JELD-WEN Reports Second Quarter 2025 Results and Reinstates Full Year Guidance
JELD-WEN (NYSE:JELD) reported challenging second quarter 2025 results, with net revenues declining 16.5% to $823.7 million. The company posted a net loss of $22.3 million, or ($0.26) per share, compared to a loss of $18.5 million in the prior year. Core revenues decreased 13%, primarily due to a 14% drop in volume/mix.
The North America segment saw a 21.8% revenue decline to $555.7 million, while Europe revenues fell 2.7% to $268.1 million. Adjusted EBITDA decreased significantly to $39.0 million from $84.8 million last year, with margins contracting 390 basis points to 4.7%.
JELD-WEN reinstated its full-year 2025 guidance, projecting revenue of $3.2-3.4 billion and Adjusted EBITDA of $170-200 million, with core revenues expected to decline 4-9% year-over-year.
JELD-WEN (NYSE:JELD) ha riportato risultati difficili per il secondo trimestre 2025, con ricavi netti in calo del 16,5% a 823,7 milioni di dollari. L'azienda ha registrato una perdita netta di 22,3 milioni di dollari, ovvero ($0,26) per azione, rispetto a una perdita di 18,5 milioni nell'anno precedente. I ricavi core sono diminuiti del 13%, principalmente a causa di un calo del 14% nel volume/mix.
Il segmento Nord America ha subito un calo dei ricavi del 21,8% a 555,7 milioni di dollari, mentre i ricavi in Europa sono diminuiti del 2,7% a 268,1 milioni. L'EBITDA rettificato 猫 sceso significativamente a 39,0 milioni di dollari dai 84,8 milioni dell'anno scorso, con un margine che si 猫 contratto di 390 punti base al 4,7%.
JELD-WEN ha ripristinato le previsioni per l'intero anno 2025, prevedendo ricavi tra 3,2 e 3,4 miliardi di dollari e un EBITDA rettificato tra 170 e 200 milioni, con i ricavi core attesi in calo del 4-9% rispetto all'anno precedente.
JELD-WEN (NYSE:JELD) report贸 resultados desafiantes en el segundo trimestre de 2025, con ingresos netos que disminuyeron un 16,5% hasta 823,7 millones de d贸lares. La compa帽铆a registr贸 una p茅rdida neta de 22,3 millones de d贸lares, o ($0,26) por acci贸n, en comparaci贸n con una p茅rdida de 18,5 millones el a帽o anterior. Los ingresos principales disminuyeron un 13%, principalmente debido a una ca铆da del 14% en volumen/mezcla.
El segmento de Norteam茅rica experiment贸 una disminuci贸n de ingresos del 21,8% hasta 555,7 millones de d贸lares, mientras que los ingresos en Europa cayeron un 2,7% hasta 268,1 millones. El EBITDA ajustado disminuy贸 significativamente a 39,0 millones de d贸lares desde 84,8 millones el a帽o pasado, con m谩rgenes que se redujeron en 390 puntos b谩sicos hasta el 4,7%.
JELD-WEN reinstaur贸 su gu铆a para todo el a帽o 2025, proyectando ingresos entre 3,2 y 3,4 mil millones de d贸lares y un EBITDA ajustado entre 170 y 200 millones, con ingresos principales esperados en descenso del 4-9% interanual.
JELD-WEN (NYSE:JELD)鞚� 2025雲� 2攵勱赴 鞏措牑鞖� 鞁れ爜鞚� 氤搓碃頄堨溂氅�, 靾滊Г於滌澊 16.5% 臧愳唽頃� 8鞏� 2,370毵� 雼煬毳� 旮半頄堨姷雼堧嫟. 須岇偓電� 2,230毵� 雼煬鞚� 靾滌啇鞁�鞚� 旮半頄堨溂氅�, 欤茧嫻 靻愳嫟鞚� ($0.26)搿� 鞝勲厔霃勳潣 1,850毵� 雼煬 靻愳嫟瓿� 牍勱祼霅╇媹雼�. 頃奠嫭 毵れ稖鞚� 欤茧 14% 臧愳唽頃� 氍茧焿/氙轨姢 鞓來枼鞙茧 13% 欷勳棃鞀惦媹雼�.
攵侂 攵�氍胳潃 毵れ稖鞚� 21.8% 臧愳唽頃� 5鞏� 5,570毵� 雼煬毳� 旮半頄堦碃, 鞙犽熃 毵れ稖鞚� 2.7% 臧愳唽頃� 2鞏� 6,810毵� 雼煬鞐� 毹鸽霠�鞀惦媹雼�. 臁办爼 EBITDA電� 鞝勲厔 8,480毵� 雼煬鞐愳劀 韥矊 欷勳柎 3,900毵� 雼煬毳� 旮半頄堨溂氅�, 毵堨鞚� 390 氩犾澊鞁滌姢 韽澑韸� 臧愳唽頃橃棳 4.7%臧� 霅橃棃鞀惦媹雼�.
JELD-WEN鞚� 2025雲� 鞝勳泊 臧�鞚措崢鞀るゼ 鞛檿鞚疙晿氅�, 毵れ稖 32鞏祣34鞏� 雼煬鞕� 臁办爼 EBITDA 1鞏� 7,000毵寏2鞏� 雼煬毳� 鞓堨儊頃橁碃, 頃奠嫭 毵れ稖鞚� 鞝勲厔 雽�牍� 4-9% 臧愳唽頃� 瓴冹溂搿� 鞝勲頄堨姷雼堧嫟.
JELD-WEN (NYSE:JELD) a publi茅 des r茅sultats difficiles pour le deuxi猫me trimestre 2025, avec un chiffre d'affaires net en baisse de 16,5 % 脿 823,7 millions de dollars. L'entreprise a enregistr茅 une perte nette de 22,3 millions de dollars, soit (0,26 $) par action, contre une perte de 18,5 millions l'ann茅e pr茅c茅dente. Les revenus de base ont diminu茅 de 13 %, principalement en raison d'une baisse de 14 % du volume/mix.
