JELD-WEN Announces First Quarter 2018 Results, Updates 2018 Outlook, and Announces Share Repurchase Authorization
CHARLOTTE, N.C.--(BUSINESS WIRE)--
JELD-WEN Holding, Inc. (NYSE:JELD) today announced results for the three
months ended March 31, 2018 updated its 2018 outlook, and announced the
authorization for repurchases of up to $250 million of the company's
common stock.
First Quarter Summary:
-
Net revenues for the first quarter increased 11.6%, driven by a 7%
increase from acquisitions, while core growth was flat
-
Net income for the first quarter amounted to $40.3 million, an
increase of $33.8 million
-
Diluted earnings per share ("EPS") for the first quarter was a $0.37
and adjusted EPS amounted to $0.30
-
Adjusted EBITDA for the first quarter amounted to $87.8 million, an
increase of $6.9 million
-
Closed three strategic acquisitions in the first quarter, which are
expected to generate over $500 million in annualized revenues
-
Updated outlook for full 2018 includes net revenue growth of 17% to
19% and adjusted EBITDA of $505 million to $535 million
“I am pleased with the performance of our team in the first quarter,
given the tough comparisons versus last year and the difficult
inflationary environment,” said Kirk S. Hachigian, chairman and acting
chief executive officer. “Our focus in 2018 is on meeting the
expectations of our customers and shareholders, and driving more cost
out of our business so we can be the most competitive partner. I expect
all of our businesses to gain momentum throughout the year."
First Quarter 2018 Results
Net revenues for the three months ended March 31, 2018 increased $98.3
million, or 11.6%, to $946.2 million, compared to $847.9 million for the
same period last year. The increase was driven by a 7% contribution from
recent acquisitions and 5% due to the favorable impact of foreign
exchange. Core revenues, which exclude the impact of foreign exchange
and acquisitions completed in the last twelve months, were unchanged, as
core growth in Europe and Australia was offset by reduced volumes in
North America.
Net income was $40.3 million, compared to net income of $6.4 million in
the same quarter last year, an increase of $33.8 million. The increase
in net income was primarily due to a non-cash gain and related tax
benefits on the revaluation of a minority investment as well as reduced
interest expense compared to the same quarter last year. Adjusted net
income for the first quarter was $33.0 million.
EPS for the first quarter was $0.37 and adjusted EPS was $0.30. A
comparison of EPS to the same period last year would not be meaningful
because of the material change in the company’s capital structure that
resulted from its February 2017 initial public offering ("IPO"), as well
as the dilutive impact of the shares issued in the IPO.
Adjusted EBITDA increased $6.9 million, or 8.5%, to $87.8 million,
compared to $81.0 million in the same quarter last year. Adjusted EBITDA
margins decreased 20 basis points in the quarter to 9.3%, from 9.5% in
the same quarter a year ago. The decrease in adjusted EBITDA margins was
primarily due to the impact of recent acquisitions and foreign exchange,
while core adjusted margins improved approximately 30 basis points.
On a segment basis for the first quarter of 2018, compared to the same
period last year:
- North America - Net revenues increased $13.8 million, or 2.8%,
to $497.9 million, due to contributions from the MMI Door acquisition
of 4% and a 1% favorable impact from foreign exchange, partially
offset by a 2% reduction in core revenues. The decrease in core
revenues was primarily due to the impact of the previously announced
business line rationalization in Florida and lower volumes in the
windows and Canadian businesses. Adjusted EBITDA decreased $3.1
million, or 6.3%, to $47.0 million. Adjusted EBITDA margin declined by
100 basis points to 9.4%. Margins declined primarily due to a lag in
pricing to offset inflation in materials and freight, lower core
volumes, and the impact of the MMI Door acquisition.
- Europe - Net revenues increased $59.4 million, or 24.5%, to
$301.7 million, primarily due to a 13% favorable impact from foreign
exchange, 9% from the contribution of recent acquisitions, and core
growth of 2%. Adjusted EBITDA increased $6.6 million, or 24.3%, to
$33.8 million. Adjusted EBITDA margins were unchanged at 11.2%. Margin
improvement in the core business was offset by the impact of recent
acquisitions as well as the unfavorable impact of foreign exchange.
