JELD-WEN Holdings (NYSE:JELD) stock surged nearly 20% shortly after Tuesday’s market open after a better than expected Q4 report.
The North Carolina-based door manufacturer notched $0.47 in earnings per share, beating estimates by $0.22 while $1.33B in revenue rose $110M above consensus expectations.
“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,” CEO William J. Christensen said. “As we look ahead in 2023, we expect softening demand in most of our end markets.”
He added that the company will focus on margin expansion via cost cuts, footprint “rationalization”, and efficiency improvements in 2023.
Despite the expected softening of demand, management guided to between $4.5B to $4.9B in revenue for the full year versus a consensus of $4.67B. An adjusted EBITDA forecast of between $360M and $400M came in above the $355.6M consensus.
Shares of JELD-WEN (JELD) ripped 18.96% higher just after the opening bell on Tuesday.
Dig into the Q4 earnings presentation.