Le segment Am茅rique du Nord a connu une baisse des revenus de 21,8 % 脿 555,7 millions de dollars, tandis que les revenus en Europe ont diminu茅 de 2,7 % 脿 268,1 millions. L'EBITDA ajust茅 a fortement diminu茅 脿 39,0 millions de dollars contre 84,8 millions l'ann茅e derni猫re, avec une contraction des marges de 390 points de base 脿 4,7 %.
JELD-WEN a r茅tabli ses pr茅visions pour l'ensemble de l'ann茅e 2025, pr茅voyant un chiffre d'affaires entre 3,2 et 3,4 milliards de dollars et un EBITDA ajust茅 entre 170 et 200 millions, avec une baisse attendue des revenus de base de 4 脿 9 % d'une ann茅e sur l'autre.
JELD-WEN (NYSE:JELD) meldete herausfordernde Ergebnisse f眉r das zweite Quartal 2025 mit einem R眉ckgang der Nettoums盲tze um 16,5 % auf 823,7 Millionen US-Dollar. Das Unternehmen verzeichnete einen Nettoverlust von 22,3 Millionen US-Dollar bzw. ($0,26) je Aktie, verglichen mit einem Verlust von 18,5 Millionen im Vorjahr. Die Kernums盲tze sanken um 13 %, haupts盲chlich aufgrund eines R眉ckgangs des Volumens/Mix um 14 %.
Der Nordamerika-Segment verzeichnete einen Umsatzr眉ckgang von 21,8 % auf 555,7 Millionen US-Dollar, w盲hrend die Ums盲tze in Europa um 2,7 % auf 268,1 Millionen sanken. Das bereinigte EBITDA sank deutlich auf 39,0 Millionen US-Dollar von 84,8 Millionen im Vorjahr, wobei die Margen um 390 Basispunkte auf 4,7 % schrumpften.
JELD-WEN best盲tigte seine Prognose f眉r das Gesamtjahr 2025 und erwartet Ums盲tze von 3,2 bis 3,4 Milliarden US-Dollar sowie ein bereinigtes EBITDA von 170 bis 200 Millionen, wobei die Kernums盲tze voraussichtlich um 4-9 % im Jahresvergleich zur眉ckgehen werden.
- None.
- Net revenues declined 16.5% to $823.7 million
- Posted net loss of $22.3 million, worse than prior year's $18.5 million loss
- Adjusted EBITDA dropped significantly to $39.0 million from $84.8 million
- Core revenues decreased 13% due to 14% volume/mix decline
- Operating cash flow guidance shows expected $10 million cash use for 2025
- North America segment revenue fell sharply by 21.8%
- $137.7 million non-cash goodwill impairment charge in Q1 2025
Insights
JELD-WEN faces deteriorating financial performance with significant revenue declines, shrinking margins, and worsening cash flow despite cost-cutting efforts.
JELD-WEN's Q2 2025 results reveal a company facing substantial headwinds across multiple fronts. The 16.5% revenue decline to
Profitability metrics show alarming deterioration. The company swung to an operating loss margin of
The North America segment, representing about
Cash flow trends are equally concerning, with operations consuming
Management's reinstated guidance suggests continued challenges, projecting full-year core revenue declines of
Second听Quarter Highlights
- Net revenues of
$823.7 million 16.5% ) in the second quarter driven by a decrease in Core Revenues of (13% ) combined with a decrease in net revenues from the court-ordered divestiture of Towanda of (5% ). These were partially offset by a favorable foreign exchange impact of1% . The decline in Core Revenues was driven by a (14% ) decrease in volume/mix, partially offset by a1% benefit from price realization. - Net loss from continuing operations was
( or ($22.3) million $0.26 ( , or ($18.5) million $0.22 1.7% ) and0.5% for the quarters ended June 28, 2025 and June 29, 2024, respectively. - Adjusted EBITDA from continuing operations was
$39.0 million ( compared to$45.8) million $84.8 million 4.7% , a decrease of (390) basis points in the second quarter due to unfavorable volume/mix, partially offset by favorable productivity and lower SG&A expense.
"While the second quarter brought continued challenges, we managed the uncertainty effectively, delivering cost reductions across the business," said Chief Executive Officer William J. Christensen. "We are making steady progress improving quality and service, though we recognize there is more work ahead. That focus, combined with disciplined execution, is helping us navigate a still-uncertain macro environment. As always, we remain committed to meeting our customers' needs and positioning the business for long-term success as demand returns to more normalized levels."
Second听Quarter 2025 Results
Net revenues for the three months ended June 28, 2025, were
Net loss from continuing operations was
Net loss per share from continuing operations for the second quarter was (
Adjusted EBITDA from continuing operations was
On a segment basis for the second quarter of 2025, compared to the same period last year:
North America - Net revenue was$555.7 million ( , or ($154.9) million 21.8% ), driven by a decrease in Core Revenues of (15% ) and a decrease in net revenues from the court-ordered divestiture of Towanda of (7% ). The decrease in Core revenues was driven by a (16% ) decline in volume/mix due to weakened market demand, partially offset by a1% benefit from price realization. Net income from continuing operations was$8.9 million ( year-over-year. Adjusted EBITDA from continuing operations was$21.8) million $34.7 million ( primarily due to unfavorable volume/mix, price/cost, and productivity, partially offset by lower SG&A.$40.9) million Europe - Net revenue was$268.1 million ( , or ($7.4) million 2.7% ), driven by a decrease in Core Revenues of (8% ), partially offset by a favorable foreign exchange impact of5% . Core Revenues decreased primarily due to unfavorable volume/mix of (10% ) primarily due to market softness across the region, partially offset by a2% benefit from price realization. Net loss from continuing operations was( , an increase of$4.0) million $1.1 million $17.0 million ( primarily due to unfavorable volume/mix, partially offset by favorable productivity and price/cost.$3.4) million
Cash Flow
Net cash used in operating activities was
Capital expenditures in the six months ended June 28, 2025, increased by
Full Year 2025 Guidance Reinstatement听and Update
JELD-WEN previously announced that it was not in a position to update its full-year 2025 outlook during its earnings call on May 6, 2025, given the uncertainties around the general economy following a number of significant tariff announcements from the federal government. While tariff uncertainty remains, the Company is reinstating and updating its full-year 2025 financial outlook.
