JELD-WEN (JELD) came out with quarterly earnings of $0.32 per share, missing the Zacks Consensus Estimate of $0.40 per share. This compares to earnings of $0.53 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -20%. A quarter ago, it was expected that this company would post earnings of $0.27 per share when it actually produced earnings of $0.34, delivering a surprise of 25.93%.Over the last four quarters, the company has surpa ...

Financial Performance - Net revenues from continuing operations for Q3 2024 were $934.7 million, a decrease of 13.2% compared to $1,077.0 million in Q3 2023[3]. - Net loss from continuing operations was $73.0 million, or $0.86 per share, compared to net income of $16.9 million, or $0.20 per share in the same quarter last year[4]. - Adjusted EBITDA from continuing operations was $81.6 million, a decline of $24.1 million from $105.7 million in Q3 2023, with an Adjusted EBITDA Margin of 8.7%[6]. - North America segment net revenue was $677.9 million, down 14.2%, while Europe segment net revenue was $256.8 million, down 10.4%[7]. - Total consolidated net revenues for the nine months ended September 28, 2024, were $2,879.9 million, a decrease of 12.3% compared to $3,283.3 million for the same period in 2023[50]. - Adjusted EBITDA from continuing operations for North America was $211.6 million, down 26.5% from $288.0 million in the prior year[50]. - Adjusted EBITDA from continuing operations for Europe decreased by 22.4%, from $66.0 million to $51.2 million[50]. Guidance and Projections - The company is lowering its 2024 revenue guidance to a range of $3.7 to $3.75 billion, reflecting a Core Revenue decline of 13% to 14% compared to 2023[9]. - Expected 2024 Adjusted EBITDA is now projected to be between $265 million and $280 million, down from previous guidance[10]. Cash Flow and Expenses - Net cash flow provided by operations for the first nine months of 2024 was $78.0 million, a decrease of $195.0 million compared to $273.0 million in the same period last year[8]. - Capital expenditures in the first nine months of 2024 increased to $118.0 million, up from $80.4 million in the same period of 2023[9]. - Free Cash Flow for the nine months ended September 28, 2024, was $(40.0) million, compared to $192.6 million for the same period in 2023[47]. - The company reported a net cash used in investing activities of $106.4 million for the nine months ended September 28, 2024, compared to a net cash provided of $298.8 million in the same period of 2023[29]. Impairments and Special Items - The company reported a non-cash goodwill impairment charge of $63.4 million impacting the Europe segment's performance[4]. - The company incurred special items totaling $106.0 million, including $63.4 million for goodwill impairment and $25.5 million for restructuring and asset-related charges[34]. - Goodwill impairment recorded for the nine months ended September 28, 2024, was $63.4 million, with no impairment reported in the prior year[27]. Shareholder Impact - Adjusted EPS from continuing operations for Q3 2024 was $0.32, down from $0.53 in Q3 2023, excluding significant after-tax charges related to the transformation journey[5]. - The diluted loss per share from continuing operations was $(0.86) for the three months ended September 28, 2024, compared to earnings of $0.20 per share in the same period last year[34]. - The company reported a total of 85,630,545 weighted average diluted shares used in the adjusted EPS calculation for the three months ended September 28, 2024[35]. Debt and Liabilities - Total debt as of September 28, 2024, was $1,210.7 million, down from $1,226.3 million as of December 31, 2023[48]. - Net Debt as of September 28, 2024, was $1,002.2 million, compared to $938.0 million at the end of 2023[48]. - Net Debt Leverage increased to 3.1x as of September 28, 2024, compared to 2.5x at the end of 2023[48]. Operational Performance - Operating loss for the nine months ended September 28, 2024, was $(75.5) million, a decline of 156.3% compared to an operating income of $134.1 million for the same period in 2023[27]. - Adjusted EBITDA from continuing operations for the nine months ended September 28, 2024, was $235.2 million, down 20.0% from $293.9 million in the prior year[27]. - The North America segment reported income of $35.8 million, while Europe reported a loss of $(66.7) million for the three months ended September 28, 2024[39]. Tax and Legal Matters - The company recognized a tax impact of $(7.4) million related to special items for the three months ended September 28, 2024[34]. - The tax special items for the nine months ended September 28, 2024, included $12.1 million related to uncertain tax positions from audits dating back to 2015[37]. - The company incurred $49.8 million in net legal and professional expenses and settlements in the nine months ended September 28, 2024, compared to $13.6 million in the same period of 2023[30]. Future Plans - The company plans to continue focusing on restructuring efforts and managing special items to improve future performance[36].

