Why Jeld-Wen Stock Is Crumbling Today
A sluggish housing market is taking a toll on Jeld-Wen Holdings (NYSE: JELD), and investors have no interest in waiting out a recovery. Shares of the construction products manufacturer traded down 21% as of 10:15 ET after the company lowered its full-year guidance.
Jeld-Wen is a manufacturer of interior and exterior doors, windows, and related products for the new construction and remodeling industries. The company earned $0.21 per share in the quarter, beating the $0.18 per share consensus estimate, but revenue of $959.1 million was about $5 million below expectations.
Revenue was down 11% year over year due to lower volumes and pricing. The company saw similar declines in both North America and Europe, though operating margins in North America held up better than in Europe.
Source Fool.com