JELD-WEN is providing its 2025 revenue guidance of
Revenue | Adjusted EBITDA | Core Revenue Decline | |
2025 Guidance | Down ( |
With the revenue and EBITDA guidance, the Company now expects operating cash flow to be an approximate
Conference Call Information
JELD-WEN management will host a conference call on August听6, 2025, at 8 a.m. ET, to discuss the Company's financial results. Interested investors and other parties can access the call either via webcast by visiting the Investor Relations section of the Company's website at , or by dialing 888-596-4144 from
For those unable to listen to the live event, a webcast replay will be available approximately two hours following completion of the call. To learn more about JELD-WEN, please visit the Company's website at .听
About JELD-WEN Holding, Inc.
JELD-WEN Holding, Inc. (NYSE: JELD) is a leading global designer, manufacturer and distributor of high-performance interior and exterior doors, windows, and related building products serving the new construction and repair and remodeling sectors. Based in
Investor Relations Contact:
James Armstrong
Vice President, Investor Relations
704-378-5731
[email protected]
Media Contact:
JELD-WEN Holding, Inc.
Melissa Farrington
Vice President, Enterprise Communications
262-350-6021
[email protected]
Note: See "Non-GAAP Financial Information" section for definitions and reconciliation of non-GAAP financial measures. |
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "plan," "possible," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts are forward-looking statements, including statements regarding our business strategies and ability to execute on our plans, market potential, future financial performance, customer demand, the potential of our categories, brands and innovations, the impact of our strategic transformation journey, footprint rationalization, cost reduction and modernization initiatives, the impact of acquisitions and divestitures on our business and our ability to maximize value and integrate operations, our pipeline of productivity projects, the estimated impact of tax reform on our results, geopolitical and economic uncertainty, security breaches and other cybersecurity incidents, impacts on our business from weather and climate change, litigation outcomes, and our expectations, beliefs, plans, objectives, prospects, assumptions, or other future events, all of which involve risks and uncertainties that could cause actual results to differ materially. For a discussion of these risks and uncertainties and other factors, please refer to our Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q filed in 2025 and our other filings with the
The forward-looking statements included in this release are made as of the date hereof, and we undertake no obligation to update any forward-looking statements, except as required by law.
Non-GAAP Financial Information
This press release presents certain "non-GAAP" financial measures, including Adjusted EBITDA from continuing operations, Adjusted EBITDA Margin from continuing operations, Adjusted Net Income from continuing operations, Adjusted EPS from continuing operations, Free Cash Flow, and Net Debt Leverage. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in
The Company provides certain guidance solely on a non-GAAP basis because the Company cannot predict certain elements that are included in certain reported GAAP results. While management is not able to provide a reconciliation of items for forward-looking non-GAAP measures without unreasonable effort, management bases the estimated ranges of non-GAAP measures for future periods on its reasonable estimates of certain items such as assumed effective tax rate, assumed interest expense, and other assumptions about capital requirements for future periods. Although the Company believes the assumptions reflected in the range of its 2025 guidance are reasonable, actual results could vary substantially given the uncertainty regarding the future performance of the global economy, ongoing geopolitical conflicts, disruptions in supply chains, and changes in raw material prices and other costs as well as other risks and uncertainties, including those described below. In addition, the guidance ranges provided for 2025 do not include the impact of potential acquisitions or divestitures. The variability of these items may have a significant impact on our future GAAP results.
Other companies may compute these measures differently. The non-
We present several financial metrics in "Core" terms, which exclude the impact of foreign exchange, acquisitions and divestitures completed in the last twelve months. We define Core Revenue as net revenue excluding the impact of foreign exchange, and acquisitions and divestitures completed in the last twelve months. The use of "Core" metrics assists management, investors, and analysts in understanding the organic performance of the operations.
We use Adjusted EBITDA from continuing operations, Adjusted EBITDA Margin from continuing operations, Adjusted Net Income from continuing operations, and Adjusted EPS from continuing operations because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes Adjusted EBITDA from continuing operations and Adjusted EBITDA Margin from continuing operations are helpful in highlighting trends because they exclude certain items outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. We use Adjusted EBITDA from continuing operations and Adjusted EBITDA Margin from continuing operations to measure our financial performance in reporting our results to our Board of Directors. Further, our executive incentive compensation is based in part on Adjusted EBITDA from continuing operations. Adjusted EBITDA from continuing operations should not be considered as an alternative to net income as a measure of financial performance or to cash flows from operations as a liquidity measure.
We define Adjusted EBITDA from continuing operations as income (loss) from continuing operations, net of tax, adjusted for the following items: income tax expense (benefit); depreciation and amortization; interest expense (income), net; and certain special items consisting of non-recurring net legal and professional expenses and settlements; goodwill impairment; restructuring and asset-related charges; M&A related costs; net (gain) loss on sale of business, property and equipment; loss on extinguishment and refinancing of debt; share-based compensation expense; non-cash foreign exchange transaction/translation (gain) loss; and other special items.听We use Adjusted EBITDA from continuing operations because we believe this measure assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.
Adjusted Net (Loss) Income from continuing operations听represents loss from continuing operations adjusted for the after-tax impact of (i) certain special items used to calculate Adjusted EBITDA from continuing operations as described above and (ii) accelerated amortization of an ERP that we are no longer utilizing after we completed our related obligations under the JW Australia Transition Services Agreement during the first quarter of 2024. Where applicable, the specifically identified items are tax effected at the applicable jurisdictional tax rate and tax expense is adjusted to remove the effect of discrete tax items.
Adjusted EPS from continuing operations represents loss from continuing operations per diluted share adjusted to exclude the estimated per share impact of the same specifically identified items used to calculate Adjusted Net (Loss) Income from continuing operations as described above.
Adjusted EBITDA Margin from continuing operations听represents Adjusted EBITDA from continuing operations as a percentage of net revenues.
We present Free Cash Flow because we believe this metric assists investors and analysts in determining the quality of our earnings. Free Cash Flow is defined as net cash (used in) provided by operating activities less capital expenditures (including purchases of intangible assets). Free Cash Flow should not be considered as an alternative to net cash (used in) provided by operating activities as a liquidity measure. We also present Net Debt Leverage because it is a key financial metric that is used by management to assess the balance sheet risk of the Company. We define Net Debt Leverage as Net Debt (total principal debt outstanding less unrestricted cash) divided by Adjusted EBITDA from continuing operations for the last twelve-month period.
