Jeld-Wen Holding's 3Q 2020 net revenue increased $20.9 million, or 1.9%, to $1,112.9 million, compared to $1,092.0 million for the same period last year. The increase in net revenue was primarily driven by a 2% positive impact from foreign exchange.
Net income was $25.5 million during the 3Q 2020, compared to net income of $17 million in the same quarter last year, an increase of $8.4 million. The increase in net income was primarily due to higher gross profit from improved price realization and operational improvements and a lower effective book income tax rate, partially offset by higher SG&A primarily due to legal expenses. Adjusted net income for the 3Q increased $26 million, or 97.7%, to $52.6 million, compared to $26.6 million in the same quarter last year.
Adjusted EBITDA increased $21.8 million, or 20.0%, to $130.7 million, compared to the same quarter last year. Adjusted EBITDA margin of 11.7% increased by 170 basis points compared to the prior year. 3Q 2020 core adjusted EBITDA margin increased by 200 basis points compared to the prior year due to improved price realization, profitable market share gain in target markets, and favorable productivity.
Jeld-Wen, founded in 1960, is one of the world’s largest door and window manufacturers, operating manufacturing facilities in 20 countries located primarily in North America, Europe and Australia.
