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Dec 31, 2023
JELD-WEN Q4 2023 Earnings Report
Announced results for the quarter and year ended December 31, 2023, and established full-year 2024 guidance.
Key Takeaways
JELD-WEN reported a decrease in net revenues for Q4 2023, driven by a decline in Core Revenue. However, the company increased profitability and generated strong cash flows. Adjusted EPS increased, and Adjusted EBITDA also saw an increase with improved margins.
Net revenues decreased by (13.4%) due to a (15%) decline in Core Revenue, mainly from lower volume/mix.
Net loss was $(22.6) million, compared to net income of $25.9 million in the same quarter last year, impacted by discrete tax charges.
Adjusted EPS increased to $0.37, compared to $0.34 in the same quarter last year.
Adjusted EBITDA increased to $86.5 million, compared to $78.0 million in the same quarter last year, with Adjusted EBITDA Margin increasing to 8.5%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
JELD-WEN is initiating its 2024 revenue guidance of $4.0 to $4.3 billion which reflects Core Revenues that are flat to down 7% compared to 2023. This outlook reflects the continuing uncertain macro environment across the company’s portfolio of products and geographies in North America and Europe. Further, the Company expects that 2024 Adjusted EBITDA will be within the range of $370 to $420 million as ongoing productivity improvements mitigate the impact of potential volume declines. As part of the Company’s plan to improve its financial results in 2024 and future years, JELD-WEN expects to use a portion of 2024 operating cash flows to invest in itself with capital expenditures increasing to approximately 4% of sales as well as non-recurring cash expenses of approximately $100 million.
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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