U.S. stocks were in positive territory on Tuesday on new U.S.-China trade talks. The Dow Jones Industrial Average gained 0.11% to 25,910, the S&P 500 index rose 0.21% to 2,781 and the Nasdaq Composite Index advanced 0.30% to 7,494.
Shares of Jeld-Wen Holding Inc. (JELD, Financial) gained more than 16% after the company announced fourth-quarter results on Tuesday morning. Revenue grew 11.7% from the prior-year quarter to $1.09 billion, falling $10 million short of estimates. Earnings of 41 cents per share beat analysts' estimates by 6 cents.
The growth in net revenue was principally due to a 14% contribution from recent acquisitions. By region, sales in North America increased 13% to $621.6 million. In Europe, sales grew 9.4% to $302.5 million and in Australasia, sales climbed 11.9% to $166.9 million. The adjusted earnings before interest, taxes, depreciation and amortization rose 6.3% to $109.6 million from $103.1 million in the prior-year quarter.The adjusted EBITDA margin, however, declined 60 basis points to 10%.
“I am proud of the sequential improvements in execution that we made during the fourth quarter, delivering 2018 revenue and adjusted EBITDA growth of 15.5% and 6.3%, respectively, and capping our fifth consecutive year of adjusted EBITDA growth," President and CEO Gary S. Michel said.
Looking ahead, the company expects adjusted EBITDA in 2019 to be between $470 million to $505 million, compared to adjusted EBITDA of $465.3 million in 2018.
Gainers
- Freeport-McMoRan Inc. (FCX, Financial)
- CenturyLink Inc. (CTL, Financial)
- Walmart Inc. (WMT, Financial)
- Noble Energy Inc. (NBL, Financial)
- Ford Motor Co. (F, Financial)
Losers
- Electronic Arts Inc. (EA)
- Mattel Inc. (MAT, Financial)
- Concho Resources Inc. (CXO, Financial)
- Conagra Brands Inc. (CAG, Financial)
Global markets
The main European stock markets traded mostly lower. The U.K.'s FTSE 100 lost 0.56%, France's CAC 40 fell 0.16%, Germany's Dax inched up 0.09% and Spain's Ibex 35 slipped 0.21%.
In Asia, Japan's Nikkei 225 gained 0.10%, India’s BSE Sensex slid 0.41%, Hong Kong's Hang Seng lost 0.42% and China's Shanghai Composite advanced 0.05%.
Disclosure: The author holds no positions in any stocks mentioned.
