Jeld-Wen Holding Inc. announced results for the three months ended March 30, 2024. Additionally, the company updated its full-year 2024 guidance.
First-Quarter Highlights
- Net revenues from continuing operations of $959.1 million decreased (11.2%) in the first quarter driven by a (12%) core revenue decline as a result of (12%) lower volume/mix due to weak macro-economic conditions.
- Net loss from continuing operations was $27.7 million or $0.32 per share, compared to $8.5 million, or $0.10 per share during the same quarter a year ago. Operating income/loss margin was 2.9% and 2.8% for the quarters ended March 30, 2024, and April 1, 2023, respectively.
- Adjusted EBITDA from continuing operations was $68.7 million, a decrease of $10.6 million compared to $79.3 million during the same quarter a year ago. Adjusted EBITDA margin from continuing operations was 7.2%, a decrease of 10 basis points year-over-year as the impact of lower volume/mix was mostly offset by productivity improvements and higher other income.
"We continue to execute on our transformation journey and position Jeld-Wen for improved performance," says CEO Officer William Christensen. "In the first quarter, despite the challenging demand environment, we made good progress on streamlining operations and improving customer experience. I am proud of how our associates remained focused on meeting our customers' expectations while working diligently to implement the necessary changes to fix our foundation."
