Jeld-Wen Reports 2021 Growth

February 24th, 2022 by Chris Collier

Jeld-Wen Holding Inc. announced full-year financial results for 2021, which saw net revenue for the 12 months ended December 31, 2021, increase by $536.0 million, or 12.7%, to $4.772 billion, compared to $4.236 billion for the same period the prior year. Net income increased by $77.2 million, or 84.3%, to $168.8 million, compared to $91.6 million in the same period the previous year.

“Our associates’ commitment to serving customers and relentless focus on continuous improvement delivered solid financial performance in 2021 including record revenue and core revenue growth,” says Gary S. Michel, chair, president and CEO at Jeld-Wen. “Our premier performance culture is a competitive advantage that is driving improved execution including industry-leading lead times and setting the foundation for future above-market growth.”

Jeld-Wen projects more growth in 2022.

The company saw its core revenue increase by 12% in the fourth quarter of 2021. Core revenue increased in each reporting segment, led by accelerated price realization in North America and Europe segments, according to the release. On a segment basis for the fourth quarter of 2021, compared to the same period last year:

  • North America—Net revenue increased $101.2 million, or 15.1%, to $772.7 million, due to a 15% increase in core revenue. Core revenue increased due to price (+14%) and volume/mix (+1%). The adjusted EBITDA margin was 10.5%.
  • Europe—Net revenue increased $25.8 million, or 7.7%, to $359.6 million, due to a 10% increase in core revenue, partially offset by a 2% adverse impact from foreign exchange. Core revenue increased primarily due to price (+10%). The adjusted EBITDA margin was 9.7%.
  • Australasia—Net revenue increased $8.6 million, or 5.9%, to $154.6 million, due to a 6% increase in core revenue. Core revenue increased due to volume/mix (+4%) and price (+2%). Adjusted EBITDA margin was 14.7%, an improvement of 100 basis points.

Jeld-Wen foresees growth in 2022, with full-year 2022 net revenue growth expected to be within a range of 7% to 10%. Full-year 2022 capital expenditures are expected to be within a range of $130 million to $150 million.

“We head into 2022 with robust demand across our end markets and with confidence that our commercial and operational excellence initiatives are set to drive breakthrough growth and margin expansion,” Michel says. “We expect these initiatives combined with returns-focused capital deployment to drive sustained improvement in shareholder value.”

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