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].

Core Viewpoint - JELD-WEN Holding, Inc. reported a significant decline in net revenues and a net loss for the third quarter of 2024, primarily due to weak macroeconomic conditions and a shift in demand towards entry-level products [2][4][5]. 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 [2][4]. - The net loss from continuing operations was $73.0 million, or $0.86 per share, compared to a net income of $16.9 million, or $0.20 per share, in the same quarter last year [5][6]. - Adjusted EBITDA from continuing operations was $81.6 million, down from $105.7 million in Q3 2023, reflecting a decline of $24.1 million [2][7]. Segment Performance - North America segment reported net revenue of $677.9 million, a decline of 14.2%, driven by lower volume/mix due to weaker market demand [7]. - Europe segment net revenue was $256.8 million, a decrease of 10.4%, impacted by a 12% decline in Core Revenue [7]. Cash Flow and Capital Expenditures - 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 increased to $118.0 million in the first nine months of 2024, up from $80.4 million in the same period of 2023 [9]. Guidance and Outlook - The company lowered 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 [10]. - Adjusted EBITDA guidance for 2024 was also reduced to a range of $265 to $280 million [10].

Core Viewpoint - Spending on home repair and remodel activities has decreased due to high mortgage rates, impacting demand in the Zacks Building Products – Wood industry, although there remains a need for investment in home modernization and critical replacements [1][5]. Industry Overview - The Zacks Building Products – Wood industry encompasses companies involved in the manufacturing of lumber and wood products for home construction, repair, and outdoor structures, including flooring and composite products [3]. Current Trends - High mortgage rates are correlated with the industry's prospects, as consumer confidence remains low and interest rates are at their highest in over two decades, with mortgage rates in the mid-6% range [4]. - Economic uncertainty and weakness in home sales are limiting residential remodeling, but the sector may benefit from a housing market resurgence and stabilization of material costs [5]. - The industry is experiencing increased funding for carbon/ESG-related projects and government spending on infrastructure, which is seen as a positive development [2][7]. Company Strategies - Companies are focusing on acquisitions, product innovation, and efficient cost-reduction strategies to enhance portfolio quality and operational excellence [8]. - Firms are reducing costs by shutting down underperforming units and investing in technology to improve efficiency [8]. Industry Performance - The Zacks Building Products – Wood industry ranks 158 out of over 250 Zacks industries, placing it in the bottom 37%, indicating dull near-term prospects [9][10]. - The industry's earnings estimates have decreased from $2.24 to $2.18 per share since August 2024, reflecting a loss of confidence in earnings growth potential [11]. Comparative Performance - Over the past year, the industry has gained 37.2%, underperforming the broader Zacks Construction sector's 56.8% rise and the S&P 500's 39.4% gain [13]. - The industry trades at a forward P/E ratio of 23.5X, higher than the S&P 500's 22.1X and the sector's 17.7X [14]. Notable Companies - **Louisiana-Pacific Corporation (LPX)**: Specializes in building solutions for new home construction and remodeling, with a positive outlook for growth in siding and structural solutions, and has gained 99.5% over the past year [15][16]. - **JELD-WEN Holding, Inc. (JELD)**: Focuses on doors and windows, expected to benefit from productivity improvements despite macro uncertainties, with a 29.4% gain over the past year [17][18]. - **Trex Company, Inc. (TREX)**: Manufactures wood and plastic composite products, benefiting from robust demand and product innovations, with a 20.3% gain over the past year [19][20].

Overview of the Recent Transaction - On September 30, 2024, Fuller & Thaler Asset Management, Inc. reduced its holdings in JELD-WEN Holding Inc by 2,892,370 shares, resulting in a 37.34% decrease in their previous stake [1] - After the transaction, Fuller & Thaler holds a total of 4,853,971 shares in JELD-WEN, valued at $15.81 per share, impacting their portfolio by -0.2% [1] Insight into Fuller & Thaler Asset Management, Inc. - Founded in 1993 and based in San Mateo, California, Fuller & Thaler is an employee-owned investment management firm managing over $2.8 billion across 61 discretionary accounts [3] - The firm employs a bottom-up investment strategy, focusing on micro to small-cap growth and value stocks, particularly in financial services and industrials [3] About JELD-WEN Holding Inc - JELD-WEN, headquartered in the USA, specializes in manufacturing doors and windows and has a market capitalization of $1.35 billion [4] - The company has been assessed as "Fairly Valued" with a GF Value of $14.86, despite facing challenges in the market [4] Impact of the Trade on Fuller & Thaler's Portfolio - The reduction in JELD-WEN shares indicates a strategic realignment or risk reassessment by Fuller & Thaler, who now holds 5.74% of JELD-WEN's shares [5] Current Market Valuation and Stock Performance of JELD-WEN - JELD-WEN's stock trades at $15.94, slightly above its GF Value, with a year-to-date decline of 14.12% and a significant drop of 36.87% since its IPO [6] Comparative Industry Analysis - The construction sector, where JELD-WEN operates, faces challenges such as fluctuating material costs and economic cycles affecting demand [7] - JELD-WEN's strategic focus on diverse geographic segments helps mitigate some regional risks [7] Broader Implications of Fuller & Thaler's Trade - Fuller & Thaler's decision to reduce its stake in JELD-WEN may reflect broader market concerns or specific issues within the company, prompting investors to reassess the company's prospects [8] Other Significant Stakeholders - Other major investors in JELD-WEN include Pzena Investment Management LLC, HOTCHKIS & WILEY, First Eagle Investment, and Joel Greenblatt, each contributing to the dynamic investment landscape [9]

Company Announcement - JELD-WEN Holding, Inc. will release its third quarter 2024 results on November 4, 2024 [1] - A conference call to discuss the results is scheduled for 8 a.m. EST on November 5, 2024 [1] Access Information - Interested parties can access the conference call via webcast on the company's Investor Relations website or by dialing specific phone numbers [2] - A replay of the call will be available on the company's website approximately two hours after the live event [2] Company Overview - JELD-WEN is a global designer, manufacturer, and distributor of high-performance building products, including doors and windows [3] - The company operates in 15 countries across North America and Europe, employing around 18,000 associates [3] - JELD-WEN's brand portfolio includes JELD-WEN®, LaCantina®, VPI™, Swedoor®, and DANA® [3]

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 ...

Company Overview - JELD-WEN Holding, Inc. is a leading global designer, manufacturer, and distributor of high-performance interior and exterior doors, windows, and related building products [2] - The company serves both the new construction and repair and remodeling sectors [2] - JELD-WEN is based in Charlotte, North Carolina, and operates facilities in 15 countries across North America and Europe, employing approximately 18,000 associates [2] Recent Developments - JELD-WEN announced its inability to participate in the Jefferies Industrial Conference on September 5, 2024, due to senior management testing positive for COVID-19 [1]

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 ...

Spending on home repair and remodel (R&R) activities has decreased from the peaks seen during the pandemic, given high rates. The surge in interest rates has resulted in a substantial number of potential homebuyers being unable to afford properties in the U.S. housing market. This, in turn, has created challenging demand conditions for companies within the Zacks Building Products – Wood industry. Nonetheless, there remains a persistent need for investment in critical replacements, addressing home performanc ...