Due to rounding, numbers presented throughout this release may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures.
JELD-WEN Holding, Inc. 听 Consolidated Statements of Operations (Unaudited) (In millions, except share and per share data) 听 | ||||||
Three Months Ended | ||||||
June 28, 2025 | June 29, 2024 | %听Variance | ||||
Net revenues | $听听听听听听听听听听听 823.7 | $听听听听听听听听听听听 986.0 | (16.5)听% | |||
Cost of sales | 680.3 | 796.0 | (14.5)听% | |||
Gross margin | 143.4 | 190.0 | (24.5)听% | |||
Selling, general and administrative | 148.5 | 168.5 | (11.9)听% | |||
Restructuring and asset-related charges | 8.8 | 16.4 | (46.2)听% | |||
Operating (loss) income | (13.9) | 5.1 | (370.5)听% | |||
Interest expense, net | 16.5 | 16.6 | (0.5)听% | |||
Other income, net | (4.6) | (2.5) | 84.8听% | |||
Loss from continuing operations before taxes | (25.8) | (8.9) | 189.1听% | |||
Income tax (benefit) expense | (3.5) | 9.6 | (136.7)听% | |||
Loss from continuing operations, net of tax | (22.3) | (18.5) | 20.6听% | |||
Gain on sale of discontinued operations, net of tax | 0.8 | 鈥� | NM | |||
Net loss | $听听听听听听听听听听听 (21.5) | $听听听听听听听听听听听 (18.5) | 16.4听% | |||
Diluted Net loss per share from continuing operations | $听听听听听听听听听听听 (0.26) | $听听听听听听听听听听听 (0.22) | ||||
Diluted Net income per share from discontinued operations | 0.01 | 鈥� | ||||
Diluted Net loss per share | $听听听听听听听听听听听 (0.25) | $听听听听听听听听听听听 (0.22) | ||||
Diluted Shares | 85,298,517 | 85,271,699 | ||||
Other financial data: | ||||||
Operating (loss) income margin | (1.7)听% | 0.5听% | ||||
Adjusted EBITDA from continuing operations(1) | $听听听听听听听听听听听听听 39.0 | $听听听听听听听听听听听听听 84.8 | (54.0)听% | |||
Adjusted EBITDA Margin from continuing operations(1) | 4.7听% | 8.6听% | ||||
(1) | Adjusted EBITDA from continuing operations and Adjusted EBITDA Margin from continuing operations are financial measures that are not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA from continuing operations and Adjusted EBITDA Margin from continuing operations, see above under the heading "Non-GAAP Financial Information." |
听
Consolidated Statements of Operations (Unaudited) (In millions, except share and per share data) 听 | ||||||
Six Months Ended | ||||||
June 28, 2025 | June 29, 2024 | %听Variance | ||||
Net revenues | $听听听听听听听听 1,599.7 | $听听听听听听听听 1,945.1 | (17.8)听% | |||
Cost of sales | 1,344.3 | 1,582.5 | (15.1)听% | |||
Gross margin | 255.5 | 362.6 | (29.5)听% | |||
Selling, general and administrative | 293.2 | 351.3 | (16.5)听% | |||
Goodwill impairment | 137.7 | 鈥� | NM | |||
Restructuring and asset-related charges | 23.4 | 34.5 | (32.2)听% | |||
Operating loss | (198.9) | (23.1) | 759.6听% | |||
Interest expense, net | 31.4 | 32.3 | (2.6)听% | |||
Loss on extinguishment and refinancing of debt | 0.2 | 1.4 | (83.6)听% | |||
Other income, net | (15.2) | (16.8) | (9.3)听% | |||
Loss from continuing operations before taxes | (215.3) | (40.1) | 437.1听% | |||
Income tax (benefit) expense | (2.9) | 6.1 | (147.2)听% | |||
Loss from continuing operations, net of tax | (212.4) | (46.2) | 359.6听% | |||
Gain on sale of discontinued operations, net of tax | 0.8 | 鈥� | NM | |||
Net loss | $听听听听听听听听听 (211.7) | $听听听听听听听听听听听 (46.2) | 357.9听% | |||
Diluted Net loss per share from continuing operations | $听听听听听听听听听听听 (2.50) | $听听听听听听听听听听听 (0.54) | ||||
Diluted Net income per share from discontinued operations | 0.01 | 鈥� | ||||
Diluted Net loss per share | $听听听听听听听听听听听 (2.49) | $听听听听听听听听听听听 (0.54) | ||||
Diluted shares | 85,111,100 | 85,397,067 | ||||
Other financial data: | ||||||
Operating loss margin | (12.4)听% | (1.2)听% | ||||
Adjusted EBITDA from continuing operations(1) | $听听听听听听听听听听听听听 60.9 | $听听听听听听听听听听听 153.5 | (60.3)听% | |||
Adjusted EBITDA Margin from continuing operations(1) | 3.8听% | 7.9听% | ||||
(1) | Adjusted EBITDA from continuing operations and Adjusted EBITDA Margin from continuing operations are financial measures that are not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA from continuing operations and Adjusted EBITDA Margin from continuing operations, see above under the heading "Non-GAAP Financial Information." |
听
JELD-WEN Holding, Inc. 听 Consolidated Balance Sheets (Unaudited) (In millions, except share and per share data) 听 | |||
June 28, 2025 | December 31, 2024 | ||
ASSETS | |||
Current assets | |||
Cash and cash equivalents | $听听听听听听听听听听听听听听听听听听听听听听 134.1 | $听听听听听听听听听听听听听听听听听听听听听听 150.3 | |
Restricted cash | 0.7 | 0.7 | |
Accounts receivable, net | 447.6 | 388.4 | |
Inventories | 466.6 | 460.1 | |
Other current assets | 73.6 | 73.4 | |
Assets held for sale | 鈥� | 126.9 | |
Total current assets | 1,122.6 | 1,199.9 | |
Property and equipment, net | 724.5 | 681.4 | |
Deferred tax assets | 157.1 | 143.3 | |
Goodwill | 196.6 | 315.2 | |
