CHARLOTTE, N.C.--(BUSINESS WIRE)--
JELD-WEN Holding, Inc. (NYSE:JELD) today announced results for the three
months ended March 30, 2019 including net revenues of $1.011 billion,
net income of $16.6 million, adjusted EBITDA of $90.6 million, earnings
per share ("EPS") of $0.16 and adjusted EPS of $0.23.
Highlights:
-
Net revenues for the first quarter increased 6.8% year-over-year to
$1.011 billion
-
Adjusted EBITDA for the first quarter increased by $2.8 million
year-over-year to $90.6 million
-
Cash flow from operations improved $37.3 million year-over-year to a
cash use of $28.0 million
-
Repurchased 939,798 shares for $15.0 million during the first quarter
-
Full year outlook for 2019 adjusted EBITDA increased to reflect the
recent acquisition of VPI Quality Windows ("VPI"); expectations
reaffirmed for full year core margin improvement
“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 S. Michel,
president and chief executive officer. “I am pleased with the execution
of our team in the first quarter, as we remained disciplined on pricing
to offset inflation and delivered positive productivity in our
manufacturing operations. We also continued to make progress on our key
strategic priorities for 2019 -- maintaining strong service levels to
drive core revenue growth, deploying the JELD-WEN Excellence Model
across the enterprise to generate increased productivity, executing on
our footprint rationalization program, and integrating our recent
acquisitions.”
First Quarter 2019 Results
-
Favorable price/cost realization and cost productivity offset
headwinds from volume/mix
-
Core adjusted EBITDA margins increased 40 basis points in North
America; unchanged overall
-
Sequential acceleration of pricing in North America to 4% in the first
quarter of 2019, from 3% in the fourth quarter of 2018
Net revenues for the three months ended March 30, 2019 increased $64.7
million, or 6.8%, to $1.011 billion, compared to $946.2 million for the
same period last year. The increase in net revenues was driven by a 12%
contribution from recent acquisitions, partially offset by a 4% adverse
impact from foreign exchange. Core revenues, which exclude the impact of
foreign exchange and acquisitions completed in the last twelve months,
declined by 1% during the quarter. Core revenues included a 2% benefit
from favorable pricing, which was offset by a 3% impact from unfavorable
volume/mix.
Net income was $16.6 million, compared to net income of $40.3 million in
the same quarter last year, a decrease of $23.7 million. The decrease in
net income was primarily due to the non-recurrence of a $20.8 million
one-time non-cash gain and related tax benefit associated with the
revaluation of a minority investment in the first quarter of 2018.
Adjusted net income for the first quarter was $23.1 million, compared to
$26.1 million in the same quarter last year, a decrease of $3.0 million,
due to an increase in interest expense and a higher effective tax rate.
The effective book income tax rate in the quarter was 38.4%, higher than
the full year expected tax rate of 33% to 36%. Excluding the impact of
the GILTI provision of recent U.S. tax reform legislation, the first
quarter effective book tax rate would have been approximately 30%.
EPS for the first quarter was $0.16 compared to $0.37 for the same
quarter last year, a decrease of $0.21. Adjusted EPS was $0.23 in both
periods.
Adjusted EBITDA increased $2.8 million, or 3.2%, to $90.6 million,
compared to $87.8 million in the same quarter last year. Adjusted EBITDA
margins decreased 30 basis points in the quarter to 9.0%, from 9.3% in
the prior year, primarily due to the impact of recent acquisitions and
the adverse impact from foreign currency exchange. First quarter 2019
core adjusted EBITDA margins were unchanged compared to the prior year,
as core margin improvement in North America was offset by core margin
reduction in Europe. Core margins in Australasia were unchanged.
