Jeld-Wen Holding Inc. announced results for its fourth quarter of 2024 as well as for the full year.
Fourth-quarter highlights
- Net revenues from continuing operations of $895.7 million decreased (12.3%) in the fourth quarter driven by a (12%) core revenue decline as a result of (12%) lower volume/mix due to weak macro-economic conditions and a continued demand shift to entry level products.
- Net loss from continuing operations was ($68.4) million or ($0.81) per share, compared to net loss from continuing operations of ($22.6) million, or ($0.27) per share, during the same quarter a year ago. The net loss from continuing operations includes a non-cash goodwill impairment charge in the North America reporting unit related to the court-ordered divestiture of our Towanda facility. Operating (loss) income margin was (5.7%) and 0.7% for the quarters ended Dec. 31, 2024, and Dec. 31, 2023, respectively.
- Adjusted EBITDA from continuing operations was $40.1 million, a decrease of ($46.5) million compared to $86.5 million during the same quarter a year ago. Adjusted EBITDA margin from continuing operations was 4.5%, a decrease of (400) basis points year-over-year as lower volume/mix and higher costs in labor and materials was only partially offset by lower SG&A expense and improved productivity as a result of transformation benefits.
Full year highlights
- Net revenues from continuing operations of $3,775.6 million decreased (12.3%) in the full year driven by a (12%) core revenue decline as a result of (12%) lower volume/mix due to weak macro-economic conditions and a continued demand shift to entry level products.
- Net loss from continuing operations was ($187.6) million or ($2.21) per share, compared to net income from continuing operations of $25.2 million, or $0.29 per share, in the prior year. The net loss from continuing operations includes a non-cash goodwill impairment charge in the Europe reporting unit and a non-cash goodwill impairment charge in the North America reporting unit related to the court-ordered divestiture of Towanda. Operating (loss) income margin was (3.3%) and 3.3% for the years ended Dec. 31, 2024, and Dec. 31, 2023, respectively.
- Adjusted EBITDA from continuing operations was $275.2 million, a decrease of ($105.2) million compared to $380.4 million a year ago. Adjusted EBITDA Margin from continuing operations was 7.3%, a decrease of (150) basis points year-over-year as lower volume/mix and higher costs in labor and materials was only partially offset by lower SG&A expense and improved productivity from our transformation activities.
What leadership says
"We made meaningful progress on our transformation in 2024, despite facing challenging market conditions," says CEO William Christensen. "As we continue our transformation, we are committed to staying rooted in what made Jeld-Wen great historically—delivering the right product, on time and with the quality our customers expect. Our transformation is working, and the company is becoming stronger every day. I am proud of the progress our associates have made, and I am confident that as the market improves, we will be well-positioned to capitalize on opportunities and partner with our customers to drive mutual success."