- Australasia - Net revenues increased $25.2 million, or 20.7%,
to $146.6 million, primarily due to the contribution from recent
acquisitions of 13%, the favorable impact of foreign exchange of 4%,
and core growth of 4%. Adjusted EBITDA increased $3.5 million, or
26.4%, to $16.7 million. Adjusted EBITDA margin expanded by 50 basis
points to 11.4%.
Cash Flow and Balance Sheet
Cash flows (used in) operations increased $56.1 million in the first
quarter of 2018 to a use of $(65.3) million, from a use of $(9.2)
million in the same period last year. Free cash flow decreased $73.7
million in the first quarter of 2018 to $(92.7) million, from $(19.0)
million in the same period last year. The decrease in free cash flow was
due to seasonality in working capital usage, planned increases in
seasonal inventory in certain product lines, and increased capital
expenditures.
Additionally, during the first quarter of 2018, the company invested
cash of $165.7 million, excluding debt assumed, for the acquisitions of
Domoferm, A&L Windows, and ABS.
Cash and cash equivalents as of March 31, 2018 were $103.0 million,
compared to $220.2 million as of December 31, 2017. Total debt as of
March 31, 2018 was $1.471 billion, compared to $1.274 billion as of
December 31, 2017.
Outlook for 2018
The company’s outlook for adjusted EBITDA for the second quarter of 2018
is $135 million to $145 million, compared to $125.3 million for the
second quarter of 2017. The second quarter outlook assumes growth from
the contribution of recent acquisitions, while margin improvement in the
core businesses is expected to be impacted by continued inflation in
materials and freight, as well as operational investments in core growth.
For full year 2018 compared to full year 2017, the company now expects
net revenue growth of 17% to 19%, compared to the previous outlook of
10% - 13%. The outlook has been updated to reflect the partial year
contribution of the recent ABS acquisition and updated foreign exchange
rates, while the assumption for core revenue growth remains unchanged at
approximately 3%.
The company's outlook for full year 2018 adjusted EBITDA remains at $505
million to $535 million, compared to 2017 adjusted EBITDA of $437.6
million. The outlook for adjusted EBITDA now reflects the partial year
contribution of the recent ABS acquisition, offset by anticipated
inflation in materials and freight in the core business and increased
operational investments in core growth. The midpoint of the updated
outlook assumes core adjusted EBITDA margin improvement of approximately
80 basis points. This improvement in core adjusted EBITDA margins is
expected to be partially offset by the impact of recent acquisitions and
the impact of foreign exchange.
Full year 2018 capital expenditures are expected to be in the range of
$100 million to $120 million, compared to 2017 capital expenditures of
$63.0 million.
Free cash flow for full year 2018 is expected to exceed adjusted net
income.
Share Repurchase Authorization
JELD-WEN’s board of directors has approved a share repurchase program
pursuant to which the company may repurchase up to $250 million of its
common stock.
“Our new share repurchase program demonstrates the board and
management’s confidence in JELD-WEN’s operating model and potential for
cash flow generation,” said Mr. Hachigian. “While we continue to see
good opportunities for capital deployment through organic investments
and strategic M&A, we believe our shares are undervalued and represent
an attractive investment opportunity. This new program provides us with
another lever in our balanced approach to create value for our
shareholders as well as the ability to offset dilution from our equity
incentive plans.”
Purchases will be made in accordance with all applicable securities laws
and regulations, and will be funded from available liquidity including
available cash or borrowings under existing or future credit facilities.
The share repurchase program does not obligate the company to acquire
any particular amount of common stock, and it may be suspended or
terminated at any time at the company’s discretion. The timing and
amount of any purchases of common stock will be based on JELD-WEN's
liquidity, general business and market conditions and other factors,
including alternative investment opportunities. The term of the new
repurchase program extends through December 31, 2019.
Conference Call Information
JELD-WEN management will host a conference call today, May 8, 2018, at 8
a.m. EDT, to discuss the company’s financial results. The conference
call can be accessed by dialing (877) 407-9208 (domestic) or (201)
493-6784 (international). A telephonic replay will be available
approximately two hours after the call by dialing (844) 512-2921, or for
international callers, (412) 317-6671. The passcode for the replay is
13678699. The replay will be available until 11:59 p.m. EDT on May 22,
2018.
