Jeld-Wen Holding's net revenue for the three months ended July 1, 2023 decreased $53.4 million, or 4.5%, to $1,125.8 million, compared to $1,179.2 million for the same period last year. The decrease in net revenue was driven by a (4%) Core Revenue decline composed of lower volume/mix (11%) partially offset by price realization of +7%.
Net income was $22.5 million in the Q2, compared to net income of $35.0 million in the same period last year, a decrease of $12.5 million. Despite an improvement in operating income, net income was lower due to negative impacts from accelerated depreciation, higher selling, general and administrative expense and lower other income. Adjusted Net Income from continuing operations for the second quarter decreased $1.8 million, to $37.8 million, compared to $39.6 million in the same period last year.
Adjusted EBITDA from continuing operations increased $0.6 million, to $108.9 million, compared to the same quarter last year. Adjusted EBITDA Margin from continuing operations increased 50 basis points to 9.7%, as positive price/cost was partially offset by lower volume/mix, higher selling, general and administrative expenses and a reduction in other income.
"In the Q2, our global associates continued to execute against our near-term goals of simplifying and strengthening Jeld-Wen while improving profitability and generating strong cash flow," said CEO William J. Christensen. "While our end markets remained dynamic with volume declining in line with our expectations, we achieved year-over-year improvements in both margin and cash flow. In addition, we remained focused on delivering on our commitments including closing the sale of our Australasia business in early July. This important milestone allows us to focus on our core businesses and strengthen our balance sheet."
Jeld-Wen is a leading global designer, manufacturer and distributor of high-performance interior and exterior doors, windows, and related building products serving the new construction and repair and remodeling sectors.
