JELD-WEN Reports 3rd Quarter 2022 Results.

CHARLOTTE, N.C: JELD-WEN Holding, Inc. (NYSE: JELD) today announced results for the three and nine months ended September 24, 2022. Comparability is to the same period in the prior year, unless otherwise noted. References to "core" financial results exclude the impact of foreign exchange and acquisitions completed in the last twelve months.

Third Quarter Highlights

Net revenue of $1,295.8 million increased 13.0% for the third quarter driven by 18% core revenue growth. Core revenue growth included 15% price realization and 3% positive volume/mix.

GAAP net loss was $33.2 million or $0.39 per share, compared to net income of $40.5 million or $0.41 per share during the same quarter a year ago. GAAP net loss includes net after-tax charges of $93.9 million or $1.10 per share, due mostly to a $54.9 million or $0.64 per share pre-tax, non-cash goodwill impairment charge in the Europe segment. Additional net charges are included for: impairment and restructuring, legal and professional fees and facility closure, consolidation, and other related costs. This compares to net after-tax charges of $3.5 million or $0.04 per share during the same quarter a year ago. A further reconciliation of these charges can be found in the tables at the end of this release.

Adjusted EPS was $0.71, compared to adjusted EPS of $0.45 in the same quarter a year ago.

Adjusted EBITDA increased 17.9% in the third quarter to $116.5 million; adjusted EBITDA margins expanded 40 basis points to 9.0%.

Net cash flow used in operations was $73.4 million during the first nine months of 2022, compared to net cash flow from operations of $135.3 million in the same period a year ago. Free cash flow used was $130.9 million, compared to free cash flow of $61.6 million in the same period a year ago.

2022 Full-Year Guidance

Core revenue growth remains at approximately 10%, with net revenues still expected to increase by 4% to 6%.

Adjusted EBITDA is updated to a range of $400 million to $420 million from the previous outlook of $430 million to $450 million.

Full year 2022 capital expenditures are expected to be within a range of $85 million to $95 million, compared to the previous outlook of $90 million to $110 million.

"JELD-WEN has tremendous potential and, with increased focus and discipline, we believe that we can meet our financial targets and drive more value for customers, associates and shareholders for the long-term," said Kevin Lilly, interim chief executive officer. "I'm proud of...