JELD-WEN(US:JELD)2025-11-03 21:33Financial Performance - Net revenues for Q3 2025 were $809.5 million, a decrease of $125.2 million or 13.4% compared to $934.7 million in Q3 2024[4] - Net loss from continuing operations was $367.6 million, or $4.30 per share, compared to a net loss of $73.0 million, or $0.86 per share in the same quarter last year[5][6] - Adjusted EBITDA from continuing operations was $44.4 million, a decline of $37.2 million from $81.6 million in Q3 2024, with an Adjusted EBITDA Margin of 5.5%, down 320 basis points[7][8] - The company reported a net loss of $367.6 million for the three months ended September 27, 2025, compared to a net loss of $74.4 million for the same period in 2024, representing a 394.1% increase in losses[33] - For the nine months ended September 27, 2025, net revenues were $2,409.2 million, a decrease of 16.3% from $2,879.9 million in the same period in 2024[35] - Adjusted EBITDA from continuing operations for the nine months ended September 27, 2025, was $105.3 million, down 55.2% from $235.2 million in the prior year[35] - The company reported a diluted net loss per share of $4.30 for the three months ended September 27, 2025, compared to a diluted net loss per share of $0.88 for the same period in 2024[33] - Net loss for the nine months ended September 27, 2025, was $579.3 million, compared to a loss of $120.6 million for the same period in 2024, representing an increase of 380%[39] Revenue Guidance and Forecast - JELD-WEN is lowering its 2025 revenue guidance to $3.1 to $3.2 billion, reflecting a year-over-year decline in Core Revenues of approximately 10% to 13% compared to 2024[12][13] - The company expects operating cash flow to be an approximate $45 million use of cash, including costs associated with the workforce reduction of approximately $10 to $20 million[13] Workforce and Restructuring - The company plans to reduce its North America and Corporate workforce by approximately 850 positions, representing roughly 11% of the teams, by year-end 2025[11] - Restructuring and asset-related charges for the nine months ended September 27, 2025, totaled $32.2 million, compared to $60.0 million in the same period of 2024[47][48] Asset and Liability Changes - The company’s total assets decreased to $2,171.8 million as of September 27, 2025, from $2,620.2 million as of December 31, 2024[37] - Total liabilities increased to $2,057.8 million as of September 27, 2025, compared to $2,000.1 million as of December 31, 2024[37] - The net debt increased to $1,076.0 million as of September 27, 2025, compared to $1,033.1 million as of December 31, 2024[50] - Total debt remained relatively stable at $1,182.7 million as of September 27, 2025, compared to $1,183.4 million as of December 31, 2024[50] Cash Flow and Expenses - Net cash used in operating activities was $37.7 million in the nine months ended September 27, 2025, compared to cash provided of $78.0 million in the same period in 2024[9] - The company reported a net cash inflow of $110.7 million related to the court-ordered divestiture of Towanda during the nine months ended September 27, 2025[39] - The company incurred $26.3 million in net legal and professional expenses and settlements for the nine months ended September 27, 2025, compared to $49.8 million in the same period of 2024[41] - Cash and cash equivalents at the end of the period were $108.4 million, down from $209.3 million at the end of September 28, 2024[39] - The company reported a net cash outflow of $(22.5) million in financing activities for the nine months ended September 27, 2025, compared to $(50.3) million in the same period of 2024[39] Goodwill and Impairment - Goodwill impairment for the three months ended September 27, 2025, was $196.9 million, a significant increase of 210.3% from $63.4 million in the prior year[33] - Goodwill impairment charges amounted to $334.6 million for the nine months ended September 27, 2025, significantly higher than $63.4 million in the same period of 2024[41] - Goodwill impairment for Q3 2025 amounted to $196.9 million, up from $63.4 million in Q3 2024, indicating increased challenges in asset valuation[43] Market Performance - North America net revenues were $546.1 million, a decline of $131.8 million or 19.4%, driven by a decrease in Core Revenues of 13%[15] - Europe net revenues were $263.3 million, an increase of $6.6 million or 2.6%, driven by a favorable foreign exchange impact of 6%[15] - North America adjusted EBITDA for the three months ended September 27, 2025, was $37.7 million, a decrease of 49.6% from $74.8 million in the same period of 2024[52] - Europe net revenues for the nine months ended September 27, 2025, were $776.8 million, down 4.2% from $811.3 million in the same period of 2024[52]