Intangible assets, net | 100.5 | 102.0 | |
Operating lease assets, net | 182.4 | 126.3 | |
Other assets | 59.2 | 52.1 | |
Total assets | $听听听听听听听听听听听听听听听听听听听 2,542.9 | $听听听听听听听听听听听听听听听听听听听 2,620.2 | |
LIABILITIES AND EQUITY | |||
Current liabilities | |||
Accounts payable | $听听听听听听听听听听听听听听听听听听听听听听 286.8 | $听听听听听听听听听听听听听听听听听听听听听听 264.9 | |
Accrued payroll and benefits | 101.1 | 89.6 | |
Accrued expenses and other current liabilities | 221.8 | 224.2 | |
Current maturities of long-term debt | 23.3 | 30.9 | |
Liabilities held for sale | 鈥� | 15.3 | |
Total current liabilities | 633.0 | 625.0 | |
Long-term debt | 1,155.4 | 1,152.4 | |
Unfunded pension liability | 26.2 | 21.6 | |
Operating lease liability | 162.6 | 105.5 | |
Deferred credits and other liabilities | 82.3 | 89.9 | |
Deferred tax liabilities | 6.5 | 5.7 | |
Total liabilities | 2,065.8 | 2,000.1 | |
Shareholders' equity | |||
Preferred Stock, par value | 鈥� | 鈥� | |
Common Stock: 900,000,000 shares authorized, par value | 0.9 | 0.8 | |
Additional paid-in capital | 776.0 | 769.1 | |
Accumulated deficit | (232.0) | (20.4) | |
Accumulated other comprehensive loss | (67.7) | (129.5) | |
Total shareholders' equity | 477.1 | 620.1 | |
Total liabilities and shareholders' equity | $听听听听听听听听听听听听听听听听听听听 2,542.9 | $听听听听听听听听听听听听听听听听听听听 2,620.2 | |
听
JELD-WEN Holding, Inc. 听 Consolidated Statements of Cash Flows (Unaudited) (In millions) 听 | ||||
Six Months Ended | ||||
June 28, 2025 | June 29, 2024 | |||
OPERATING ACTIVITIES | ||||
Net loss | $听听听听听听听听听听听听听听听听听听 (211.7) | $听听听听听听听听听听听听听听听听听听 (46.2) | ||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||
Depreciation and amortization | 54.7 | 69.7 | ||
Deferred income taxes | (11.7) | (11.8) | ||
Net gain on sale of business, property and equipment | (2.5) | (2.8) | ||
Goodwill impairment | 137.7 | 鈥� | ||
Adjustment to carrying value of assets | 3.6 | 9.2 | ||
Amortization of deferred financing costs | 1.1 | 0.9 | ||
Loss on extinguishment and refinancing of debt | 0.2 | 0.8 | ||
Loss on foreign currency translation adjustment related to the substantial liquidation of a foreign subsidiary | 鈥� | 4.3 | ||
Gain on sale of discontinued operations | (1.0) | 鈥� | ||
Share-based compensation expense | 7.7 | 10.1 | ||
Recovery of cost from receipts on impaired notes | 鈥� | (1.4) | ||
Other items, net | 1.4 | (3.9) | ||
Net change in operating assets and liabilities: | ||||
Accounts receivable | (40.6) | (2.3) | ||
Inventories | 10.4 | (14.2) | ||
Other assets | 3.4 | 7.7 | ||
Accounts payable and accrued expenses | 2.5 | 19.6 | ||
Change in short-term and long-term tax liabilities | (4.1) | 0.6 | ||
Net cash (used in) provided by operating activities | (48.9) | 40.4 | ||
INVESTING ACTIVITIES | ||||
Purchases of property and equipment | (66.0) | (67.8) | ||
Proceeds from sale of property and equipment | 2.6 | 4.3 | ||
Purchase of intangible assets | (10.1) | (6.3) | ||
Proceeds related to the court-ordered divestiture of Towanda | 110.7 | 鈥� | ||
Recovery of cost from receipts on impaired notes | 鈥� | 1.4 | ||
Cash received for notes receivable | 鈥� | 鈥� | ||
Cash received from insurance proceeds | 0.3 | 1.7 | ||
Purchase of securities for deferred compensation plan | (0.5) | (2.8) | ||
Net cash provided by (used in) investing activities | 36.8 | (69.6) | ||
FINANCING ACTIVITIES | ||||
Change in long-term debt and payments of debt extinguishment costs | (11.5) | (15.8) | ||
Common stock issued for exercise of options | 鈥� | 2.5 | ||
Common stock repurchased | 鈥� | (24.3) | ||
Payments to tax authorities for employee share-based compensation | (0.5) | (0.9) | ||
Payments related to the sale of JW Australia | (0.8) | (1.4) | ||
Net cash used in financing activities | (12.8) | (39.8) | ||
Effect of foreign currency exchange rates on cash | 8.7 | (6.5) | ||
Net decrease in cash and cash equivalents | (16.2) | (75.5) | ||
Cash, cash equivalents and restricted cash, beginning | 151.0 | 289.1 | ||
Cash, cash equivalents and restricted cash, ending | $听听听听听听听听听听听听听听听听听听听听 134.8 | $听听听听听听听听听听听听听听听听听听 213.6 | ||
听
JELD-WEN Holding, Inc. 听 Reconciliation of Non-GAAP Financial Measures (Unaudited) (In millions) 听 | |||||||
Three Months Ended | Six Months Ended | ||||||
(amounts in millions) | June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 | |||
Loss from continuing operations, net of tax | $听听听听听听听听听听听听听 (22.3) | $听听听听听听听听听听听听听 (18.5) | $听听听听听听听听听听听 (212.4) | $听听听听听听听听听听听听听 (46.2) | |||
Income tax (benefit) expense | (3.5) | 9.6 | (2.9) | 6.1 | |||
Depreciation and amortization(1) | 27.4 | 28.2 | 54.7 | 69.7 | |||
Interest expense, net | 16.5 | 16.6 | 31.4 | 32.3 | |||
Special items: | |||||||
Net legal and professional expenses and settlements(2) | 8.6 | 20.3 | 20.5 | 37.5 | |||
