Jeld-Wen posts mixed Q2 results
Jeld-Wen, the window and door manufacturer, reported second quarter 2018 net revenues increased 24% to $1.17 billion from second quarter 2017 net revenues of $949 million.
The Charlotte, N.C., based company said the increase in net revenues was driven by a 19% contribution from recent acquisitions, 3% from core revenue growth, and 2% from the favorable impact of foreign exchange.
Net income for the second quarter decreased 24%, however, to $35.5 million compared to a net income of $46.8 million in the same quarter last year. The decrease in net income was primarily due to an increase in expenses as well as a higher tax rate compared to the same quarter last year, the company reported.
In North America, Jeld-Wen’s net revenues increased 22%, to $673.2 million during the period, due to a 19% contribution from recent acquisitions and 3% core revenue growth. In Europe, net revenues increased $ 23.1%, to $318.7 million for the quarter, including a 15% contribution from recent acquisitions and 6% growth from the favorable impact of foreign exchange. Australian revenues increased 30.7%, to $180.6 million.
Jeld-Wen CEO and president Gary Michel, who took over as the company’s lead executive 2 months ago, outlined some of the company’s steps for the rest of 2018.
“As we move into the second half of 2018, we will gain momentum as we execute on our near-term priorities such as improving service levels for our customers, driving cost out of our business, and remaining disciplined with both pricing and share,” Michel said.
Jeld-Wen’s net revenues for the first six months of 2018 increased 18% to more than $2 billion compared to $1.8 for the same period last year. The increase was primarily driven by a 13% contribution from recent acquisitions. The company’s net income for the first half of the year increased 42.3%, to $75.7 million, compared to $53.2 million in the first six months of 2017.
The Charlotte, N.C., based company said the increase in net revenues was driven by a 19% contribution from recent acquisitions, 3% from core revenue growth, and 2% from the favorable impact of foreign exchange.
Net income for the second quarter decreased 24%, however, to $35.5 million compared to a net income of $46.8 million in the same quarter last year. The decrease in net income was primarily due to an increase in expenses as well as a higher tax rate compared to the same quarter last year, the company reported.
In North America, Jeld-Wen’s net revenues increased 22%, to $673.2 million during the period, due to a 19% contribution from recent acquisitions and 3% core revenue growth. In Europe, net revenues increased $ 23.1%, to $318.7 million for the quarter, including a 15% contribution from recent acquisitions and 6% growth from the favorable impact of foreign exchange. Australian revenues increased 30.7%, to $180.6 million.
Jeld-Wen CEO and president Gary Michel, who took over as the company’s lead executive 2 months ago, outlined some of the company’s steps for the rest of 2018.
“As we move into the second half of 2018, we will gain momentum as we execute on our near-term priorities such as improving service levels for our customers, driving cost out of our business, and remaining disciplined with both pricing and share,” Michel said.
Jeld-Wen’s net revenues for the first six months of 2018 increased 18% to more than $2 billion compared to $1.8 for the same period last year. The increase was primarily driven by a 13% contribution from recent acquisitions. The company’s net income for the first half of the year increased 42.3%, to $75.7 million, compared to $53.2 million in the first six months of 2017.