CHARLOTTE, N.C. - Jeld-Wen Holding, Inc., which began trading on the New York Stock Exchange January 27, 2017, reported a 9.2 percent rise in revenues for the fourth quarter, with net income leaping ten-fold to $233 million for the period.
Sales for the year were $3.7 billion, up 8.5 percent, while net income rose exponentially to $357.5 million, a 294 percent, due to a one-time tax benefit. Jeld-Wen Holding was closely-held by equity firm ONEX until its first public offering, made at $23 per share. Jeld-Wen is the 5th North American largest wood products firm in the latest FDMC 300 ranking.
Jeld-Wen says it operates 115 manufacturing facilities in 19 countries, employing 20,000 and serving 13,000 customers. It has made 6 acquisitions in the past 18 months.
Mark Beck, president and CEO, says Jeld-Wen expects an increase in net revenues of up to 3.5 percent in 2017.
1) Figures for 2016.
"Our operational initiatives drove healthy growth," says Beck." We expect this improvement to continue as we remain in the early stages of our business transformation and have solid momentum."
A particular bright spot is Australia and Asia, where two recent acquisition, Trend and Breezway, increase net revenue by 54.1 percent during the fourth quarter.
Regionally for 2016, Jeld-Wen reported a 6.6 percent rise in net revenue for North America, to $2.1 billion; a 1.3 percent rise in Europe, to $1 billion; and a 38 percent rise in Australasia, to $508.9 million.