On a segment basis for the first quarter of 2019, compared to the same
period last year:
-
North America - Net revenues increased $67.8 million, or 13.6%,
to $565.8 million, due primarily to a 15% contribution from recent
acquisitions, partially offset by a 1% decline in core revenues. Core
revenues declined due to a volume/mix headwind of 5%, partially offset
by a 4% benefit from pricing. Consistent with the prior quarter,
volume headwinds were most significant in the U.S. windows and Canada
businesses, and were aggravated by severe weather across many parts of
North America. Adjusted EBITDA increased $6.5 million, or 13.8%, to
$53.5 million. Adjusted EBITDA margins increased by 10 basis points to
9.5% due to a 40 basis point improvement in core margins, partially
offset by the dilutive impact of recent acquisitions. Core margin
benefit from pricing offset the unfavorable impact from volume/mix.
-
Europe - Net revenues decreased $1.7 million, or 0.6%, to
$300.0 million, due to an 8% adverse impact from foreign exchange,
partially offset by a 7% contribution from recent acquisitions and a
1% increase in core revenues. The improvement in core revenues was due
to a 1% pricing benefit, as volume/mix was unchanged. Adjusted EBITDA
decreased $5.6 million, or 16.7%, to $28.2 million. Adjusted EBITDA
margins declined 180 basis points to 9.4%, primarily due to the
dilutive impact of recent acquisitions and the adverse impact of
foreign exchange, as well as a 50 basis point decrease in core
margins. The decline in core margins was primarily due to input cost
inflation, and to a lesser extent continued unfavorable channel and
product mix, partially offset by an improvement in net cost
productivity.
-
Australasia - Net revenues decreased $1.4 million, or 0.9%, to
$145.2 million, due primarily to a 9% unfavorable impact from foreign
exchange and a 2% decrease in core revenues, partially offset by a 10%
contribution from recent acquisitions. Core revenues declined due to
volume/mix, partially offset by favorable pricing. Adjusted EBITDA
decreased $0.3 million, or 1.9%, to $16.4 million. Adjusted EBITDA
margin contracted by 10 basis points to 11.3%, due primarily to
unfavorable foreign exchange. Core margins were flat during the
quarter, as net cost productivity offset the impact of unfavorable
volume/mix.
Cash Flow and Balance Sheet
-
Free cash flow improved by $32.8 million year-over-year
-
Repurchased $15.0 million of common stock in the first quarter
-
Leverage ratios elevated temporarily; anticipated to be back within
target range by year-end
Cash flows used in operations totaled $28.0 million in the first quarter
of 2019, compared to $65.3 million in the first quarter of 2018. The
improvement in cash flows used in operations was primarily due to an
improvement in working capital. Free cash flow used in the first quarter
of 2019 improved $32.8 million year over year to $59.9 million, from
$92.7 million in the first quarter of 2018. The improvement in free cash
flow was primarily due to improved working capital utilization,
partially offset by increased capital expenditures.
The company repurchased 939,798 shares of its common stock for a total
of $15.0 million during the first quarter. At the end of the quarter,
$110.0 million was available for additional repurchases through December
2019 under the current authorization.
Cash and cash equivalents as of March 30, 2019 were $94.0 million,
compared to $117.0 million as of December 31, 2018. Total debt as of
March 30, 2019 was $1.573 billion, compared to $1.478 billion as of
December 31, 2018.
Outlook for 2019
-
Outlook for 2019 updated to reflect the contribution of the recent
acquisition of VPI; net revenue growth range remains 1% to 5% and
adjusted EBITDA range increased to $475 million to $505 million
-
Confidence in 2019 outlook based on pipeline of productivity cost
savings initiatives and pricing actions
-
Elevated capital expenditures to fund facility rationalization
program, which will improve margins and return on invested capital,
simplify operations, and drive efficiencies
The company’s updated outlook for adjusted EBITDA in 2019 is $475
million to $505 million, compared to its previous outlook of $470
million to $505 million, and adjusted EBITDA for 2018 of $465.3 million.
The outlook still assumes net revenue growth of 1% to 5% and core
adjusted EBITDA margin improvement of at least 40 basis points.
