Jeld-Wen reports Q2 adjusted EPS 44c, consensus 33c

Reports Q2 revenue $1.13B, consensus $1.1B. “In the second quarter, our global associates continued to execute against our near-term goals of simplifying and strengthening JELD-WEN while improving profitability and generating strong cash flow,” said CEO William Christensen. “While our end markets remained dynamic with volume declining in line with our expectations, we achieved year-over-year improvements in both margin and cash flow. In addition, we remained focused on delivering on our commitments including closing the sale of our Australasia business in early July. This important milestone allows us to focus on our core businesses and strengthen our balance sheet.” Christensen continued, “For the remainder of 2023, we expect continued macroeconomic uncertainty and weak demand across our markets that we are mitigating with ongoing cost reductions. As our second quarter results were above our expectations, we are narrowing the ranges and raising the midpoints of our 2023 Revenue and Adjusted EBITDA guidance.”