Jeld-Wen Holding, Inc. (NYSE: JELD) reported its fourth-quarter and full-year 2024 financial results, highlighting a decline in net revenues from continuing operations of $895.7 million, representing a 12.3% decrease compared to the same period in the prior year. The company also reported a net loss from continuing operations of ($68.4) million for the fourth quarter, compared to a net loss of ($22.6) million during the same quarter a year ago. Adjusted EBITDA from continuing operations was $40.1 million, reflecting a decrease of ($46.5) million compared to the prior year.
For the full year 2024, net revenues from continuing operations amounted to $3,775.6 million, marking a 12.3% decrease from the previous year. The company reported a net loss from continuing operations of ($187.6) million for the year, compared to a net income of $25.2 million in the prior year. Adjusted EBITDA from continuing operations was $275.2 million, representing a decrease of ($105.2) million compared to the prior year.
The North America segment saw a decline in net revenue to $639.8 million, down by ($107.8) million or 14.4%, driven by a 14% decrease in core revenue. Meanwhile, the Europe segment reported net revenue of $255.9 million, down by ($17.5) million or 6.4%, driven by a 6% decrease in core revenue.
The company's cash flow provided by operating activities decreased by ($239.0) million to $106.2 million in the year ended December 31, 2024, compared to $345.2 million in the prior year. Additionally, capital expenditures increased by $62.8 million to $173.7 million in 2024, in comparison to $110.9 million in 2023. Free cash flow used in 2024 was ($67.5) million, compared to free cash flow provided in 2023 of $234.3 million.
Looking ahead, Jeld-Wen provided guidance for 2025, expecting core revenues to decline by 4% to 9% compared to 2024, with a revenue range of $3.2 to $3.4 billion and an adjusted EBITDA range of $215 to $265 million. The company also expects 2025 operating cash flow to be approximately $15 million.
Jeld-Wen Holding, Inc. is a leading global designer, manufacturer, and distributor of high-performance interior and exterior doors, windows, and related building products, operating facilities in 14 countries in North America and Europe and employing approximately 16,000 associates.
The company's management will host a conference call on February 18, 2025, at 8 a.m. ET to discuss the financial results, which can be accessed via webcast or by phone using the provided dial-in information.
The company's press release contained various non-GAAP financial measures, which are reconciled and defined in the "non-GAAP financial information" section of the document. Today the company's shares have moved -14.8% to a price of $7.49. For more information, read the company's full 8-K submission here.