Full year 2019 capital expenditures are still expected to be in the
range of $140 million to $160 million, compared to 2018 capital
expenditures of $118.7 million.
“We remain confident that we will deliver our full year outlook for 2019
based on our strong visibility to cost savings projects and pricing
actions and the demonstrated execution of our teams across the
enterprise. While we are intently focused on driving improvement in our
core operations, we will remain disciplined stewards of shareholder
capital by investing in high-return organic projects, executing
strategic acquisitions, and opportunistically repurchasing our shares,”
said Mr. Michel.
Conference Call Information
JELD-WEN management will host a conference call today, May 7, 2019, at 8
a.m. EDT, to discuss the company’s financial results. Interested
investors and other parties can access the call either via webcast by
visiting the Investor Relations section of the company's website at http://investors.jeld-wen.com,
or by dialing (877) 396-4218 (domestic) or (647) 689-5631
(international). A slide presentation highlighting the company’s results
will also be available on the Investor Relations section of the
company’s website.
For those unable to listen to the live event, a webcast replay will be
available approximately two hours following completion of the call.
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, litigation
outcomes, our outlook for 2019, 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 2019 include the
achievement of anticipated improvements in end markets, competitive
position, product portfolio, and internal operations; stable
macroeconomic factors; continued inflation in materials and freight
costs; no further 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.
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. The variability of these items may have
a significant impact on our future GAAP results.
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), adjusted for the
following items: loss from discontinued operations, net of tax; equity
earnings of non-consolidated entities; income tax (benefit) expense;
depreciation and amortization; interest expense, net; impairment and
restructuring charges; gain on previously held shares of equity
investment; (gain) loss on sale of property and equipment; share-based
compensation expense; non-cash foreign exchange transaction/translation
(income) loss; other non-cash items; other items; and costs related to
debt restructuring and debt refinancing. 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 30,
2019
|
|
March 31,
2018
|
|
% Variance
|
|
Net revenues
|
|
$
|
1,010.9
|
|
|
$
|
946.2
|
|
|
6.8
|
%
|
|
Cost of sales
|
|
802.5
|
|
|
740.3
|
|
|
8.4
|
%
|
|
Gross margin
|
|
208.4
|
|
|
205.9
|
|
|
1.3
|
%
|
|
Selling, general and administrative
|
|
163.4
|
|
|
164.7
|
|
|
(0.8
|
)%
|
|
Impairment and restructuring charges
|
|
3.7
|
|
|
3.0
|
|
|
25.1
|
%
|
|
Operating income
|
|
41.4
|
|
|
38.2
|
|
|
8.3
|
%
|
|
Interest expense, net
|
|
17.7
|
|
|
15.7
|
|
|
12.7
|
%
|
|
