JELD-WEN Stock Slides After Q1 Earnings Miss

  • JELD-WEN Holding Inc JELD reported first-quarter revenue growth of 7.2% year-over-year to $1.17 billion, driven by a 10% increase in core revenue, missing the consensus of $1.20 billion.
  • JELD realized 12% pricing to mitigate raw material and freight inflation.
  • Adjusted EPS decreased to $0.16 from $0.27 in 1Q21, missing the consensus of $0.33.
  • The gross margin contracted by 423 bps to 17.4%. The operating income fell to $10.3 million from $43.5 million, and the margin was 0.88%, down from 3.98%.
  • Adjusted EBITDA was $80.2 million (-18.1% Y/Y), and the margin contracted by 211 bps to 6.9%.
  • The company stated that despite solid core revenue growth, material increases in raw materials, freight, and labor inflation significantly impacted the earnings.
  • Net cash flow used in operations was $186.9 million in Q1, compared to $64.9 million in 1Q21. Free cash outflow was $203.2 million.
  • The company repurchased 1.8 million shares in the quarter for $40.2 million.
  • Total liquidity, including cash and cash equivalents and undrawn committed credit facilities, was $584.7 million as of March 26, 2022.
  • Price Action: JELD shares are trading lower by 11.6% at $18.38 on the last check Monday.
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