JELD-WEN(US:JELD)2024-05-06 20:33Financial Performance - Net revenues from continuing operations for Q1 2024 were $959.1 million, a decrease of $121.4 million or 11.2% compared to $1,080.5 million in Q1 2023[4] - Net loss from continuing operations was $27.7 million, compared to a profit of $8.5 million in the same period last year, a decrease of $36.2 million[5] - Adjusted EBITDA from continuing operations was $68.7 million, a decline of $10.6 million compared to $79.3 million in Q1 2023, with an Adjusted EBITDA Margin of 7.2%[7] - North America net revenue was $680.0 million, a decline of $88.0 million or 11.5%, with an operating income margin of 2.9%[9] - Europe net revenue was $279.1 million, a decline of $33.4 million or 10.7%, with an operating income margin of 0.9%[9] - Total consolidated net revenues decreased by 11.2% to $959.1 million from $1,080.5 million year-over-year[49] - Adjusted EBITDA from continuing operations was $68.7 million, down 13.4% from $79.3 million in the prior year[49] Guidance and Expectations - Full year 2024 revenue guidance is lowered to a range of $3.9 to $4.1 billion, reflecting a Core Revenue decline of 5% to 9% compared to 2023[12] - Adjusted EBITDA for 2024 is expected to be within the range of $340 to $380 million, down from previous guidance[12] - Operating cash flow for 2024 is now expected to be approximately $225 million, reduced from the previous outlook of $250 million[13] Cash Flow and Expenses - Free Cash Flow used in Q1 2024 was $(45.7) million, compared to $(24.3) million in Q1 2023[11] - The company reported a net cash used in operating activities of $11.0 million for the quarter, compared to $0.7 million in the same period last year[36] - The company incurred $17.2 million in net legal and professional expenses and settlements during the quarter, significantly higher than $1.8 million in the same quarter last year[41] Assets and Liabilities - Cash and cash equivalents at the end of the period were $234.5 million, down from $288.3 million at the end of 2023[34] - Total assets decreased to $2,933.8 million from $2,980.1 million at the end of the previous year[34] - Total liabilities were $2,122.2 million, slightly down from $2,129.5 million at the end of 2023[34] - The company's total debt stood at $1,220.4 million, with net debt calculated at $985.9 million, resulting in a net debt leverage ratio of 2.7x[47] Restructuring and Charges - The company incurred restructuring and asset-related charges of $18.1 million, a significant increase of 94.9% from $9.3 million in the prior year[32] - The company's total debt stood at $1,220.4 million, with net debt calculated at $985.9 million, resulting in a net debt leverage ratio of 2.7x[47] Earnings Per Share - The diluted loss per share from continuing operations was $0.32, compared to earnings of $0.10 per share in the prior year[41] - Adjusted net income from continuing operations was $18.4 million, down from $21.6 million in the same quarter of 2023[41]