JELD-WEN(US:JELD)2025-02-18 11:08Financial Performance - Net revenues from continuing operations for Q4 2024 were $895.7 million, a decrease of $125.3 million or 12.3% compared to $1,021.1 million in Q4 2023[6]. - Net loss from continuing operations in Q4 2024 was $68.4 million, compared to a net loss of $22.6 million in the same period last year, reflecting a decrease of $45.8 million[7]. - Adjusted EBITDA from continuing operations for Q4 2024 was $40.1 million, a decline of $46.5 million compared to $86.5 million in Q4 2023, with an adjusted EBITDA margin of 4.5%[10]. - Full year 2024 net revenues from continuing operations were $3,775.6 million, a decrease of 12.3% compared to the previous year[8]. - Full year 2024 net loss from continuing operations was $187.6 million or $2.21 per share, compared to net income of $25.2 million or $0.29 per share in 2023[8]. - Adjusted EBITDA for the full year 2024 was $275.2 million, a decrease of 27.7% from $380.4 million in 2023[34]. - The company reported a net loss from continuing operations of $(187.6) million for the year ended December 31, 2024, compared to a net income of $25.2 million in 2023[43]. - Adjusted EBITDA from continuing operations for the year ended December 31, 2024, was $275.2 million, down from $380.4 million in 2023, reflecting a decrease of about 28%[40]. Cash Flow and Capital Expenditures - Net cash provided by operating activities decreased by $239.0 million to $106.2 million for the year ended December 31, 2024[11]. - The net cash provided by operating activities decreased to $106.2 million in 2024 from $345.2 million in 2023, representing a decline of approximately 69%[38]. - The company reported a net cash used in investing activities of $153.3 million in 2024, compared to net cash provided of $279.2 million in 2023[38]. - Capital expenditures for 2024 increased by $62.8 million to $173.7 million, up from $110.9 million in 2023[12]. Debt and Liabilities - The company’s total liabilities were $2,000.1 million as of December 31, 2024, compared to $2,129.5 million as of December 31, 2023[36]. - The company’s long-term debt and payments of debt extinguishment costs amounted to $55.2 million in 2024, a significant reduction from $561.3 million in 2023[38]. - Total debt decreased from $1,226.3 million in 2023 to $1,183.4 million in 2024, resulting in a net debt increase from $938.0 million to $1,033.1 million[58]. - Net Debt Leverage increased from 2.5x in 2023 to 3.8x in 2024, indicating a higher leverage ratio[58]. Segment Performance - North America segment net revenue was $639.8 million, a decline of $107.8 million or 14.4%, driven by a 14% decrease in core revenue[17]. - North America net revenues for the year ended December 31, 2024, were $2,708.4 million, down 13.3% from $3,123.1 million in 2023[60]. - Adjusted EBITDA from continuing operations for North America decreased by 33.5% from $382.2 million in 2023 to $254.1 million in 2024[60]. Impairments and Special Items - The company incurred a goodwill impairment of $94.8 million for the full year 2024, compared to no impairment in 2023[34]. - The company incurred goodwill impairment charges of $31.4 million in Q4 2024, with total goodwill impairment for the year amounting to $94.8 million[43]. - The company reported total special items of $62.7 million for the year ended December 31, 2024, which included legal expenses, restructuring charges, and goodwill impairment[50]. - The company incurred special items totaling $35.7 million related to restructuring and asset-related charges during the year[53]. Future Outlook - The company expects 2025 revenue guidance to range from $3.2 billion to $3.4 billion, reflecting a core revenue decline of 4% to 9% compared to 2024[13]. - Adjusted EBITDA for 2025 is projected to be between $215 million and $265 million[14]. - The company plans to continue focusing on restructuring and cost management strategies to improve future performance[44].