JELD-WEN Holding, Inc. reported significant declines in revenue and profitability for the third quarter and the first nine months of fiscal 2024 compared to the same periods in 2023. For the three months ended September 28, 2024, net revenues were $934.7 million, a decrease of 13.2% from $1,077.0 million in the prior year. Similarly, for the nine months ended September 28, 2024, net revenues totaled $2.88 billion, down 12.3% from $3.28 billion in the same period last year.
The company's gross margin also suffered, falling to $179.9 million (19.2% of net revenues) for the third quarter, down from $223.6 million (20.8% of net revenues) in Q3 2023. For the nine-month period, gross margin decreased to $542.5 million (18.8% of net revenues) from $640.9 million (19.5% of net revenues) in the previous year. Operating losses were reported at $(52.4) million for Q3 2024, compared to operating income of $48.1 million in Q3 2023, and $(75.5) million for the nine months ended September 28, 2024, compared to operating income of $134.1 million in the prior year.
The company experienced a net loss from continuing operations of $(73.0) million for the third quarter of 2024, a stark contrast to net income of $16.9 million in Q3 2023. For the nine-month period, the net loss from continuing operations was $(119.2) million, compared to net income of $47.9 million in the same period last year. The net loss per share from continuing operations was $(0.86) for Q3 2024, compared to earnings of $0.20 per share in Q3 2023.
A significant factor contributing to these losses was a goodwill impairment charge of $63.4 million related to the company's Europe reporting unit. Additionally, restructuring and asset-related charges increased to $25.5 million in Q3 2024, up from $12.7 million in the same quarter of 2023.
Cash and cash equivalents decreased to $208.5 million as of September 28, 2024, down from $288.3 million at the end of 2023. Total current assets also fell to $1.41 billion from $1.49 billion, while total liabilities decreased slightly to $2.11 billion from $2.13 billion.
In terms of strategic developments, JELD-WEN completed the sale of JW Australia in July 2023, which has been classified as discontinued operations. The company is also undergoing restructuring, including the planned closure of two manufacturing facilities in Europe, with expected pre-tax restructuring expenses of approximately $13.7 million.
Overall, JELD-WEN's financial performance in 2024 reflects challenges in the market, including decreased sales and increased operational costs, alongside significant restructuring efforts aimed at improving future profitability.
About JELD-WEN Holding, Inc.
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