Jeld-Wen reports loss for Q4

Jeld-Wen reported that its revenues from continuing operations for fourth quarter decreased more than 13% to $1.02 billion from fourth quarter 2022 revenues of $1.8 billion.

According to the Charlotte, North Carolina-based door and window manufacturer, the decrease in net revenues was driven by a 15% decline in core revenue due to a 16% decrease in volume/mix.

The company also posted a fourth quarter net loss from continuing operations of $22.6 million marking a massive swing from a net income of nearly $30 for the same period a year ago.

Net revenues from continuing operations for 2023 decreased 5.3% to of $4.3 billion in comparison to full-year net revenues of more than $4.5 billion.

Profits from continuing operations for the full year moved ahead to $25.2 million from a net income of $12.2 million in 2022.

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The Bottom Line: While sales fall 13% for the fourth quarter, Jeld-Wen posts a $22.6 million net loss. 

What the CEO said: “We continue our disciplined approach to delivering improved financial results and are investing in the future to unlock significant value for JELD-WEN shareholders,” said CEO WIlliam Christensen. “In 2024, we anticipate that uncertainty in the markets will remain. However, we expect to mitigate the impact from potential weaker demand with benefits from our ongoing activities to reduce operating costs."

Company info: Click here for Jeld-Wen’s full fourth quarter 2023 financial report.