On Feb. 21, building products manufacturer JELD-WEN reported its 2022 fourth-quarter and full-year financial results, showing solid revenue growth in its North America segment compared to 2021.
The Charlotte, North Carolina-based company had 4Q net revenue of $1.33 billion, up 3.5% year-over-year. The increase was driven by 9% core revenue growth, partially offset by a 5% adverse foreign exchange impact, according to a news release. JELD-WEN’s 4Q revenue was a slight increase from its 3Q revenue of $1.3 billion.
For the full year, JELD-WEN achieved net revenue of $5.13 billion, a 7.5% increase compared to 2021. Core revenue growth of 12% drove the increase and was partially offset by a 5% adverse foreign exchange impact. By segment in 2022, JELD-WEN’s net revenue increased 15.2% in North America, decreased 5% in Europe and decreased 0.8% in Australasia.
“Our team continued to take decisive actions in the fourth quarter to improve execution and address our cost structure, while staying focused on safety and quality in all that we do,” JELD-WEN CEO William Christensen said in the release. “I want to thank our global associates for their commitment to serving customers in 2022 amidst significant change and a challenging macroeconomic backdrop.”
Christensen said that JELD-WEN expects softening demand in most of its end markets in 2023.
“We are taking a two-pronged approach to streamline and strengthen JELD-WEN to improve short-term financial performance while positioning the company for longer-term success,” he said. “We are focused on expanding our margins and increasing our cash flow generation by reducing our cost structure through operational efficiencies and rationalizing our global footprint. At the same time, we have formalized workstreams to deliver long-term profitable growth by optimizing our production network and investing in products and services to better serve customers.”