JELD-WEN Holding, Inc. Updates Full Year 2021 Outlook
JELD-WEN Holding, Inc. (“JELD-WEN”), reported that the company updated its outlook for full year 2021 revenue and adjusted EBITDA, and announced the date for its third quarter earnings release.
Updates to Full Year Outlook
“Demand remains strong in all of our end markets, demonstrated by year-over-year growth in orders and backlog in each segment and a record book-to-bill ratio in North America for the third quarter,” said Gary S. Michel, president and chief executive officer. “Our ability to meet this high level of demand is affected by labor constraints, supply chain disruptions, and operating limitations in certain markets due to mandated COVID-19 lockdowns and adverse weather events. I’m pleased with how our team has applied our business operating system, the JELD-WEN Excellence Model (“JEM”), to overcome these external headwinds and produce tangible customer benefits and maintain industry-leading service levels. Our commercial excellence initiatives are also demonstrating results, as price realization remains strong and additional pricing actions are now in place to continue to offset accelerating cost inflation.”
The company now expects full year 2021 revenue growth in the range of 10% to 12% compared to the previous range of 12% to 14% due to lower volume from the impact of labor constraints, supply chain disruptions and mandated operating limitations. Additionally, the company now expects full year 2021 adjusted EBITDA in the range of $470 million to $490 million, compared to the previous range of $510 million to $535 million due to reduced expectations for revenue and labor productivity as well as higher than anticipated inflation. The company expects the majority of the change in the full year 2021 outlook to be realized in the third quarter and expects fourth quarter year-over-year margin expansion.
Michel continued, “We believe that JELD-WEN’s multi-faceted growth platform and rigorous deployment of JEM will continue to drive consistent growth and performance. We remain steadfastly committed to delivering our long-term financial targets highlighted in our May 2021 Investor Day, which we expect to be achieved through growth from innovation and commercial excellence initiatives, as well as favorable end market demand.”
Third Quarter Earnings Release and Conference Call
The company also announced that it will release third quarter 2021 results before the market opens on Monday, Nov. 1, 2021. The company will hold a conference call to discuss the results at 8 a.m. EDT that same day.
Headquartered in Charlotte, N.C., JELD-WEN is a leading global manufacturer of high-performance interior and exterior building products, offering one of the broadest selections of windows, interior and exterior doors, and wall systems. JELD-WEN delivers a differentiated customer experience, providing construction professionals with durable, energy-efficient products and labor-saving services that help them maximize productivity and create beautiful, secure spaces for all to enjoy. The JELD-WEN team is driven by innovation and committed to creating safe, sustainable environments for customers, associates, and local communities. The JELD-WEN family of brands includes JELD-WEN® worldwide; LaCantina™ and VPI™ in North America; Swedoor® and DANA® in Europe; and Corinthian®, Stegbar®, and Breezway® in Australia. Visit jeld-wen.com for more information.
Source: JELD-WEN Holding, Inc.