Jeld-Wen Posts Decreased Revenues in Q4, Says "uncertainty in the markets" to remain in 2024

February 20, 2024
Data News

Jeld-Wen Holding Inc. announced results for the quarter and year ended Dec. 31, 2023, and established its full-year 2024 guidance.

Fourth Quarter Highlights

  • Net revenues from continuing operations of $1,021.1 million decreased 13.4% in the fourth quarter driven by a 15% decline in core revenue. The core revenue decline was mostly due to 16% lower volume/mix.
  • Net loss from continuing operations was $22.6 million or $0.27 per share, compared to net income from continuing operations of $25.9 million or $0.31 per share during the same quarter a year ago. Operating income margin was 0.7% and 2.0% for the quarters ended Dec. 31, 2023 and Dec. 31, 2022, respectively.
  • Adjusted EPS from continuing operations was $0.37, compared to Adjusted EPS of $0.34 in the same quarter a year ago. Adjusted EPS for the fourth quarter of 2023 excludes net after-tax charges of $54.3 million, or $0.63 per share, of which $29.6 million, or $0.35 per share, relates to discrete tax charges. Adjusted EPS for the fourth quarter of 2022 excludes net after-tax charges of $3.0 million or $0.03 per share.
  • Adjusted EBITDA from continuing operations increased $8.5 million to $86.5 million, compared to $78.0 million during the same quarter a year ago. Adjusted EBITDA Margin from continuing operations increased by 190 basis points year-over-year to 8.5%.

2024 Full-Year Guidance

  • Net revenues of $4.0 to $4.3 billion
  • Adjusted EBITDA of $370 to $420 million

"In the fourth quarter of 2023, our team continued to execute actions to strengthen the foundation of our business," said Chief Executive Officer William J. Christensen. "We increased profitability and generated strong cash flows, despite challenging macroeconomic conditions. We continue our disciplined approach to delivering improved financial results and are investing in the future to unlock significant value for Jeld-Wen shareholders. In 2024, we anticipate that uncertainty in the markets will remain. However, we expect to mitigate the impact from potential weaker demand with benefits from our ongoing activities to reduce operating costs."

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