Q1 2024 JELD-WEN Holding Inc Earnings Call Transcript
Key Points
- JELD-WEN Holding Inc (JELD) is actively progressing on its transformation journey, focusing on operational improvements and cost efficiency.
- The company has completed the closure of two North American facilities, which is expected to deliver at least $11 million of annual EBITDA savings.
- JELD-WEN Holding Inc (JELD) is increasing its CapEx spending to support operational improvements, with a focus on material efficiency and production automation.
- Despite market challenges, the company's first quarter sales and EBITDA were in line with expectations, supported by productivity actions.
- JELD-WEN Holding Inc (JELD) continues to invest in its culture and leadership, enhancing skills and behaviors across the organization to strengthen its foundation.
- First quarter revenues for JELD-WEN Holding Inc (JELD) were down 11% year over year, primarily due to volume declines in both North America and Europe.
- Adjusted EBITDA for the first quarter decreased by $10 million year over year, with a marginal EBITDA margin reduction.
- The company has lowered its revenue and adjusted EBITDA guidance for 2024, reflecting weaker than expected macroeconomic conditions and market challenges.
- JELD-WEN Holding Inc (JELD) is experiencing significant volume mix headwinds, with a notable impact from lower volume in its core markets.
- The repair and remodel market, a significant segment for JELD-WEN Holding Inc (JELD), continues to be weak, impacting the company's performance.
Good morning. My name is Dennis, and I will be your conference operator today.(Operator Instructions) I would now like to turn the conference over to James Armstrong, Vice President of Investor Relations. Please go ahead.
Thank you, and good morning. We issued our first quarter 2024 earnings release last night and posted a slide presentation to the Investor Relations portion of our website, which can be found at investors dot Jeld-Wen.com. We will be referencing this presentation during our call today, I am joined by Bill Christianson, Chief Executive Officer, and Julie Albert, Chief Financial Officer.
Before I turn it over to Bill, I'd like to remind everyone that during this call, we will make certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties, including those set forth in our earnings release and provided in our Forms 10 K and 10
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