jsnover From my experience, value investing is the best way to make money over the long haul. This is especially true when it has a contrarian bent to it. But it's not for the faint of heart. The fact of the matter is that value opportunities exist because the market is pessimistic about the prospects they offer. To some extent, these concerns are usually warranted. But the hope is that they are overhyped by those who are bearish. Regardless, this can mean that you can be wrong for a long time before you be ...

CHARLOTTE, N.C., Sept. 3, 2024 /PRNewswire/ -- JELD-WEN Holding, Inc. (NYSE: JELD), today announced that it is unable to participate in the Jefferies Industrial Conference on Thursday, September 5, 2024, due to senior management testing positive for COVID-19. About JELD-WEN Holding, Inc. JELD-WEN Holding, Inc. (NYSE: JELD) is a leading global designer, manufacturer and distributor of highperformance interior and exterior doors, windows, and related building products serving the new construction and repair a ...

CHARLOTTE, N.C., Aug. 22, 2024 /PRNewswire/ -- JELD-WEN Holding, Inc. ("JELD-WEN") (NYSE: JELD) today announced the completion of its offering of $350 million of 7.000% senior unsecured notes due 2032 (the "Notes") in a private placement exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). The Notes are guaranteed by JELD-WEN, Inc., the main operating subsidiary of JELD-WEN ("JWI"), and by each of JWI's domestic subsidiaries that guarantee indebtedness under JWI's te ...

CHARLOTTE, N.C., Aug. 19, 2024 /PRNewswire/ -- JELD-WEN Holding, Inc. (NYSE: JELD), a leading global manufacturer of building products, today announced that Chief Executive Officer William J. Christensen and Chief Financial Officer Samantha Stoddard will participate in the upcoming Jefferies Industrials Conference fireside chat at 11:00 am ET on Thursday, September 5, 2024. The live webcast will be available on JELD-WEN's website at investors.jeld-wen.com. The replay of the webcast will be available at inve ...

CHARLOTTE, N.C., Aug. 8, 2024 /PRNewswire/ -- JELD-WEN Holding, Inc. ("JELD-WEN") (NYSE: JELD) today announced that it plans to conduct an offering of $350 million in aggregate principal amount of senior unsecured notes due 2032 (the "Notes") in a private placement exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), subject to market conditions. JELD-WEN intends to use the net proceeds from the offering to fund the (i) redemption of all of the outstanding 4.625% Sen ...

