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Jun 29, 2024
JELD-WEN Q2 2024 Earnings Report
JELD-WEN's financial performance declined due to weak macroeconomic conditions and demand shifts, but progress was made in streamlining operations.
Key Takeaways
JELD-WEN reported a decrease in net revenues by 12.4% to $986.0 million, driven by a decline in Core Revenue. Net loss from continuing operations was ($18.5) million, compared to a net income of $22.5 million in the same quarter last year. Adjusted EBITDA decreased to $84.8 million with a margin of 8.6%. The company is maintaining its full-year revenue and Adjusted EBITDA guidance but trending towards the low end of the range.
Net revenues decreased by (12.4%) due to a (12%) Core Revenue decline from lower volume/mix.
Net loss from continuing operations was ($18.5) million, compared to net income of $22.5 million in the prior year.
Adjusted EBITDA decreased to $84.8 million, with Adjusted EBITDA Margin declining by (110) basis points to 8.6%.
The company repurchased 1.6 million shares at an average price of $15.18.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
JELD-WEN is maintaining its 2024 revenue guidance to a range of $3.9 to $4.1 billion and Adjusted EBITDA in the range of $340 to $380 million. However, both of these metrics are currently trending towards the low end of the range due to increasing macroeconomic weakness. The Company is lowering its 2024 Operating Cash Flow guidance to approximately $200 million from $225 million previously.
Positive Outlook
- Revenue guidance maintained at $3.9 to $4.1 billion.
- Adjusted EBITDA guidance maintained at $340 to $380 million.
Challenges Ahead
- Revenue and Adjusted EBITDA trending towards the low end of guidance range.
- Operating Cash Flow guidance lowered to approximately $200 million from $225 million.
- Increasing macroeconomic weakness is impacting performance.
- A higher end-of-year inventory assumption.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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