JELD-WEN Reports Sharp Decline in Q3 Net Revenues

By Bobby Samwell • Tuesday, November 05 06:06 • Permanent Link

Jeld-Wen Holding, Inc. has reported its financial results for the third quarter of 2024, showing a significant decline in net revenues from continuing operations. The company's net revenues decreased by 13.2% to $934.7 million compared to $1,077.0 million for the same period last year.

The net loss from continuing operations was reported at ($73.0) million, a substantial decrease compared to a net income of $16.9 million during the same quarter a year ago. Additionally, the company reported an adjusted EBITDA from continuing operations of $81.6 million, marking a decrease of ($24.1) million compared to the previous year.

On a segment basis, the North America segment experienced a 14.2% decline in net revenue, while the Europe segment saw a 10.4% decrease. The company's operating income margin also declined to (5.6%) from 4.5% for the quarters ended September 28, 2024, and September 30, 2023, respectively.

The company's cash flow provided by operations decreased by $195.0 million, attributed to a change in net income and a decline in accrued expenses. Furthermore, capital expenditures in the first nine months of 2024 increased by $37.7 million to $118.0 million.

In response to the challenging market conditions, Jeld-Wen is lowering its 2024 revenue guidance to a range of $3.7 to $3.75 billion, reflecting core revenues that are down (13%) to (14%) compared to 2023. The company is also revising its expected 2024 adjusted EBITDA to a range of $265 to $280 million, down from the previous guidance of $340 to $380 million.

The company's management will host a conference call on November 6, 2024, to discuss the financial results in more detail.

Jeld-Wen Holding, Inc. is a leading global designer, manufacturer, and distributor of high-performance interior and exterior doors, windows, and related building products. The company operates facilities in 14 countries in North America and Europe and employs approximately 18,000 associates. Today the company's shares have moved -0.8% to a price of $14.13. For more information, read the company's full 8-K submission here.

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