Financial Data and Key Metrics - Q2 2024 revenue was $986 million, down 12% YoY, driven by lower core revenues due to market-driven volume declines in North America and Europe, and a mix shift to lower-priced products [10] - Adjusted EBITDA was $85 million, down $24 million YoY, with an adjusted EBITDA margin of 8.6% [10] - North America segment revenue declined 13% YoY to $711 million, with adjusted EBITDA down to $76 million from $109 million YoY [12] - Europe segment revenue was $275 million, down 10% YoY, with adjusted EBITDA at $20 million, a $4 million decline YoY [12] - The company repurchased 1.6 million shares at an average price of $15.18 per share, offsetting dilution from the past 18 months [6] Business Line Performance - North America core revenue declined 13% YoY due to lower volume/mix, with slightly negative price/cost impact [12] - Europe core revenue decreased 10% YoY, driven by a 12% decline in volume/mix, partially offset by productivity improvements and better price/cost dynamics [12] - The company closed two facilities (Vista California Composite Windows and Hawkins Wisconsin Wood Windows), expected to generate $11 million in annual EBITDA savings [7] Market Trends and Outlook - North America volumes are expected to decline by low double-digits in 2024, with new single-family home construction up by low single-digits, while repair and remodel activity is expected to decline by mid-to-high single digits [13] - The European market is trending towards the weaker end of previous guidance, with volumes expected to decline by low double-digits due to macroeconomic and geopolitical challenges [14] - Multifamily and Canadian markets are expected to decline by more than 25% YoY, contributing significantly to the overall North America volume decline [13][35] Strategic Initiatives and Transformation - The company is focused on its transformational journey, emphasizing people, performance, and strategy, with 500 active projects aimed at cost savings and operational improvements [15][16] - Key projects include standardizing door specifications across the North American network, expected to generate $4 million in benefits over five years, and automating bifold door assembly operations, expected to save $2 million over five years [16][17] - The company is increasing CapEx spending by $16 million YoY to support operational improvements, including material efficiency and automation [8] Management Commentary on Market Conditions - Management noted that consumer confidence remains weak, with no significant seasonal reload in inventory, indicating cautious spending on big-ticket items [31][45] - The company expects a lag of 1-2 months for resale homes to pick up after potential rate cuts, with a further 3-6 months lag for new construction and multifamily projects to rebound [40][41] Other Key Information - The company expects to deliver $100 million in cost savings in 2024, with $50 million from carryover benefits from 2023 and $50 million from new initiatives [19] - Free cash flow for 2024 is expected to be $25 million to $50 million, with operating cash flow of approximately $200 million after $100 million in non-operating cash expenses for the transformation journey [20] Q&A Session Summary Question: Growth initiatives and sales efficiency - The company is focusing on pricing stability, sales efficiency, and cost management, with growth initiatives expected to materialize later in 2024 or early 2025 [23][24] - The company has identified $10 million to $15 million in additional cost savings, expected to impact Q4 2024 [25][26] Question: Margin outlook and cost savings - Management expects sequential margin expansion in H2 2024, driven by $10 million to $15 million in additional cost savings and productivity improvements [28][29] - The $100 million cost savings target includes both COGS productivity and SG&A reductions [50] Question: Demand and pricing dynamics - The company is balancing volume growth with price stability, focusing on cost management to offset inflation, particularly in labor and benefits [30][32] - In Europe, the company has been able to hold pricing better due to its spec-driven portfolio, with some competitors struggling in the current market environment [33] Question: North America volume expectations - The low double-digit decline in North America volumes is driven by significant declines in multifamily and Canadian markets, which account for about 10% of North American business [35][36] Question: Price/cost dynamics - Price/cost is expected to be a 1% headwind in 2024, with pricing stable but cost inflation in labor and benefits impacting margins [37] Question: Seasonal trends and inventory levels - No significant seasonal inventory reload was observed in Q2, with inventories remaining thin and demand for big-ticket items delayed [45] Question: SG&A and productivity initiatives - SG&A reductions are part of the $100 million cost savings target, with significant productivity improvements expected from CapEx investments in automation and operational efficiency [48][49] Question: Cash flow and inventory management - The company is intentionally increasing inventory to improve service levels, with free cash flow expected to be $25 million to $50 million for 2024 [52] Question: Progress on new construction market share - The company is in the early stages of building relationships and winning orders in the new construction market, with results expected to materialize in 2025 [54] Question: Legal costs and cash flow - Legal costs related to the Towanda divestiture are not a major driver of cash flow, with the majority of cash costs tied to the transformation journey [56]

Stoddard will succeed Julie C. Albrecht CHARLOTTE, N.C., June 17, 2024 /PRNewswire/ -- JELD-WEN Holding, Inc. (NYSE: JELD) today announced that current JELD-WEN North America CFO and head of global financial planning and analysis, Samantha L. Stoddard will succeed Julie C. Albrecht as EVP, chief financial officer effective July 1, 2024. Albrecht will step down from her role on June 30 and will serve in an advisory capacity for a period of time to ensure continuity and a successful transition. Samantha Stodd ...

Underexposure to the new housing construction market is hurting this door and window company. In response to the difficult first quarter and challenging conditions in the housing market, management lowered its full-year revenue and adjusted earnings before interest, depreciation, and amortization (EBITDA) guidance. Instead of a full-year core revenue decline of flat to 7%, management now expects revenue to decline between 5% and 9%. Furthermore, instead of guidance for full-year adjusted EBITDA in the range ...