Jeld-Wen Holding, Inc. announced results for the quarter and year ended December 31, 2024.
Q4 2024 Results
Net revenues from continuing operations for the three months ended December 31, 2024, was $895.7 million, a decrease of ($125.3) million, or 12.3%, compared to $1,021.1 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 conditions and demand shifting to entry level products.
Net loss from continuing operations was $68.4 million in the Q4, compared to net loss from continuing operations of $22.6 million in the same period last year, a decrease of $45.8 million.
The decrease was mostly driven by a $31.4 million impairment charge related to the court-ordered divestiture of Towanda, lower volume/mix, and increased costs to execute on Jeld-Wen's transformation journey. Adjusted Net Loss from continuing operations for the Q4 was $8.3 million, a decrease of $40.0 million compared to Adjusted Net Income of $31.7 million in the same period last year.
Adjusted EBITDA from continuing operations was $40.1 million, a decline of $46.5 million compared to $86.5 million during the same quarter last year.
Full Year Results
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 December 31, 2024 and December 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.
"We made meaningful progress on our transformation in 2024, despite facing challenging market conditions," said Chief Executive Officer William J. 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."
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.
