The US window and door group Jeld-Wen Holding did not achieve its targets in the third quarter either. In the context of the preliminary figures published on 15 October, the forecast was therefore again revised downwards.
With regard to the sales development, the company is forecasting growth of between 15-17%. In the previous forecast, which was issued in August, the expected increase was between 16-18%. In May, even an increase of 17-19% was considered possible, after the Group had assumed an increase of between 8-11% in its original forecast at the beginning of the year. The Adjusted EBITDA corrections were significantly stronger. Here the current forecast is between US$455-470m. At the beginning of the year, however, an Adjusted EBITDA of US$500-530m had been forecast. In May, the forecast was initially raised further to US$505-535m, before being lowered again to US$500-520m in August.
According to preliminary figures, sales in the third quarter were between US$1.130bn and US$1.140bn, an increase of between 14-15% compared to the prior-year quarter. Adjusted EBITDA is reported to be US$130-135m; the actual target was US$143-153m.
Gary Michel, who took over the position of CEO in June, blames organizational deficits for the weaker than expected course of business this year. Against this background, he announces rationalisation measures at the production sites.