Jeld-Wen lowers FY18 revenue growth view to 16%-18% from 17%-18%
The assumption for core revenue growth remains unchanged at approximately 3%. The decrease in the revenue growth outlook is due to the unfavorable impact of updated assumptions for foreign exchange rates. Sees FY18 adjusted EBITDA $500M-$520M, compared to the previous outlook of $505M-$535M and 2017 adjusted EBITDA of $437.6M. The decrease in the outlook for adjusted EBITDA is due to the unfavorable impact of updated assumptions for foreign exchange rates as well as the expected unfavorable impact of recently announced tariffs. The midpoint of the updated outlook assumes core adjusted EBITDA margin improvement of approximately 70 basis points. This improvement in core adjusted EBITDA margins is expected to be offset by the impact of recent acquisitions and the impact of foreign exchange. Sees FY18 capital expenditures $100M-$120M, compared to $63.0M last year. Free cash flow for FY18 is expected to exceed adjusted net income.