Goodwill impairment(3) | 鈥� | 鈥� | 137.7 | 鈥� | |||
Restructuring and asset-related charges, net(4)(5) | 8.8 | 16.4 | 23.4 | 34.5 | |||
M&A related costs (income)(6) | 0.1 | 5.1 | (0.5) | 6.2 | |||
Net (gain) loss on sale of business, property and equipment(7) | (2.2) | 0.1 | (2.8) | (2.8) | |||
Loss on extinguishment and refinancing of debt(8) | 鈥� | 鈥� | 0.2 | 1.4 | |||
Share-based compensation expense(9) | 4.4 | 5.1 | 7.7 | 10.1 | |||
Non-cash foreign exchange transaction/translation gain(10) | 鈥� | (1.2) | 鈥� | (2.7) | |||
Other special items(11) | 1.1 | 3.1 | 3.9 | 7.4 | |||
Adjusted EBITDA from continuing operations | $听听听听听听听听听听听听听听听 39.0 | $听听听听听听听听听听听听听听听 84.8 | $听听听听听听听听听听听听听听听 60.9 | $听听听听听听听听听听听听听 153.5 | |||
(1) | Depreciation and amortization expense includes accelerated amortization of |
(2) | Net legal and professional expenses and settlements include non-recurring transformation journey expenses of |
(3) | Goodwill impairment consists of goodwill impairment charges associated with our |
(4) | Represents severance, accelerated depreciation and amortization, equipment relocation and other expenses directly incurred as a result of restructuring events. The restructuring charges primarily relate to charges incurred to change the operating structure, eliminate certain roles, and close certain manufacturing facilities in our |
(5) | Product and inventory-related charges related to announced facility closures were detrimental to Adjusted EBITDA from continuing operations. |
(6) | M&A related costs (income) consist primarily of legal and professional expenses related to the court-ordered divestiture of Towanda. |
(7) | Net gain on sale of business, property and equipment in the three months ended June 28, 2025,听primarily relates to the sale of property and equipment in |
(8) | Loss on extinguishment and refinancing of debt consists of |
(9) | Represents non-cash equity-based compensation expense related to the issuance of share-based awards. |
(10) | Non-cash foreign exchange transaction/translation gain is primarily associated with fair value adjustments of foreign currency derivatives and revaluation of balances denominated in foreign currencies. |
(11) | Other special items not core to ongoing business activity include: (i) in the three months ended June 29, 2024, a one-time realized foreign currency loss of |
听
Three Months Ended | Six Months Ended | |||||||
(amounts in millions, except share and per share data) | June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 | ||||
Loss from continuing operations, net of tax | $听听听听听听听听听听听听听 (22.3) | $听听听听听听听听听听听听听 (18.5) | $听听听听听听听听听听听 (212.4) | $听听听听听听听听听听听听 (46.2) | ||||
Special items:(1) | ||||||||
Net legal and professional expenses and settlements | 8.6 | 20.3 | 20.5 | 37.5 | ||||
Goodwill impairment | 鈥� | 鈥� | 137.7 | 鈥� | ||||
Restructuring and asset-related charges, net | 8.8 | 16.4 | 23.4 | 34.5 | ||||
M&A related costs (income) | 0.1 | 5.1 | (0.5) | 6.2 | ||||
Net (gain) loss on sale of business, property and equipment | (2.2) | 0.1 | (2.8) | (2.8) | ||||
Loss on extinguishment and refinancing of debt | 鈥� | 鈥� | 0.2 | 1.4 | ||||
Share-based compensation expense | 4.4 | 5.1 | 7.7 | 10.1 | ||||
Non-cash foreign exchange transaction/translation gain | 鈥� | (1.2) | 鈥� | (2.7) | ||||
Accelerated amortization of an ERP system(2) | 鈥� | 鈥� | 鈥� | 14.1 | ||||
Other special items | 1.1 | 3.1 | 3.9 | 7.4 | ||||
Tax impact of special items(3) | (3.6) | (10.5) | (10.6) | (23.9) | ||||
Tax special items(4) | 1.6 | 9.4 | 15.3 | 12.1 | ||||
Adjusted Net (Loss) Income from continuing operations | $听听听听听听听听听听听听听听听 (3.4) | $听听听听听听听听听听听听听听听 29.4 | $听听听听听听听听听听听听听 (17.6) | $听听听听听听听听听听听听听听 47.8 | ||||
鈥� | ||||||||
Diluted loss per share from continuing operations | $听听听听听听听听听听听听听 (0.26) | $听听听听听听听听听听听听听 (0.22) | $听听听听听听听听听听听听听 (2.50) | $听听听听听听听听听听听听 (0.54) | ||||
Special items:(1) | ||||||||
Net legal and professional expenses and settlements | 0.10 | 0.24 | 0.24 | 0.43 | ||||
Goodwill impairment | 鈥� | 鈥� | 1.62 | 鈥� | ||||
Restructuring and asset-related charges, net | 0.10 | 0.19 | 0.27 | 0.40 | ||||
M&A related costs (income) | 鈥� | 0.06 | (0.01) | 0.07 | ||||
Net gain on sale of business, property and equipment | (0.03) | 鈥� | (0.03) | (0.03) | ||||
Loss on extinguishment and refinancing of debt | 鈥� | 鈥� | 鈥� | 0.02 | ||||
Share-based compensation expense | 0.05 | 0.06 | 0.09 | 0.12 | ||||
Non-cash foreign exchange transaction/translation gain | 鈥� | (0.01) | 鈥� | (0.03) | ||||
Accelerated amortization of an ERP system(2) | 鈥� | 鈥� | 鈥� | 0.16 | ||||
Other special items | 0.01 | 0.04 | 0.05 | 0.09 | ||||
Tax impact of special items(3) | (0.04) | (0.12) | (0.12) | (0.28) | ||||