Gain on previously held shares of an equity investment
|
|
—
|
|
|
(20.8
|
)
|
|
100.0
|
%
|
|
Other (income) expense
|
|
(3.2
|
)
|
|
7.8
|
|
|
(141.2
|
)%
|
|
Income before taxes, equity earnings and discontinued operations
|
|
26.9
|
|
|
35.5
|
|
|
(24.3
|
)%
|
|
Income tax (benefit) expense
|
|
10.3
|
|
|
(4.0
|
)
|
|
(356.8
|
)%
|
|
Income from continuing operations, net of tax
|
|
16.6
|
|
|
39.5
|
|
|
(58.1
|
)%
|
|
Equity earnings of non-consolidated entities
|
|
—
|
|
|
0.7
|
|
|
(100.0
|
)%
|
|
Net income
|
|
$
|
16.6
|
|
|
$
|
40.3
|
|
|
(58.9
|
)%
|
|
Other financial data:
|
|
|
|
|
|
|
|
Adjusted EBITDA(1) |
|
$
|
90.6
|
|
|
$
|
87.8
|
|
|
3.2
|
%
|
|
Adjusted EBITDA Margin(1) |
|
9.0
|
%
|
|
9.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 30,
2019
|
|
December 31,
2018
|
|
Consolidated balance sheet data:
|
|
|
|
|
|
Cash, cash equivalents
|
|
$
|
94.0
|
|
|
$
|
117.0
|
|
|
Accounts receivable, net
|
|
571.6
|
|
|
471.7
|
|
|
Inventories
|
|
548.0
|
|
|
513.2
|
|
|
Total current assets
|
|
1,267.9
|
|
|
1,151.5
|
|
|
Total assets
|
|
3,391.5
|
|
|
3,051.1
|
|
|
Accounts payable
|
|
285.9
|
|
|
250.3
|
|
|
Total current liabilities
|
|
774.2
|
|
|
670.3
|
|
|
Total debt
|
|
1,572.7
|
|
|
1,477.9
|
|
|
Total shareholders’ equity
|
|
763.9
|
|
|
767.8
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Statement of cash flows data:
|
|
March 30,
2019
|
|
March 31,
2018
|
|
Net cash flow provided by (used in):
|
|
|
|
|
|
Operating activities
|
|
$
|
(28.0
|
)
|
|
$
|
(65.3
|
)
|
|
Investing activities
|
|
(88.9
|
)
|
|
(191.8
|
)
|
|
Financing activities
|
|
93.5
|
|
|
107.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JELD-WEN Holding, Inc.
|
|
|
|
Reconciliation of Non-GAAP Financial Measures (Unaudited)
|
|
(In millions)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 30,
2019
|
|
March 31,
2018
|
|
Net income
|
|
$
|
16.6
|
|
|
$
|
40.3
|
|
|
Equity earnings of non-consolidated entities
|
|
—
|
|
|
(0.7
|
)
|
|
Income tax expense (benefit)
|
|
10.3
|
|
|
(4.0
|
)
|
|
Depreciation and amortization
|
|
30.9
|
|
|
28.5
|
|
|
Interest expense, net
|
|
17.7
|
|
|
15.7
|
|
|
Impairment and restructuring charges
|
|
3.7
|
|
|
3.0
|
|
|
Gain on previously held shares of an equity investment
|
|
—
|
|
|
(20.8
|
)
|
|
Gain on sale of property and equipment
|
|
0.6
|
|
|
(0.1
|
)
|
|
Stock-based compensation expense
|
|
2.6
|
|
|
2.0
|
|
|
Non-cash foreign exchange transaction/translation loss (income)
|
|
(3.4
|
)
|
|
3.9
|
|
|
Other items(1) |
|
11.7
|
|
|
20.3
|
|
|
Adjusted EBITDA(2) |
|
$
|
90.6
|
|
|
$
|
87.8
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Other items not core to business activity include: (i) in the
three months ended March 30, 2019 (1) $5.2 in facility closure and
consolidation costs related to our facility footprint
rationalization program, (2) $2.7 in acquisition related costs,
(3) $0.7 in legal costs and (4) $1.9 of other non-cash items; and
(ii) in the three ended March 31, 2018 (1) $13.6 in legal costs,
(2) $2.6 in acquisition costs, and (3) $2.4 in costs related to
the departure of the former CEO.
