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Jeld-Wen: Results development hindered by court case

03.12.2018 − 

Within the scope of a legal dispute with door manufacturer Steves & Sons, Jeld-Wen Holding has aimed to create provisions to the amount of US$76.5m, thus negatively impacting the profits situation in the third quarter. Operating profit decreased by 91.2% to US$7.6m. Pre-tax profit, at -US$2.7m, even slipped into the red. In the case of net profit, a reduction in the tax burden made it possible to achieve a profit. This was, however, significantly lower at US$28.9m. Adjusted to account for the provision and other extraordinary items, the EBITDA improved, in contrast, by 3.7% to US$132.9m.

Jeld-Wen increased net turnover by 14.7% to US$1.137bn in the third quarter. This growth was due exclusively to acquisition effects. Core turnover, adjusted to account for the contributions of new companies, remained at the preceding year’s level. The North America business division achieved a turnover increase of 16.8% to US$668.2m; the adjusted EBITDA improved by 2.0% to US$84.1m. In the Europe business division a turnover rise of 10.5% to US$292.9m was recorded; the adjusted EBITDA dropped by 15.7% to US$28.1m. The Australasia business division recorded increases in turnover of 14.0% to US$175.9m as well as 14.7% to US$26.2m in the adjusted EBITDA.

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