Interested investors and other parties can also listen to a webcast of
the live conference call by logging onto the Investor Relations section
of the company’s website at http://investors.jeld-wen.com.
The online replay will be available for 30 days on the same website
immediately following the call. A slide presentation highlighting the
company’s results will also be available on the Investor Relations
section of the company’s website.
To learn more about JELD-WEN, please visit the company’s website at http://investors.jeld-wen.com.
About JELD-WEN
JELD-WEN, founded in 1960, is one of the world’s largest door and window
manufacturers, operating manufacturing facilities in 20 countries
located primarily in North America, Europe and Australia. Headquartered
in Charlotte, N.C., JELD-WEN designs, produces and distributes an
extensive range of interior and exterior doors, wood, vinyl and aluminum
windows and related products for use in the new construction and repair
and remodeling of residential homes and non-residential buildings.
JELD-WEN is a recognized leader in manufacturing energy-efficient
products and has been an ENERGY STAR® Partner since 1998. Our
products are marketed globally under the JELD-WEN® brand,
along with several market-leading regional brands such as Swedoor®
and DANA® in Europe and Corinthian®, Stegbar®,
and Trend® in Australia.
Forward-Looking Statements
This press release contains certain “forward-looking statements”
regarding business strategies, market potential, future financial
performance, the potential of our categories and brands, our outlook for
the second quarter and full year 2018, and our expectations, beliefs,
plans, objectives, prospects, assumptions, or other future events.
Forward-looking statements are generally identified by our use of
forward-looking terminology such as “anticipate”, “believe”, “continue”,
“could”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”,
“potential”, “predict”, “seek”, or “should”, or the negative thereof or
other variations thereon or comparable terminology. Where, in any
forward-looking statement, we express an expectation or belief as to
future results or events, such expectation or belief is based on the
current plans, expectations, assumptions, estimates, and projections of
our management. Although we believe that these statements are based on
reasonable expectations, assumptions, estimates and projections, they
are only predictions and involve known and unknown risks, many of which
are beyond our control that could cause actual outcomes and results to
be materially different from those indicated in such statements.
Our actual results could differ materially from the results contemplated
by these forward-looking statements due to a number of factors,
including the factors discussed in our Annual Reports on Form 10-K, and
our Quarterly Reports on Form 10-Q, both filed with the Securities and
Exchange Commission.
The assumptions underlying the guidance provided for the second quarter
and full year 2018 include the achievement of anticipated improvements
in end markets, competitive position, and product portfolio; stable
macroeconomic factors; continued inflation in materials and freight; no
changes in foreign currency exchange and tax rates; successful
integration of recent acquisitions; and our future business plans. The
forward-looking statements included in this release are made as of the
date hereof, and except as required by law, we undertake no obligation
to update, amend or clarify any forward-looking statements to reflect
events, new information or circumstances occurring after the date of
this release.
Adjustments to Previously Reported Financial Information
The statement of operations for the three months ended April 1, 2017 has
been revised to reflect the correction of certain errors and other
accumulated misstatements as described in our Form 10-K - Note 36 - Revision
of Prior Period Financial Statements. The errors did not impact the
subtotals for cash flows from operating activities, investing activities
or financing activities for any of the periods affected. In addition, as
a result of our retrospective application of ASU 2017-07, we
reclassified certain amounts in our statement of operations for the
three months ended April 1, 2017. To conform with current period
presentation of revenues, we reclassified certain amounts in our
statement of operations for the three months ended April 1, 2017. The
reclassifications were not material to our previously issued financial
statements. The cumulative impact of the adjustments for the three
months ended April 1, 2017 was an increase in revenues of $0.1 million,
increase in cost of sales of $4.4 million, a decrease in selling,
general and administrative expense of $7.4 million, and an increase in
other expense of $3.1 million. The corrections had no impact on net
income or adjusted EBITDA. Please refer to our Form 10-Q for the three
month period ended March 31, 2018 for additional details.
