By Ryan Dezember
Shares of JELD-WEN Holding are on track to tumble to their worst day ever after the window and door maker slashed its profit forecast and reported quarterly results that fell short of expectations.
Along with quality and delivery issues at some of the company's factories, a slump in home-renovation spending and a slowdown in apartment construction, executives blamed a Midwestern retailer's decision to drop JELD-WEN's products in favor of cheaper Chinese-made windows.
"Candidly, we'll see how this plays out given the election today and some of the potential supply chain implications longer term based on tariffs, et cetera," said CEO William Christensen.
Donald Trump has pledged to levy steep tariffs on Chinese imports if elected. Economists expect that while Trump's proposed tariffs would raise money for the U.S. government, they would reduce imports and raise prices for American consumers.
Christensen said JELD-WEN imports only about 1% of its materials by cost from China.
"Most of these materials could easily be sourced from other regions without significant disruption to our operations," he told analysts and investors on a call Tuesday to discuss the company's results. "We obviously are reacting to a decision, and making sure that we can reload the capacity for people that are requiring windows to be made in North America."
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(END) Dow Jones Newswires
November 05, 2024 14:13 ET (19:13 GMT)
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