Profits and sales fall at Jeld-Wen
Window and door manufacturer Jeld-Wen reported first quarter net revenues declined 3.1% to to $979.2 million compared to first quarter 2019 net revenues of $1.01 billion.
The Charlotte, N.C.-based company also reported a net loss of $0.2 million for the quarter in comparison to a net income of $15.8 million for the same period a year ago. Jeld-Wen said the loss was due to lower gross profit from reduced volumes in each geographic segment and higher SG&A expense and impairment costs.
North American net revenues increased $21.6 million, or 3.8%, to $586.7 million but revenues in Europe decreased $18.5 million, or 6.2%, to $281.5 million. In the Australasia market, net revenues decreased $34.2 million, or 23.6%, to $111.0 million with core revenues falling 18%.
Prior to the COVID-19 disruption, Jeld-Wen purchased $5 million of the company's common stock.
Following the company's $250 million senior secured notes offering, which closed on May 4, and AU $30 million (US$19.37 million) of additional borrowing availability recently added to the company's Australian credit facilities, Jeld-Wen's pro forma liquidity as of March 28, was approximately $696 million.
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The Bottom Line: Jeld-Wen revenues fall 3.1% as the company reports a net loss of $200,000.
What the CEO said: "I have the utmost confidence in each member of our global team to rise to the unprecedented challenges brought on by the COVID-19 pandemic," said Gary Michel, president and CEO. "We will continue to provide our customers with the highest quality products and services, and prudently and safely manage every aspect of our business during this crisis. We have an amazing team, a sound strategy, and great assets, and will emerge from this a stronger Jeld-Wen."
Company info: The full first quarter 2020 report from Jeld-Wen can be read here.
The Charlotte, N.C.-based company also reported a net loss of $0.2 million for the quarter in comparison to a net income of $15.8 million for the same period a year ago. Jeld-Wen said the loss was due to lower gross profit from reduced volumes in each geographic segment and higher SG&A expense and impairment costs.
North American net revenues increased $21.6 million, or 3.8%, to $586.7 million but revenues in Europe decreased $18.5 million, or 6.2%, to $281.5 million. In the Australasia market, net revenues decreased $34.2 million, or 23.6%, to $111.0 million with core revenues falling 18%.
Prior to the COVID-19 disruption, Jeld-Wen purchased $5 million of the company's common stock.
Following the company's $250 million senior secured notes offering, which closed on May 4, and AU $30 million (US$19.37 million) of additional borrowing availability recently added to the company's Australian credit facilities, Jeld-Wen's pro forma liquidity as of March 28, was approximately $696 million.
###
The Bottom Line: Jeld-Wen revenues fall 3.1% as the company reports a net loss of $200,000.
What the CEO said: "I have the utmost confidence in each member of our global team to rise to the unprecedented challenges brought on by the COVID-19 pandemic," said Gary Michel, president and CEO. "We will continue to provide our customers with the highest quality products and services, and prudently and safely manage every aspect of our business during this crisis. We have an amazing team, a sound strategy, and great assets, and will emerge from this a stronger Jeld-Wen."
Company info: The full first quarter 2020 report from Jeld-Wen can be read here.