Non-GAAP Financial Information
This press release presents certain “non-GAAP” financial measures. The
components of these non-GAAP measures are computed by using amounts that
are determined in accordance with accounting principles generally
accepted in the United States of America (“GAAP”). A reconciliation of
non-GAAP financial measures used in this press release to their nearest
comparable GAAP financial measures is included in the tables at the end
of this press release. The company provides certain guidance solely on a
non-GAAP basis because the company cannot predict certain elements that
are included in certain reported GAAP results, including the variables
and individual adjustments necessary for a reconciliation to GAAP. While
management is not able to specifically quantify the reconciliation items
for forward-looking non-GAAP measures without unreasonable effort,
management bases the estimated ranges of non-GAAP measures for future
periods on its reasonable estimates of such factors as assumed effective
tax rate, assumed interest expense, and other assumptions about capital
requirements for future periods.
We use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, and
Adjusted EPS because we believe they assist investors and analysts in
comparing our operating performance across reporting periods on a
consistent basis by excluding items that we do not believe are
indicative of our core operating performance. Management believes
Adjusted EBITDA and Adjusted EBITDA margin are helpful in highlighting
trends because they exclude the results of decisions that are outside
the control of management, while other measures can differ significantly
depending on long-term strategic decisions regarding capital structure,
the tax jurisdictions in which we operate, and capital investments. We
use Adjusted EBITDA and Adjusted EBITDA margin to measure our financial
performance and also to report our results to our board of directors.
Further, our executive incentive compensation is based in part on
Adjusted EBITDA. In addition, we use Adjusted EBITDA as calculated
herein for purposes of calculating compliance with our debt covenants in
certain of our debt facilities. Adjusted EBITDA should not be considered
as an alternative to net income as a measure of financial performance or
to cash flows from operations as a liquidity measure.
We define Adjusted EBITDA as net income (loss), eliminating the impact
of the following items: loss from discontinued operations, net of tax;
(gain) loss on sale of discontinued operations, net of tax; equity
(earnings) loss of non-consolidated entities; income tax; depreciation
and amortization; interest expense, net; impairment and restructuring
charges; (gain) loss on sale of property and equipment; share-based
compensation expense; non-cash foreign exchange transaction/translation
(income) loss; other non-cash items; non-recurring, extraordinary items;
other items; and costs related to debt restructuring, debt refinancing,
and the Onex investment. Adjusted EBITDA margin is defined as Adjusted
EBITDA divided by net revenues.
We present free cash flow because we believe it assists investors and
analysts in determining the quality of our earnings. We also use free
cash flow to measure our financial performance and to report to our
board of directors. In addition, our executive incentive compensation is
based in part on free cash flow. We define free cash flow as cash flow
from operations less capital expenditures (including purchases of
intangible assets). Free cash flow should not be considered as an
alternative to cash flows from operations as a liquidity measure.
Adjusted net income represents net income adjusted for the after-tax
impact of i) non-cash foreign currency (gains) losses, ii) impairment
and restructuring charges, iii) one-time non-cash gains, iv) other
non-recurring expenses associated with certain matters such as our
initial public offering, secondary offering, mergers, and litigation.
Adjusted EPS represents net income per diluted share adjusted to exclude
the estimated per share impact of the same specifically identified items
used to calculate adjusted net income as described above. Where
applicable such items are tax-effected at our estimated annual effective
tax rate.
Other companies may compute these measures differently. No non-GAAP
metric should be considered as an alternative to any other measure
derived in accordance with GAAP.
Due to rounding, numbers presented throughout this document may not sum
precisely to the totals provided and percentages may not precisely
reflect the absolute figures.
