JELD-WEN Holding, Inc. manufactures and distributes interior and exterior doors, windows and related building products for new construction and repair and remodeling markets. Its news centers on operating results, guidance, segment performance in North America and Europe, and demand indicators such as volume/mix, price-cost trends and foreign exchange.
Company updates also cover cost-reduction actions, portfolio reviews involving regional businesses, governance and financial reporting leadership, and the brand portfolio that includes JELD-WEN, LaCantina, VPI, Swedoor and DANA.
JELD-WEN Holding, Inc. addresses the challenges of working from home as revealed in a recent Zonda study. Nearly half of respondents with children face noise disruptions, leading 55% to work longer hours. JELD-WEN suggests replacing hollow interior doors with their ProCore™ series, which can reduce noise by up to 50%. This recommendation aligns with homeowners' increasing focus on home improvements during the pandemic. JELD-WEN's ProCore™ Quiet Doors are available at major retailers, promoting enhanced home comfort.
On March 1, 2021, JELD-WEN Holding, Inc. (NYSE: JELD) announced the pricing of an underwritten public offering of 8,000,000 shares by existing stockholders at $29.25 per share, upsized from 7,000,000 shares. The offering is set to close on March 3, 2021. JELD-WEN will repurchase 800,000 shares from the offering, enhancing shareholder value. The company will not receive any proceeds from the sale by the selling shareholders. Goldman Sachs & Co. LLC is the sole underwriter. Details can be found in the registration statement filed with the SEC.
JELD-WEN announced a secondary offering of 7,000,000 shares by selling shareholders Onex Corporation and its affiliates. JELD-WEN will not receive proceeds from this sale. However, the company plans to repurchase 800,000 shares from the offering at the purchase price set by underwriters. This move aims to reduce the share count available to the public to 6,200,000 shares, potentially enhancing shareholder value. Goldman Sachs is the sole underwriter for the offering.
JELD-WEN announced a mixed ruling from the U.S. Court of Appeals for the Fourth Circuit regarding its litigation with Steves and Sons. The court upheld the district court's order for divestiture of JELD-WEN's Towanda, Pennsylvania facility but vacated a $139.4 million lost-profits award to Steves, stating the claim was premature. JELD-WEN intends to appeal the divestiture ruling while continuing to protect its trade secrets in a separate Texas lawsuit. The company aims to maintain its operational focus during the ongoing legal challenges.
JELD-WEN Holding, Inc. (NYSE: JELD) reported Q4 2020 net revenue of $1,151.3 million, a 7.7% increase, and net income of $43.2 million, compared to $7.8 million in Q4 2019. With an adjusted EBITDA of $115.4 million, up 29.4%, the company achieved significant margin expansion across all segments, particularly North America, which saw a 310 basis points increase. Full-year cash flow from operations stood at $355.7 million, with record liquidity of $1,121.5 million. The 2021 outlook anticipates 4.0% to 7.0% revenue growth.
JELD-WEN Holding announces that CEO Gary S. Michel will participate in a virtual fireside chat at the 2021 Barclays Industrials Select Conference on February 17 at 3:30 p.m. EST. Additionally, CFO John Linker will engage in a discussion at the 2021 J.P. Morgan Global High Yield & Leveraged Finance Conference on March 3 at 9:15 a.m. EST. Audio webcasts and further information will be available on their investor relations website.
JELD-WEN Holding will release its fourth quarter and full year 2020 results before the market opens on February 16, 2021. A conference call is scheduled for 8 a.m. EST that day, providing insights into the company’s financial performance. Investors can access the call via webcast or phone. JELD-WEN is a major global manufacturer of doors and windows, with operations in 20 countries and a commitment to energy-efficient products, recognized as an ENERGY STAR Partner since 1998.
The law firm Shuman, Glenn & Stecker is investigating potential claims against JELD-WEN regarding allegations of antitrust violations and a related securities class action. JELD-WEN was found liable for price-fixing in 2018, which led to a significant stock price drop of 19%. The securities lawsuit alleges that JELD-WEN misrepresented its market competitiveness and falsely attributed its financial performance to legitimate factors. The class action is progressing towards trial following a denial to dismiss the claims.
Shuman, Glenn & Stecker is investigating potential claims against JELD-WEN Holding, Inc. due to ongoing antitrust litigation and a securities class action. Allegations include participation in a collusive price-fixing scheme with a competitor and misrepresentations about market competition. A jury found JELD-WEN liable for antitrust violations in 2018, resulting in a significant financial charge of $76.5 million and a 19% drop in stock price. The securities class action has progressed towards trial following a judge's denial of a motion to dismiss.
JELD-WEN Holding, Inc. (NYSE:JELD) announced that Gary S. Michel, CEO, will participate in a virtual discussion at the Baird 2020 Global Industrials Conference on November 12, 2020, at 11:25 a.m. EST. Additionally, CFO John Linker will join the Credit Suisse 8th Annual Global Industrials Conference on December 3, 2020, at 1:50 p.m. EST. Audio webcasts for these events will be available on the investor relations section of JELD-WEN's website. The company will also host investor meetings on November 18, 2020, and December 8, 2020.