JELD-WEN(US:JELD)2025-05-05 20:53Financial Performance - First quarter 2025 sales reached $776 million[11], a 19% decrease compared to $959 million in the first quarter of 2024[16] - Core revenue decreased by 15% due to lower volume and mix[16, 18] - Adjusted EBITDA for the first quarter of 2025 was $22 million, representing 2.8% of sales, a significant decrease from $69 million and 7.2% in the first quarter of 2024[11, 16] - North America net revenue decreased to $531 million in Q1 2025 from $680 million in Q1 2024, with adjusted EBITDA at $16 million (2.9% margin) compared to $61 million (9.0% margin) in the prior year[23] - Europe net revenue decreased to $245 million in Q1 2025 from $279 million in Q1 2024, with adjusted EBITDA at $11 million (4.3% margin) compared to $15 million (5.2% margin) in the prior year[23] - Free cash flow was negative $125 million in Q1 2025, compared to negative $46 million in Q1 2024[38] Factors Affecting Performance - Lower volume and mix due to persisting macroeconomic headwinds impacted earnings[16, 19] - Volume/mix offset cost savings measures, impacting Adjusted EBITDA[22] - North America and Europe both experienced lower volume/mix, driving revenue decline[24] Outlook and Strategy - The company expects Q2 Adjusted EBITDA to be slightly better seasonally compared to Q1[32] - Capital expenditures are expected to remain elevated at approximately $150 million[32] - The company is actively reducing lead times, addressing new builder needs, and balancing headcount with market demand[30] Tariffs - The annualized tariff impact is estimated to be approximately $55 million, with approximately $30 million expected in 2025[27] - The company expects to pass on tariff impacts, with a slight negative impact to EBITDA in Q2 due to timing[25]