|
|
| JELD-WEN Holding, Inc. |
|
|
| Consolidated Statements of Operations (Unaudited) |
| (In millions) |
|
| |
| |
| | Three Months Ended | | |
| | March 31,
2018 |
| April 1,
2017 | | % Variance |
|
Net revenues
| |
$
|
946.2
| | |
$
|
847.9
| | |
11.6%
|
|
Cost of sales
| |
740.3
|
| |
666.2
|
| |
11.1%
|
|
Gross margin
| |
205.9
| | |
181.7
| | |
13.3%
|
|
Selling, general and administrative
| |
164.7
| | |
139.7
| | |
17.9%
|
|
Impairment and restructuring charges
| |
3.0
|
| |
1.2
|
| |
147.4%
|
|
Operating income
| |
38.2
| | |
40.8
| | |
(6.5)%
|
|
Interest expense, net
| |
15.7
| | |
26.9
| | |
(41.8)%
|
|
Gain on previously held shares of an equity investment
| |
(20.8
|
)
| |
—
| | |
100.0%
|
|
Other income
| |
7.8
|
| |
5.7
|
| |
35.5%
|
|
Income before taxes, equity earnings and discontinued operations
| |
35.5
| | |
8.2
| | |
333.1%
|
|
Income tax (benefit) expense
| |
(4.0
|
)
| |
2.3
|
| |
(278.7)%
|
|
Income from continuing operations, net of tax
| |
39.5
| | |
5.9
| | |
564.8%
|
|
Equity earnings of non-consolidated entities
| |
0.7
| | |
0.5
| | |
53.4%
|
|
Net income
| |
$
|
40.3
|
| |
$
|
6.4
|
| |
526.5%
|
| Other financial data: | | | | | | |
|
Adjusted EBITDA(1) | |
$
|
87.8
| | |
$
|
81.0
| | |
8.5%
|
|
Adjusted EBITDA Margin(1) | |
9.3
|
%
| |
9.5
|
%
| | |
| | | | | | | |
|
| (1) |
|
|
Adjusted EBITDA is a financial measure that is not calculated in
accordance with GAAP. For a discussion of our presentation of
Adjusted EBITDA and Adjusted EBITDA Margin, see above under the
heading “Non-GAAP Financial Information”.
|
| | |
|
|
|
| JELD-WEN Holding, Inc. |
|
|
| Selected Financial Data (Unaudited) |
| (In millions) |
|
| |
| |
| | March 31,
2018 | | December 31,
2017 |
| Consolidated balance sheet data:
| | | | |
|
Cash, cash equivalents
| |
$
|
103.0
| | |
$
|
220.2
| |
|
Accounts receivable, net
| |
578.2
| | |
453.3
| |
|
Inventories
| |
545.6
| | |
405.4
| |
|
Total current assets
| |
1,281.8
| | |
1,145.2
| |
|
Total assets
| |
3,171.7
| | |
2,862.9
| |
|
Accounts payable
| |
303.5
| | |
259.9
| |
|
Total current liabilities
| |
654.1
| | |
577.5
| |
|
Total debt
| |
1,471.1
| | |
1,273.7
| |
|
Total shareholders’ equity
| |
852.0
| | |
792.0
| |
| | | |
|
| | Three Months Ended |
| Statement of cash flows data: | | March 31,
2018 | | April 1,
2017 |
|
Net cash flow (used in) provided by:
| | | | |
|
Operating activities
| |
$
|
(65.3
|
)
| |
$
|
(9.2
|
)
|
|
Investing activities
| |
(191.8
|
)
| |
(7.7
|
)
|
|
Financing activities
| |
107.4
| | |
98.3
| |
| | | | | |
|
|
|
| JELD-WEN Holding, Inc. |
|
|
| Reconciliation of Non-GAAP Financial Measures (Unaudited) |
| (In millions) |
|
| |
| | Three Months Ended |
| | March 31,
2018 |
| April 1,
2017 |
|
Net income
| |
$
|
40.3
| | |
$
|
6.4
| |
|
Equity earnings of non-consolidated entities
| |
(0.7
|
)
| |
(0.5
|
)
|
|
Income tax (benefit) expense
| |
(4.0
|
)
| |
2.3
| |
|
Depreciation and intangible amortization
| |
28.5
| | |
27.1
| |
|
Interest expense, net(1) | |
15.7
| | |
26.9
| |
|
Impairment and restructuring charges
| |
3.0
| | |
1.2
| |
|
Gain on previously held shares of an equity investment
| |
(20.8
|
)
| |
—
| |
|
Gain on sale of property and equipment
| |
(0.1
|
)
| |
—
| |
|
Stock-based compensation expense
| |
2.0
| | |
5.4
| |
|
Non-cash foreign exchange transaction/translation (income) loss
| |
3.9
| | |
4.4
| |
|
Other items(2) | |
20.3
| | |
7.6
| |
|
Costs relating to debt restructuring and refinancing
| |
—
|
| |
0.3
|
|
|
Adjusted EBITDA(3) | |
$
|
87.8
|
| |
$
|
81.0
|
|
| | | | | | | |
|
| (1) |
|
|
For the three months ended April 1, 2017, interest expense includes
the write-off of $6.1 of original issue discount and deferred
financing fees related to the repayment of debt.