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
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 30,
2019
|
|
March 31,
2018
|
|
Net income attributable to common shareholders
|
|
$
|
16.6
|
|
|
$
|
40.3
|
|
|
Legal, acquisition and professional fees
|
|
2.9
|
|
|
9.1
|
|
|
Non-cash foreign exchange transactions/translation (income) loss
|
|
(2.2
|
)
|
|
2.6
|
|
|
Impairment and restructuring charges
|
|
2.4
|
|
|
2.0
|
|
|
Facility closure and consolidation charges
|
|
3.4
|
|
|
—
|
|
|
Gain on previously held shares of an equity investment (1) |
|
—
|
|
|
(20.8
|
)
|
|
Deferred tax liability write-off associated with equity investment (1) |
|
—
|
|
|
(7.1
|
)
|
|
Adjusted net income (1) |
|
$
|
23.1
|
|
|
$
|
26.1
|
|
|
|
|
|
|
|
Diluted net income per share
|
|
$
|
0.16
|
|
|
$
|
0.37
|
|
|
Legal, acquisition and professional fees
|
|
0.03
|
|
|
0.08
|
|
|
Non-cash foreign exchange transactions/translation (income) loss
|
|
(0.02
|
)
|
|
0.02
|
|
|
Impairment and restructuring charges
|
|
0.03
|
|
|
0.02
|
|
|
Facility closure and consolidation charges
|
|
0.03
|
|
|
—
|
|
|
Gain on previously held shares of an equity investment (1) |
|
—
|
|
|
(0.19
|
)
|
|
Deferred tax liability write-off associated with equity investment (1) |
|
—
|
|
|
(0.07
|
)
|
|
Adjusted net income per share (1) |
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
|
|
|
|
|
Diluted shares used in adjusted EPS calculation represent the fully
dilutive shares for the three months ended March 30, 2018 and March
29, 2018, respectively.
|
|
101,461,293
|
|
|
108,867,800
|
|
|
|
|
|
|
|
|
|
(1) Adjusted net income and adjusted EPS for the first quarter of
2018 have been revised to eliminate the estimated tax effect on
these items because, due to their nature, a tax effect adjustment
should not have been applied. As a result, first quarter 2018
adjusted net income as presented herein changed from $33.0 million
as originally reported to $26.1 million, and adjusted EPS as
presented herein changed from $0.30 as originally reported to
$0.23.
|
|
|
|
|
|
|
|
|
Note: Except as otherwise noted, adjustments to net income and net
income per share are tax-effected at an effective tax rate of
34.6% for the three months ended March 30, 2019 and 33.2% for the
three months March 31, 2018.
|
|
|
|
|
Three Months Ended
|
|
|
March 30,
2019
|
|
March 31,
2018
|
|
Net cash provided by operating activities
|
|
$
|
(28.0
|
)
|
|
$
|
(65.3
|
)
|
|
Less capital expenditures
|
|
31.9
|
|
|
27.4
|
|
|
Free cash flow
|
|
$
|
(59.9
|
)
|
|
$
|
(92.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JELD-WEN Holding, Inc.
|
|
|
|
Segment Results (Unaudited)
|
|
(In millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
March 30,
2019
|
|
March 31,
2018
|
|
|
|
Net revenues from external customers
|
|
|
|
|
|
% Variance
|
|
North America
|
|
$
|
565.8
|
|
|
$
|
497.9
|
|
|
13.6
|
%
|
|
Europe
|
|
300.0
|
|
|
301.7
|
|
|
(0.6
|
)%
|
|
Australasia
|
|
145.2
|
|
|
146.6
|
|
|
(0.9
|
)%
|
|
Total Consolidated
|
|
$
|
1,010.9
|
|
|
$
|
946.2
|
|
|
6.8
|
%
|
|
Adjusted EBITDA(1) |
|
|
|
|
|
|
|
North America
|
|
$
|
53.5
|
|
|
$
|
47.0
|
|
|
13.8
|
%
|
|
Europe
|
|
28.2
|
|
|
33.8
|
|
|
(16.7
|
)%
|
|
Australasia
|
|
16.4
|
|
|
16.7
|
|
|
(1.9
|
)%
|
|
Corporate and unallocated costs
|
|
(7.5
|
)
|
|
(9.8
|
)
|
|
(22.7
|
)%
|
|
Total Consolidated
|
|
$
|
90.6
|
|
|
$
|
87.8
|
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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/20190507005306/en/
Investor Relations Contact:
JELD-WEN Holding, Inc.
Chris
Teachout
Investor Relations Manager
704-378-7007
investors@jeldwen.com
Source: JELD-WEN Holding, Inc.