JELD-WEN(US:JELD)2026-02-17 21:35Financial Performance - Fourth-quarter net revenues decreased by $93.8 million, or 10.5%, to $802.0 million, primarily due to an 8% decrease in Core Revenues and a 5% decrease from the divestiture of Towanda[5]. - Net loss from continuing operations for the fourth quarter was $40.1 million, or $0.47 per share, an improvement from a net loss of $68.4 million, or $0.81 per share, in the same quarter last year[6]. - Adjusted EBITDA for the fourth quarter was $14.8 million, a decrease of $25.3 million compared to $40.1 million in the same quarter last year, with an Adjusted EBITDA Margin of 1.8%[9]. - Full year 2025 net revenues decreased by $564.4 million, or 14.9%, to $3.21 billion, driven by a 12% decrease in Core Revenues and a 4% decrease from the divestiture of Towanda[10]. - Full year net loss from continuing operations was $620.1 million, or $7.27 per share, compared to a net loss of $187.6 million, or $2.21 per share, in 2024[11]. - Adjusted EBITDA for the full year was $120.1 million, a decline of $155.2 million compared to $275.2 million in the prior year, with an Adjusted EBITDA Margin of 3.7%[13]. - The company reported a net loss of $39.8 million in Q4 2025, compared to a net loss of $68.4 million in Q4 2024, representing a 41.7% improvement[37]. - For the full year 2025, the net loss was $619.1 million, a significant increase of 227.5% from a net loss of $189.0 million in 2024[39]. - Total consolidated loss from continuing operations for the year ended December 31, 2025, was $620.1 million, compared to $187.6 million in 2024[55]. Revenue Breakdown - North America net revenues decreased by $554.0 million, or 20.5%, to $2.15 billion in 2025, primarily due to a 14% decrease in Core Revenues[21]. - Europe net revenues decreased by $10.4 million, or 1.0%, to $1.06 billion in 2025, primarily due to a 5% decrease in Core Revenues, partially offset by a 4% favorable foreign exchange impact[21]. - Net revenues for Q4 2025 were $802.0 million, a decrease of 10.5% compared to $895.7 million in Q4 2024[37]. - For the full year 2025, net revenues totaled $3,211.2 million, down 14.9% from $3,775.6 million in 2024[39]. - North America net revenues for the year ended December 31, 2025, were $2,154.3 million, a decline of 20.5% from $2,708.4 million in 2024[61]. - Europe net revenues for the year ended December 31, 2025, were $1,056.8 million, a slight decrease of 1.0% from $1,067.2 million in 2024[61]. Adjusted EBITDA and Margins - Adjusted EBITDA from continuing operations for Q4 2025 was $14.8 million, a decline of 63.1% from $40.1 million in Q4 2024[37]. - The full year 2025 Adjusted EBITDA from continuing operations was $120.1 million, down 56.4% from $275.2 million in 2024[39]. - Adjusted EBITDA from continuing operations for the year ended December 31, 2025, was $120.1 million, down from $275.2 million in 2024, a decrease of 56.4%[61]. Impairments and Charges - Goodwill impairment for the year was $334.6 million, a 253.0% increase from $94.8 million in 2024[39]. - The company reported a goodwill impairment of $334.6 million for the year ended December 31, 2025, significantly higher than $94.8 million in 2024[47]. - The company incurred special items totaling $62.7 million, including goodwill impairment of $94.8 million and restructuring charges of $68.1 million for the year ended December 31, 2024[57]. - Restructuring and asset-related charges for the year ended December 31, 2025, totaled $44.5 million, down from $68.1 million in 2024[55]. Cash Flow and Assets - The company reported a net cash used in operating activities of $4.9 million for 2025, a stark contrast to the net cash provided of $106.2 million in 2024[43]. - Cash and cash equivalents at the end of 2025 were $138.2 million, down from $151.0 million at the end of 2024, a decrease of 8.5%[43]. - Total assets decreased from $2,620.2 million in 2024 to $2,102.8 million in 2025, a decline of approximately 19.7%[41]. - Long-term debt remained relatively stable at $1,149.6 million in 2025 compared to $1,152.4 million in 2024, a slight decrease of 0.2%[41]. - Total current liabilities decreased from $625.0 million in 2024 to $575.8 million in 2025, a reduction of 7.9%[41]. Future Outlook - The company expects 2026 revenue guidance to be in the range of $2.95 to $3.1 billion, reflecting a year-over-year decline in Core Revenues of approximately 5% to 10%[18]. - 2026 Adjusted EBITDA is expected to be in the range of $100 to $150 million, with anticipated operating cash flow of approximately $40 million[19]. - The company anticipates ongoing challenges due to geopolitical conflicts and supply chain disruptions impacting future performance[27].