Tax special items(4) | 0.02 | 0.11 | 0.18 | 0.14 | ||||
Adjusted Net (Loss) Income per share from continuing operations | $听听听听听听听听听听听听听 (0.04) | $听听听听听听听听听听听听听听听 0.34 | $听听听听听听听听听听听听听 (0.21) | $听听听听听听听听听听听听听听 0.55 | ||||
鈥� | ||||||||
Weighted average diluted shares | 85,298,517 | 86,472,671 | 85,111,100 | 86,769,580 | ||||
Less: Effect of dilutive securities | 鈥� | 1,200,972 | 鈥� | 1,372,513 | ||||
Weighted average basic shares | 85,298,517 | 85,271,699 | 85,111,100 | 85,397,067 | ||||
Adjusted Net (Loss) Income from continuing operations per share may not sum due to rounding. | |
(1) | Refer to the calculation of Adjusted EBITDA from continuing operations for a discussion of the Special items listed above. |
(2) | Accelerated amortization of an ERP that we are no longer utilizing after we completed our related obligations under the JW Australia Transition Services Agreement during the first quarter of 2024. |
(3) | Except as otherwise noted, adjustments to net (loss) income and net (loss) income per share are tax-effected at the jurisdictional statutory tax rate. |
(4) | Tax special items for the six months ended June 28, 2025, were primarily driven by valuation expense recorded against our |
听
Three Months Ended June 28, 2025 | ||||||||
(amounts in millions) | North | Corporate and | Total | |||||
Income (loss) from continuing operations, net of tax | $听听听听听听听听听听听听 8.9 | $听听听听听听听听听听听 (4.0) | $听听听听听听听听听听 (27.3) | $听听听听听听听听听听听听 (22.3) | ||||
Income tax expense (benefit) | 5.3 | 4.5 | (13.2) | (3.5) | ||||
Depreciation and amortization | 16.8 | 8.2 | 2.4 | 27.4 | ||||
Interest (income) expense, net | (0.6) | 1.6 | 15.5 | 16.5 | ||||
Special items:(1) | ||||||||
Net legal and professional expenses and settlements | 0.8 | 1.7 | 6.2 | 8.6 | ||||
Restructuring and asset-related charges, net | 4.4 | 4.4 | 鈥� | 8.8 | ||||
M&A related costs | 鈥� | 鈥� | 0.1 | 0.1 | ||||
Net gain on sale of business, property and equipment | (2.2) | 鈥� | 鈥� | (2.2) | ||||
Share-based compensation expense | 1.0 | 0.6 | 2.9 | 4.4 | ||||
Other special items | 0.3 | 0.1 | 0.7 | 1.1 | ||||
Adjusted EBITDA from continuing operations | $听听听听听听听听听听 34.7 | $听听听听听听听听听听 17.0 | $听听听听听听听听听听 (12.8) | $听听听听听听听听听听听听听听 39.0 | ||||
(1)听听听听听听听听听听 Refer to the calculation of Adjusted EBITDA from continuing operations for a discussion of the Special items listed above. |
听
Three Months Ended June 29, 2024 | ||||||||
(amounts in millions) | North | Corporate and | Total | |||||
Income (loss) from continuing operations, net of tax | $听听听听听听听听听听 30.7 | $听听听听听听听听听听听 (5.0) | $听听听听听听听听听听 (44.2) | $听听听听听听听听听听听听 (18.5) | ||||
Income tax expense (benefit) | 12.9 | 10.3 | (13.7) | 9.6 | ||||
Depreciation and amortization | 18.9 | 7.6 | 1.8 | 28.2 | ||||
Interest expense, net | 0.6 | 0.6 | 15.4 | 16.6 | ||||
Special items:(1) | ||||||||
Net legal and professional expenses and settlements | 0.9 | 1.1 | 18.3 | 20.3 | ||||
Restructuring and asset-related charges | 9.2 | 6.7 | 0.6 | 16.4 | ||||
M&A related (income) costs | 鈥� | 鈥� | 5.1 | 5.1 | ||||
Net loss (gain) on sale property and equipment | 0.3 | (0.2) | 鈥� | 0.1 | ||||
Share-based compensation expense | 1.0 | 0.1 | 3.9 | 5.1 | ||||
Non-cash foreign exchange transaction/translation loss (gain) | 0.2 | (2.4) | 0.9 | (1.2) | ||||
Other special items | 0.8 | 1.6 | 0.7 | 3.1 | ||||
Adjusted EBITDA from continuing operations | $听听听听听听听听听听 75.6 | $听听听听听听听听听听 20.4 | $听听听听听听听听听听 (11.2) | $听听听听听听听听听听听听听听 84.8 | ||||
(1)听 听 Refer to the calculation of Adjusted EBITDA from continuing operations for a discussion of the Special items listed above. |
听
Six Months Ended June 28, 2025 | ||||||||
(amounts in millions) | North | Corporate and | Total | |||||
Loss from continuing operations, net of tax | $听听听听听听 (152.3) | $听听听听听听听听听听听 (7.4) | $听听听听听听听听听听 (52.7) | $听听听听听听听听听听 (212.4) | ||||
Income tax expense (benefit) | 14.6 | 6.4 | (23.9) | (2.9) | ||||
Depreciation and amortization | 34.1 | 15.8 | 4.8 | 54.7 | ||||
Interest (income) expense, net | (1.2) | 1.6 | 31.0 | 31.4 | ||||
Special items:(1) | ||||||||
Net legal and professional expenses and settlements | 1.5 | 2.7 | 16.3 | 20.5 | ||||
Goodwill impairment | 137.7 | 鈥� | 鈥� | 137.7 | ||||
Restructuring and asset-related charges, net | 15.1 | 7.6 | 0.7 | 23.4 | ||||
M&A related income | 鈥� | 鈥� | (0.5) | (0.5) | ||||
Net gain on sale of business, property and equipment | (2.8) | 鈥� | 鈥� | (2.8) | ||||
Loss on extinguishment and refinancing of debt | 鈥� | 鈥� | 0.2 | 0.2 | ||||
Share-based compensation expense | 1.5 | 1.0 | 5.1 | 7.7 | ||||
Other special items | 2.1 | 0.1 | 1.8 | 3.9 | ||||
Adjusted EBITDA from continuing operations | $听听听听听听听听听听 50.3 | $听听听听听听听听听听 27.7 | $听听听听听听听听听听 (17.1) | $听听听听听听听听听听听听听听 60.9 | ||||
