Jeld-Wen Holding's net revenues from continuing operations for the three months ended September 28, 2024 was $934.7 million, a decrease of $142.3 million, or 13.2%, compared to $1,077.0 million for the same period last year. The decrease in net revenues was driven by a 13% decline in Core Revenue as a result of 13% lower volume/mix due to weak macro-economic conditions and demand shifting to entry level products.
Net loss was $73.0 million in the Q3 2024, compared to net income from continuing operations of $16.9 million in the same period last year, a decrease of $89.9 million.
Adjusted net income from continuing operations for the Q3 2024 was $27.6 million, a decrease of $18.0 million compared to $45.6 million in the same period last year.
Net loss per share from continuing operations for the Q3 was $0.86, compared to EPS of $0.20 in the same quarter last year. Adjusted EPS from continuing operations for the Q3 was $0.32 compared to $0.53 in the same quarter last year. Adjusted EPS for the quarter ended September 28, 2024 excludes net after-tax charges of $100.5 million, or $1.17 per diluted share, associated mainly with costs to execute on the Company's transformation journey. Adjusted EPS for the quarter ended September 30, 2023 excludes net after-tax charges of $28.7 million or $0.33 per diluted share.
Adjusted EBITDA was $81.6 million, a decline of $24.1 million compared to $105.7 million during the same quarter last year. Adjusted EBITDA Margin from continuing operations was 8.7%, a decline of 110 basis points as lower volume/mix and higher costs in labor and materials was only partially offset by lower SG&A expense and improved productivity.
"We continue to make progress on our transformation journey, expecting $115 million of Adjusted EBITDA in 2024 from our efforts, which positions Jeld-Wen for future success," said CEO William J. Christensen. "Market conditions continue to deteriorate which have significantly impacted volume/mix in the near-term. In response, we continue to work diligently to align our costs with the softer market conditions while also preparing for future growth. I am proud of our associates for their dedication in implementing the necessary changes in this challenging environment."
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.
