Jeld-Wen eyes record decline on dour outlook

Jeld-Wen Holding

05/11/2024 18:58

** Shares of building products maker Jeld-Wen Holdings  JELD.N 
plunge 28.6% to $10.09 Tues after Q3 results miss estimates and
co reduces FY forecasts
    ** JELD on course for largest daily pct decline of all-time.
Stock trades as low as $8.90 on the session, lowest in more than
two years
** Co late Mon posted 13% y/r drop in rev of $934.7 mln, below
consensus of $990.8 mln, per LSEG data
    ** Adj EPS of 32 cents, down from 53 cents in yr-ago period,
missed Street view by 8 cents
** "Market conditions continue to deteriorate which have
significantly impacted volume/mix in the near-term," CEO 
    
      
    
  
    ** Of 11 analysts covering JELD, recommendation breakdown is
1 "buy", 8 "hold", 1 "sell" and 1 "strong sell" rating; median
PT is $16.50 - LSEG
    ** Including move on the session, shares down 46% YTD and
off more than 50% from their 2024 intraday high of $21.75 hit in
Apr

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380
))