(1)听 听 Refer to the calculation of Adjusted EBITDA from continuing operations for a discussion of the Special items listed above. |
听
Six Months Ended June 29, 2024 | ||||||||
(amounts in millions) | North | Corporate and | Total | |||||
Income (loss) from continuing operations, net of tax | $听听听听听听听听听听 47.0 | $听听听听听听听听听听听 (5.0) | $听听听听听听听听听听 (88.2) | $听听听听听听听听听听听听 (46.2) | ||||
Income tax expense (benefit) | 20.3 | 13.2 | (27.4) | 6.1 | ||||
Depreciation and amortization(1) | 36.9 | 15.1 | 17.7 | 69.7 | ||||
Interest expense, net | 1.3 | 0.9 | 30.0 | 32.3 | ||||
Special items:(2) | ||||||||
Net legal and professional expenses and settlements | 1.7 | 1.4 | 34.4 | 37.5 | ||||
Restructuring and asset-related charges | 23.1 | 10.6 | 0.8 | 34.5 | ||||
M&A related costs | 鈥� | 鈥� | 6.2 | 6.2 | ||||
Net gain on sale of business, property and equipment | (2.6) | (0.2) | 鈥� | (2.8) | ||||
Loss on extinguishment and refinancing of debt | 鈥� | 鈥� | 1.4 | 1.4 | ||||
Share-based compensation expense | 2.3 | 0.6 | 7.2 | 10.1 | ||||
Non-cash foreign exchange transaction/translation loss (gain) | 0.3 | (3.3) | 0.3 | (2.7) | ||||
Other special items | 6.5 | 1.6 | (0.7) | 7.4 | ||||
Adjusted EBITDA from continuing operations | $听听听听听听听听 136.8 | $听听听听听听听听听听 34.9 | $听听听听听听听听听听 (18.2) | $听听听听听听听听听听听听 153.5 | ||||
(1) | Corporate and unallocated depreciation and amortization expense in the six months ended June 29, 2024, includes accelerated amortization of |
(2) | Refer to the calculation of Adjusted EBITDA from continuing operations for a discussion of the Special items listed above. |
听
Six Months Ended | ||||
(amounts in millions) | June 28, 2025 | June 29, 2024 | ||
Net cash (used in) provided by operating activities | $听听听听听听听听听听听听听听听 (48.9) | $听听听听听听听听听听听听听听听听听 40.4 | ||
Less: capital expenditures(1) | 76.1 | 74.1 | ||
Free Cash Flow(1) | $听听听听听听听听听听听听听 (125.1) | $听听听听听听听听听听听听听听听 (33.8) | ||
(1) | Free Cash Flow is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Free Cash Flow, see above under the heading "Non-GAAP Financial Information." |
听
(amounts in millions except Net Debt Leverage) | June 28, 2025 | December 31, 2024 | ||
Total debt | $听听听听听听听听听听听听听听听听听听听 1,178.6 | $听听听听听听听听听听听听听听听听听听听 1,183.4 | ||
Less: cash and cash equivalents | 134.1 | 150.3 | ||
Net Debt(1) | $听听听听听听听听听听听听听听听听听听听 1,044.5 | $听听听听听听听听听听听听听听听听听听听 1,033.1 | ||
Divided by trailing twelve months Adjusted EBITDA from continuing operations(2) | 182.6 | 275.2 | ||
Net Debt Leverage(1) | 5.7x | 3.8x |
(1) | Net Debt and Net Debt Leverage are financial measures that are not calculated in accordance with GAAP. For a discussion of our presentation of Net Debt Leverage, see above under the heading "Non-GAAP Financial Information."听 |
(2) | Trailing twelve months Adjusted EBITDA from continuing operations听for both periods. Adjusted EBITDA from continuing operations听is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA from continuing operations, see above under the heading "Non-GAAP Financial Information." |
听
Segment Results (Unaudited) (In millions) 听 | ||||||
Three Months Ended | ||||||
(amounts in millions) | June 28, 2025 | June 29, 2024 | %听Variance | |||
Net revenues from external customers | ||||||
$听听听听听听听听听听听听听听听 555.7 | $听听听听听听听听听听听听听听听 710.6 | (21.8)听% | ||||
268.1 | 275.4 | (2.7)听% | ||||
Total Consolidated | $听听听听听听听听听听听听听听听 823.7 | $听听听听听听听听听听听听听听听 986.0 | (16.5)听% | |||
Adjusted EBITDA from continuing operations(1) | ||||||
$听听听听听听听听听听听听听听听听听 34.7 | $听听听听听听听听听听听听听听听听听 75.6 | (54.1)听% | ||||
17.0 | 20.4 | (16.6)听% | ||||
Corporate and unallocated costs | (12.8) | (11.2) | 13.7听% | |||
Total Consolidated | $听听听听听听听听听听听听听听听听听 39.0 | $听听听听听听听听听听听听听听听听听 84.8 | (54.0)听% | |||
鈥� | ||||||
Six Months Ended | ||||||
(amounts in millions) | June 28, 2025 | June 29, 2024 | %听Variance | |||
Net revenues from external customers | ||||||
$听听听听听听听听听听听 1,086.2 | $听听听听听听听听听听听 1,390.6 | (21.9)听% | ||||
513.5 | 554.5 | (7.4)听% | ||||
Total Consolidated | $听听听听听听听听听听听 1,599.7 | $听听听听听听听听听听听 1,945.1 | (17.8)听% | |||
Adjusted EBITDA from continuing operations(1) | ||||||
$听听听听听听听听听听听听听听听听听 50.3 | $听听听听听听听听听听听听听听听 136.8 | (63.3)听% | ||||
27.7 | 34.9 | (20.7)听% | ||||
Corporate and unallocated costs | (17.1) | (18.2) | (6.3)听% | |||
Total Consolidated | $听听听听听听听听听听听听听听听听听 60.9 | $听听听听听听听听听听听听听听听 153.5 | (60.3)听% | |||
(1) | Adjusted EBITDA from continuing operations is a financial measure that is not calculated in accordance with GAAP. For a discussion of our presentation of Adjusted EBITDA from continuing operations, see above under the heading "Non-GAAP Financial Information." |
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SOURCE JELD-WEN Holding, Inc.
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