Charlotte, NC—Jeld-Wen Holding, Inc. (NYSE:JELD) cut its revenue forecast as labor and supply chain constraints, and continued COVID-19 lockdowns took a toll. The window and door maker also named Colleen Penhall VP Communications.
“Demand remains strong in all of our end markets,” says CEO Gary Michel, pointing to year-over-year growth in orders, backlogs in its market segments, and a record book-to-bill ratio in North America for the third quarter. A previous revenue forecast for 2021 anticipated 12-to-14 percent revenue growth, but now forecasts 10-to-12 percent.
“Our ability to meet this high level of demand is affected by labor constraints, supply chain disruptions, and operating limitations in certain markets due to mandated COVID-19 lockdowns and adverse weather events,” Michel says. He credits the ongoing rollout of a business operating system, the Jeld-Wen Excellence Model (JEM), a mix of technology and process improvements that is mitigating the “outside headwinds.”
Michel also says the window and door maker has been able to raise prices, and says “additional pricing actions are now in place to continue to offset accelerating cost inflation.”
That would deliver gross earnings in a range of $470 million to $490 million, instead of the $510 million to $535 million perviously forecast. The majority of the change in the full year 2021 outlook will be realized in the third quarter, which would suggest a difficult earnings report, due November 1. After that Jeld-Wen says it expects fourth quarter year-over-year margin expansion.
Separately, Jeld-Wen named Colleen Penhall to the position of VP Global Corporate Communications, reporting to Tim Craven, executive vice president of human resources. Most recently the chief communications and marketing officer at UNC Charlotte, the second-largest public institution in North Carolina serving more than 30,000 students, Penhall also spent seven years at Lowe’s Companies Inc. and served as vice president of the corporate communications and corporate social responsibility functions. During her tenure at Lowe’s, Penhall led the communications strategy for multiple acquisitions, repositioned the company’s philanthropic focus and directed strategic communication change initiatives.
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