JELD-WEN Reports 12.3% Revenue Decline and $189 Million Net Loss for Fiscal Year 2024

JELD-WEN Holding, Inc. reported a significant decline in its financial performance for the fiscal year ended December 31, 2024, with net revenues of $3.78 billion, a decrease of 12.3% from $4.30 billion in 2023. The company's gross margin also fell to 18.2%, down from 19.3% the previous year, reflecting challenges in volume and product mix. The company incurred a net loss of $189 million, compared to a net income of $62.4 million in 2023. This downturn was attributed primarily to a 12% decline in core revenues, driven by reduced demand in the residential and non-residential construction markets.

In terms of operational changes, JELD-WEN completed the sale of its Australasia business on July 2, 2023, which has been classified as discontinued operations. This divestiture was part of a broader strategy to streamline operations and focus on core markets. The company also recognized a goodwill impairment charge of $94.8 million, primarily related to its European reporting unit, reflecting the impact of prolonged economic challenges and elevated interest rates on its operations.

The company’s North America segment, which accounted for approximately 71.7% of total revenues, saw a 13.3% decrease in net revenues to $2.71 billion. Adjusted EBITDA from continuing operations in this segment dropped by 33.5% to $254 million. Meanwhile, the Europe segment reported a 9.7% decline in revenues to $1.07 billion, with adjusted EBITDA decreasing by 16.9% to $67.7 million. The overall decline in both segments was attributed to unfavorable market conditions and a shift in demand towards lower-priced products.

JELD-WEN's workforce as of December 31, 2024, consisted of approximately 16,000 employees, with ongoing efforts to optimize its global footprint and improve productivity. The company has been focusing on cost-reduction initiatives and enhancing operational efficiencies to mitigate the impact of rising raw material costs and inflation. Looking ahead, JELD-WEN anticipates continued challenges in the market, particularly in North America and Europe, due to high interest rates and economic uncertainty, which may affect demand for its products in the near term. The company remains committed to executing its strategic initiatives to drive long-term growth and profitability.