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Mar 30, 2024
JELD-WEN Q1 2024 Earnings Report
JELD-WEN's first quarter results for 2024 were announced, with updated full year guidance provided.
Key Takeaways
JELD-WEN's first quarter net revenues decreased by 11.2% to $959.1 million, driven by lower volume/mix due to weak macroeconomic conditions. The company reported a net loss of $27.7 million, or $(0.32) per share, compared to a net income of $8.5 million, or $0.10 per share, in the same quarter last year. Adjusted EBITDA was $68.7 million, with a margin of 7.2%.
Net revenues decreased by 11.2% due to a 12% decline in Core Revenue.
Net loss was $(27.7) million, or $(0.32) per share, compared to a net income of $8.5 million, or $0.10 per share, in the same quarter last year.
Adjusted EBITDA was $68.7 million, a decrease of $(10.6) million year-over-year.
The company is lowering its 2024 revenue guidance to a range of $3.9 to $4.1 billion.
JELD-WEN
JELD-WEN
JELD-WEN Revenue by Segment
JELD-WEN Revenue by Geographic Location
Revenue by Segment
North America Revenue
CapyFin.comEurope Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comEurope Revenue
CapyFin.com Forward Guidance
JELD-WEN is lowering its 2024 revenue guidance to a range of $3.9 to $4.1 billion, reflecting a 5% to 9% decline in Core Revenues compared to 2023. Adjusted EBITDA is now expected to be within the range of $340 to $380 million. Operating cash flow is projected to be approximately $225 million, with capital expenditures around 4% of sales and non-recurring cash expenses of approximately $100 million.
Positive Outlook
- Company expects to use a portion of 2024 operating cash flows to invest in itself
- Capital expenditures of approximately 4% of sales
- Company is planning to improve its financial results
- Company expects approximately $225 million in operating cash flow
- Company is focused on streamlining operations and improving customer experience
Challenges Ahead
- Revenue guidance lowered to $3.9 to $4.1 billion
- Core Revenues are expected to decline by 5% to 9% compared to 2023
- Adjusted EBITDA guidance lowered to $340 to $380 million
- Softening macro-environment across the company’s portfolio of products and geographies in North America and Europe
- Non-recurring cash expenses of approximately $100 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income