Jeld-Wen sales slip
Charlotte, North Carolina-based Jeld-Wen Holding reported second quarter sales of $986 million, down 12.4 percent from the same quarter last year.
decrease in net revenues was driven by a (12%) decline in Core Revenue as a result of (12%) lower volume/mix due to weak macro-economic condition and demand shifting to lower priced products, the company said.
Net loss from continuing operations was reported at $18.5 million.
"We continue to make strides in our transformation journey, positioning Jeld-Wen for improved performance," said Chief Executive Officer William J. Christensen. "In the second quarter, even as market demand weakened further, we made notable progress in streamlining our operations. I am proud of how our associates stayed focused on meeting our goals and diligently implementing the necessary foundational changes."
Looking specifically at North America, the manufacturer of windows, doors and wall systems reported net revenue was $710.6 million, a decline of ($106.5) million, or (13.0%), driven by a (13%) decline in Core Revenue due to (13%) lower volume/mix related to weakened market demand and a demand shift towards lower priced products.
Net income was $30.7 million in the North America business, a decline of ($20.6) million year-over-year. Operating income margin was 6.3% for the quarter ended June 29, 2024 and 9.1% for the quarter ended July 1, 2023. Adjusted EBITDA was $75.6 million, a decline of ($33.2) million while Adjusted EBITDA Margin decreased by (270) basis points to 10.6%.
