JELD-WEN Holding, Inc. announced its third-quarter 2024 results, reporting net revenues from continuing operations of $934.7 million, a decrease of 13.2% compared to the same period last year. This decline was primarily driven by a 13% drop in Core Revenue, attributed to lower volume and a demand shift towards entry-level products.
The company posted a net loss from continuing operations of ($73.0) million for the quarter, a significant decrease from the $16.9 million net income reported in the prior year. This loss included a $63.4 million pre-tax, non-cash goodwill impairment charge, alongside impacts from lower volume/mix and increased transformation costs.
In response to deteriorating market conditions, JELD-WEN lowered its full-year 2024 revenue guidance to a range of $3.7 billion to $3.75 billion, down from the previous $3.9 billion to $4.1 billion. Adjusted EBITDA guidance was also reduced to $265 million to $280 million, from an earlier range of $340 million to $380 million, reflecting intensified market pressures and a Midwest retailer's decision to shift to imported windows.
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