Jeld Wen Holding - JELD STOCK NEWS

JELD-WEN Holding, Inc. (NYSE:JELD) announced the resignation of CFO John Linker effective April 1, 2022, to pursue another opportunity. David Guernsey, currently EVP and president of JELD-WEN Europe, will serve as acting CFO. Additionally, Bill Christensen will join as EVP and president of JELD-WEN Europe on the same date. Christensen, with over 25 years of experience in senior management roles, has previously led transformation efforts at REHAU AG. The leadership transition aims to continue JELD-WEN's focus on customer-centric growth and sustainability efforts.

JELD-WEN Holding reported impressive financial results for 2021, with net revenue of $4.772 billion, a 12.7% increase year-over-year. The fourth quarter net revenue rose 11.8% to $1,286.9 million, driven by core revenue growth of 12%. Despite a decrease in net income to $42.1 million due to inflation pressures, the company remains optimistic with a 2022 outlook projecting revenue growth of 7% to 10% and adjusted EBITDA of $520 million to $565 million.

JELD-WEN Holding, based in Charlotte, N.C., will participate in several investor conferences in February and March 2022. CEO Gary S. Michel will engage in a fireside chat at the Barclays Industrials Select Conference on February 23, 2022, at 2:25 p.m. EST. CFO John Linker will host virtual meetings at the Wolfe Research Real Estate Conference on March 1, and he will also participate in a fireside chat at the J.P. Morgan Global High Yield & Leveraged Finance Conference on March 2, 2022, at 10:45 a.m. EST. Additional details, including audio webcasts, will be available on their investor relations website.

JELD-WEN Holding, Inc. (NYSE: JELD) will release its fourth quarter and full year 2021 results before the market opens on February 22, 2022. A conference call to discuss these results is scheduled for 8 a.m. EST on the same day. Interested parties can access the call via webcast on the company’s Investor Relations page or by dialing (888) 330-2446 with conference ID 1285715. A replay will be available shortly after the live event.

On December 2, 2021, JELD-WEN unveiled innovations in its IWP® Aurora® Custom Fiberglass Doors to meet rising consumer demand due to strong new home sales and renovations. According to market research, the door systems market is expected to grow in the coming years, driven by evolving lifestyles and technology. JELD-WEN's new luxury fiberglass doors mimic real wood, offering customization options and durability. The company emphasizes the importance of exterior doors in creating a lasting impression, enhancing curb appeal. The refreshed line features various styles and finishes, catering to diverse consumer preferences.

JELD-WEN Holding, Inc. (NYSE:JELD) reported Q3 2021 net revenue of $1,146.6 million, a 3% increase compared to last year, with net income rising to $40.5 million. Adjusted EBITDA fell 24.4% to $98.9 million. The company noted strong order growth and a significant 7% pricing benefit, though volume was impacted by labor and supply chain issues. Share repurchases totaled $221.1 million for about 8 million shares. JELD-WEN re-affirmed its full-year revenue growth outlook of 10%-12% but revised adjusted EBITDA expectations due to inflation pressures.

The board of directors of JELD-WEN Holding has appointed Gary S. Michel as chairman, effective immediately. Michel, who has been with the company since 2018, replaces Matthew Ross, who is stepping down. Suzanne Stefany has been named lead independent director. Michel expressed pride in his new role and highlighted the company’s growth strategy. With Ross and Anthony Munk from Onex stepping down, the board now consists of nine members. Michel brings over 35 years of experience in strategy and operations, previously leading units at Honeywell and Ingersoll Rand.

JELD-WEN Holding, Inc. (NYSE:JELD) updated its outlook for full year 2021, anticipating revenue growth of 10% to 12%, down from the previous 12% to 14% due to labor constraints and supply chain disruptions. Adjusted EBITDA is now expected to be between $470 million and $490 million, compared to an earlier estimate of $510 million to $535 million. Despite these challenges, demand remains strong across all segments, with a record book-to-bill ratio in North America. The third quarter earnings release is scheduled for November 1, 2021.

JELD-WEN Holding, Inc. (NYSE: JELD) announced a secondary offering of 14,883,094 shares, managed by Onex Corporation and affiliates. JELD-WEN will not sell shares or receive proceeds from the offering. However, the company intends to repurchase approximately $200,000,000 of its common stock from this offering. The share price will match what underwriters pay for the shares. J.P. Morgan Securities LLC serves as the sole underwriter. The offering is registered under an automatic shelf statement filed with the SEC.