Jeld-Wen raises FY19 adjusted EBITDA view to $475M-$505M from $470M-$505M
The company updated FY19 outlook to reflect the contribution of the recent acquisition of VPI. Reafffirms FY19 net revenue growth 1%-5%. Confidence in 2019 outlook based on pipeline of productivity cost savings initiatives and pricing actions Elevated capital expenditures to fund facility rationalization program, which will improve margins and return on invested capital, simplify operations, and drive efficiencies. The outlook still assumes net revenue growth of 1% to 5% and core adjusted EBITDA margin improvement of at least 40 basis points. Reaffirms FY19 capital expenditures $140M-$160 million, compared to 2018 capital expenditures of $118.7M. "We remain confident that we will deliver our full year outlook for 2019 based on our strong visibility to cost savings projects and pricing actions and the demonstrated execution of our teams across the enterprise. While we are intently focused on driving improvement in our core operations, we will remain disciplined stewards of shareholder capital by investing in high-return organic projects, executing strategic acquisitions, and opportunistically repurchasing our shares," said the company.