Jeld-Wen Holding's Q2 2024 net revenues from continuing operations was $986.0 million, a decrease of ($139.8) million, or (12.4%), compared to $1,125.8 million for the same period last year. The decrease in net revenues was driven by a (12%) decline in Core Revenue as a result of (12%) lower volume/mix due to weak macro-economic condition and demand shifting to lower priced products.
Net loss from continuing operations was ($18.5) million in the second quarter, compared to net income from continuing operations of $22.5 million in the same period last year, a decrease of ($41.0) million. The decrease was mostly driven by lower volume/mix, negative price/cost and increased costs to execute on Jeld-Wen's transformation journey, partially offset by lower SG&A expense and improved productivity. Adjusted Net Income from continuing operations for the Q2 was $29.4 million, a decrease of ($8.4) million compared to $37.8 million in the same period last year.
Net loss per share from continuing operations for the second quarter was ($0.22), compared to EPS of $0.26 in the same quarter last year. Adjusted EPS from continuing operations for the Q2 was $0.34 compared to $0.44 in the same quarter last year. Adjusted EPS for the quarter ended June 29, 2024 excludes net after-tax charges of $47.9 million, or $0.55 per diluted share, associated mainly with costs to execute on the Company's transformation journey. Adjusted EPS for the quarter ended July 1, 2023 excludes net after-tax charges of $15.3 million or $0.18 per diluted share.
Adjusted EBITDA from continuing operations was $84.8 million, a decline of ($24.0) million compared to $108.9 million during the same quarter last year. Adjusted EBITDA Margin from continuing operations was 8.6%, a decline of (110) basis points as lower volume/mix, negative price/cost and increased costs to execute on Jeld-Wen's transformation journey, partially offset by lower SG&A expense and improved productivity.
"We continue to make strides in our transformation journey, positioning Jeld-Wen for improved performance," said Chief Executive Officer William J. Christensen. "In the Q2, even as market demand weakened further, we made notable progress in streamlining our operations. I am proud of how our associates stayed focused on meeting our goals and diligently implementing the necessary foundational changes."
Jeld-Wen Holding, Inc. 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.
