JELD-WEN Reports Fourth Quarter and Full Year 2024 Results

JELD-WEN Holding, Inc. (“JELD-WEN” or the “Company”) announced results for the quarter and year ended December 31, 2024. Comparability is to the same period in the prior year and all periods presented reflect the Company’s Australasia segment as a discontinued operation, as appropriate and unless otherwise noted.

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 December 31, 2024 and December 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 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.”

Fourth Quarter 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 fourth quarter, 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 fourth quarter 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.

Net loss per share from continuing operations for the fourth quarter was ($0.81), compared to a net loss per share of ($0.27) in the same quarter last year. Adjusted EPS from continuing operations for the fourth quarter was ($0.10) compared to $0.37 in the same quarter last year. Adjusted EPS for the quarter ended December 31, 2024, excludes net after-tax charges of $60.1 million, or $0.70 per diluted share, associated mainly with costs to execute on the Company’s transformation journey and the goodwill impairment from the court-ordered divestiture of our Towanda facility. Adjusted EPS for the quarter ended December 31, 2023, excludes net after-tax charges of $54.3 million or $0.64 per diluted share.

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. While we drove significant improvements from our transformation activities, these benefits were more than offset by the impact of lower sales and the associated loss of productivity. Adjusted EBITDA Margin from continuing operations was 4.5%, a decline of (400) basis points due to lower volume/mix and higher costs in labor and material only partially offset by lower SG&A expense and improved productivity as a result of transformation benefits.

On a segment basis for the fourth quarter of 2024, compared to the same period last year:

• North America – Net revenue was $639.8 million, a decline of ($107.8) million, or (14.4%), driven by a (14%) decrease in Core Revenue. The decrease was primarily due to (14%) unfavorable volume/mix driven by weaker market demand and a shift to entry level products. Net income from continuing operations was $0.1 million, a decline of ($48.9) million year-over-year. Adjusted EBITDA was $42.4 million, a decline of ($51.8) million primarily due to unfavorable volume mix, price/cost and productivity.
• Europe – Net revenue was $255.9 million, a decline of ($17.5) million, or (6.4%), driven by a (6%) decrease in Core Revenue. The decrease was primarily due to (7%) unfavorable volume/mix driven by to market softness across the region. Net income from continuing operations was $7.3 million, an increase of $39.3 million year-over-year as a large one-time tax valuation allowance did not repeat in the comparable period. Adjusted EBITDA was $16.5 million, an increase of $1.0 million primarily due to favorable productivity, partially offset by unfavorable volume/mix.

Cash Flow ⁽¹⁾

Net cash provided by operating activities decreased ($239.0) million to $106.2 million in the year ended December 31, 2024, compared to $345.2 million in the year ended December 31, 2023. The decreased operating cash flow was primarily due to an unfavorable change in earnings of ($251.5) million and a decline in accrued expenses of ($39.1) million, both of which were partially offset by a $9.4 million improvement in net cash provided by our working capital accounts.

Capital expenditures in the year ended 2024 increased by $62.8 million to $173.7 million, up from $110.9 million in 2023.

Free Cash Flow used in 2024 was ($67.5) million, compared to Free Cash Flow provided in 2023 of $234.3 million.

(1) Cash flow for the year ended December 31, 2023, includes the Australasia segment.

Full Year 2025 Guidance

JELD-WEN is introducing 2025 revenue guidance to a range of $3.2 to $3.4 billion which reflects Core Revenues that are down (4%) to (9%) compared to 2024. Further, the Company expects 2025 Adjusted EBITDA to be within the range of $215 to $265 million.

	Revenue	Adjusted EBITDA	Core Revenue Decline
2025 Guidance	$3.2 to $3.4 billion	$215 to $265 million	(4%) to (9%)

The Company expects 2025 operating cash flow to be approximately $15 million.

For the full fourth quarter results, click here.

About JELD-WEN Holding, Inc.

JELD-WEN Holding, Inc. (NYSE: JELD) 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. Based in Charlotte, North Carolina, JELD-WEN operates facilities in 14 countries in North America and Europe and employs approximately 16,000 associates dedicated to bringing beauty and security to the spaces that touch our lives. The JELD-WEN family of brands includes JELD-WEN® worldwide, LaCantina® and VPI™ in North America, and Swedoor® and DANA® in Europe. For more information, visit corporate.JELD-WEN.com or follow us on LinkedIn.

Contact:

James Armstrong – Vice President, Investor Relations – (704) 378-5731 – jarmstrong@jeldwen.com

Source: JELD-WEN Holding, Inc.