|
| | |
|
| (2) | | |
Other items not core to business activity include: (i) in the three
months ended March 31, 2018, (1) $13.6 in legal costs, (2) $2.6 in
acquisition costs and (3) $2.4 in costs related to exit of CEO; and
(ii) in the three months ended April 1, 2017, (1) $8.0 in legal
costs, (2) $0.5 in facility shut down costs, (3) $0.3 professional
fees related to the IPO process, partially offset by (4) $(2.2) in
gain on settlement of contract escrow.
|
| | |
|
| (3) | | |
Adjusted EBITDA is a financial measure that is not calculated in
accordance with GAAP. For a discussion of our presentation of
Adjusted EBITDA, see above under the heading “Non-GAAP Financial
Information”.
|
| | |
|
|
| |
| | Three Months
Ended |
(amounts in millions, except share and
per share data) | | March 31,
2018 |
|
Net income attributable to common shareholders
| |
$
|
40.3
| |
|
Legal and professional fees
| |
9.1
| |
|
Non-cash foreign exchange transactions/translation (income) loss
| |
2.6
| |
|
Impairment and restructuring charges
| |
2.0
| |
|
Gain on previously held shares of an equity investment
| |
(13.9
|
)
|
|
Deferred tax liability write-off associated with equity investment
| |
(7.1
|
)
|
|
Adjusted net income
| |
$
|
33.0
|
|
| |
|
|
Diluted net income per share
| |
$
|
0.37
| |
|
Legal and professional fees
| |
0.08
| |
|
Non-cash foreign exchange transactions/translation (income) loss
| |
0.02
| |
|
Impairment and restructuring charges
| |
0.02
| |
|
Gain on previously held shares of an equity investment
| |
(0.13
|
)
|
|
Deferred tax liability write-off associated with equity investment
| |
(0.06
|
)
|
|
Adjusted net income per share
| |
$
|
0.30
|
|
| |
|
|
Diluted shares used in adjusted EPS calculation represent the fully
dilutive shares for the three months ended March 31, 2018.
| |
108,867,800
| |
|
NOTE: Where applicable, adjustments to net income and net income per
share are tax-effected at 33.2% for the three months ended March 31,
2018.
|
|
|
|
| Three Months Ended |
| | March 31,
2018 |
| April 1,
2017 |
|
Net cash used in operating activities
| |
$
|
(65.3
|
)
| |
$
|
(9.2
|
)
|
|
Less capital expenditures
| |
27.4
|
| |
9.8
|
|
|
Free cash flow
| |
$
|
(92.7
|
)
| |
$
|
(19.0
|
)
|
| | | | | | | |
|
|
|
| JELD-WEN Holding, Inc. |
|
|
| Segment Results (Unaudited) |
| (In millions) |
|
| |
| |
| | Three Months Ended | | |
| | March 31,
2018 |
| April 1,
2017 | | |
|
Net revenues from external customers
| | | | | | % Variance |
| North America | |
$
|
497.9
| | |
$
|
484.2
| | |
2.8%
|
| Europe | |
301.7
| | |
242.3
| | |
24.5%
|
| Australasia | |
146.6
|
| |
121.4
|
| |
20.7%
|
|
Total Consolidated
| |
$
|
946.2
|
| |
$
|
847.9
|
| |
11.6%
|
|
Adjusted EBITDA(1) | | | | | | |
| North America | |
$
|
47.0
| | |
$
|
50.2
| | |
(6.3)%
|
| Europe | |
33.8
| | |
27.2
| | |
24.3%
|
| Australasia | |
16.7
| | |
13.2
| | |
26.4%
|
|
Corporate and unallocated costs
| |
(9.8
|
)
| |
(9.7
|
)
| |
0.8%
|
|
Total Consolidated
| |
$
|
87.8
|
| |
$
|
81.0
|
| |
8.5%
|
| | | | | | | | | |
|
| (1) |
|
|
Adjusted EBITDA is a financial measure that is not calculated in
accordance with GAAP. For a discussion of our presentation of
Adjusted EBITDA, see above under the heading “Non-GAAP Financial
Information”.
|
| | |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180508005371/en/
Investor Relations:
JELD-WEN Holding, Inc.
John Linker,
704-378-7007
SVP, Corporate Development and Investor Relations
investors@jeldwen.com
Source: JELD-WEN Holding, Inc.