Why Jeld-Wen Shares Are Falling Today
Higher costs and softening demand caused building products company Jeld-Wen Holdings (NYSE: JELD) to miss analysts' Q2 earnings expectations. Investors aren't optimistic there will be a quick rebound, sending Jeld-Wen shares down 14% as of 1:12 p.m. ET.
Jeld-Wen is a manufacturer of interior and exterior building products, including windows, doors, and wall systems. We knew going into the quarter that housing and construction stocks have been under pressure due to rising interest rates, but analysts were still not ready for the numbers that Jeld-Wen reported.
The company earned $0.57 per share in Q2, falling short of the $0.64-per-share consensus estimate, on revenue that came in as expected at $1.33 billion. Net income was $45.8 million, down substantially from $60.7 million in the year-ago period.
Source Fool.com
