Mixed Q1 for Jeld-Wen
Window and door manufacturer Jeld-Wen reported that net sales for the first quarter 2019 increased 6.8% to $1.01 billion compared to sales of $946 million for the first quarter 2018.
But the Charlotte, N.C. based company also reported a net income of $16.6 million for the first quater, down nearly 59% from a net income of $40.3 for the same period last year. Jeld-Wen said the decrease in net income was primarily due to one-time, non-cash gain of $20.8 million and tax benefits in the first quarter of 2018.
Sales in North America increased 13.6% to $565.8 million, including a 15% contribution from recent acquisitions, partially offset by a 1% decline in core revenues. In Europe, sales fell 0.6% to $300 million.
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The bottom line: Sales are up 6.8% to over $1 billion while income falls 59% to $16.6 million.
What the CEO said: “Results for the quarter were consistent with our expectations, as we overcame anticipated headwinds in volume and product mix, as well as the unfavorable impact of foreign exchange, to deliver revenue and adjusted EBITDA growth of 6.8% and 3.2%, respectively,” said Gary Michel, president and CEO.
Company info: Jeld-Wen’s complete earnings report can be found here.
But the Charlotte, N.C. based company also reported a net income of $16.6 million for the first quater, down nearly 59% from a net income of $40.3 for the same period last year. Jeld-Wen said the decrease in net income was primarily due to one-time, non-cash gain of $20.8 million and tax benefits in the first quarter of 2018.
Sales in North America increased 13.6% to $565.8 million, including a 15% contribution from recent acquisitions, partially offset by a 1% decline in core revenues. In Europe, sales fell 0.6% to $300 million.
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The bottom line: Sales are up 6.8% to over $1 billion while income falls 59% to $16.6 million.
What the CEO said: “Results for the quarter were consistent with our expectations, as we overcame anticipated headwinds in volume and product mix, as well as the unfavorable impact of foreign exchange, to deliver revenue and adjusted EBITDA growth of 6.8% and 3.2%, respectively,” said Gary Michel, president and CEO.
Company info: Jeld-Wen’s complete earnings report can be found here.