as a public company. We believe JELD-WEN is well-positioned for continued success.”

Net revenue for the quarter ended Dec. 31, 2016 was up 9.2% to $973.2 million, driven by core growth of 5%.

Net income increased by $212.7 million to $233.0 million, primarily due to a one-time tax benefit from the release of a valuation allowance on certain tax attributes.

Full year net revenues increased by 8.5% to $3.7 billion, with core growth contributing 3%. Meanwhile, full-year income was up $266.6 million to $357.5 million.

Jeld-Wen offered its guidance for 2017, which involves an increase in net revenues of 1.5% to 3.5% and adjusted EBITDA of $435 to $455 million.

“Demand drivers and macroeconomic factors in our diverse global end markets look constructive as we enter 2017,” stated Beck. “Our annual outlook predicts continued margin expansion in 2017 by executing on the initiatives of our operating model, focusing on achieving savings through operational excellence programs and driving profitable revenue growth.”