JELD-WEN Reports Fourth Quarter and Full Year 2024 Results

Core Insights - JELD-WEN made significant progress in its transformation during 2024 despite challenging market conditions, focusing on delivering quality products on time [4] - The company reported a net revenue decline of 12.3% in Q4 2024 compared to the same period last year, primarily due to a decrease in Core Revenue and lower volume/mix [5][10] - The net loss from continuing operations for Q4 2024 was $68.4 million, a significant increase from a loss of $22.6 million in the same quarter last year, largely due to an impairment charge and increased transformation costs [6][10] Fourth Quarter Highlights - Net revenues from continuing operations for Q4 2024 were $895.7 million, down from $1,021.1 million in Q4 2023 [5][10] - Adjusted EBITDA from continuing operations was $40.1 million, a decline of $46.5 million compared to $86.5 million in the same quarter last year [8][10] - The adjusted EBITDA margin decreased to 4.5%, down 400 basis points year-over-year due to lower volume/mix and higher costs [8][10] Full Year Highlights - For the full year 2024, net revenues were $3,775.6 million, a decrease of 12.3% from $4,304.3 million in 2023 [10][32] - The company reported a net loss from continuing operations of $187.6 million, compared to a net income of $25.2 million in the prior year [10][32] - Adjusted EBITDA for the full year was $275.2 million, down from $380.4 million in 2023, with an adjusted EBITDA margin of 7.3% [10][33] Cash Flow and Capital Expenditures - Net cash provided by operating activities decreased to $106.2 million in 2024 from $345.2 million in 2023, primarily due to unfavorable changes in earnings [12] - Capital expenditures increased to $173.7 million in 2024, up from $110.9 million in 2023 [13] - Free cash flow used in 2024 was $67.5 million, compared to free cash flow provided of $234.3 million in 2023 [13] 2025 Guidance - JELD-WEN expects 2025 revenue to be in the range of $3.2 to $3.4 billion, reflecting a Core Revenue decline of 4% to 9% compared to 2024 [14][15] - The company anticipates 2025 adjusted EBITDA to be between $215 million and $265 million [14][15]