Q2 2024 JELD-WEN Holding Inc Earnings Call Transcript
Key Points
- JELD-WEN Holding Inc (JELD) achieved second-quarter sales and EBITDA in line with expectations, despite softer demand in North America and Europe.
- The company repurchased approximately $1.6 million shares at an average price of $15.18 per share, offsetting dilution from the past 18 months.
- JELD-WEN Holding Inc (JELD) is on track to achieve targeted cost savings of approximately $100 million this year.
- The company is making significant progress in its transformational journey, with 350 out of 800 projects completed, focusing on cost savings and operational improvements.
- The promotion of Samantha Stoddard to CFO is expected to bring a fresh perspective and continuity, given her extensive experience within the company.
- Second-quarter revenues were down 12% year-over-year, driven by a reduction in core revenues due to market-driven volume declines.
- Adjusted EBITDA decreased by $24 million year-over-year, leading to an adjusted EBITDA margin of 8.6%.
- The North America segment saw a 13% decline in sales and a significant drop in adjusted EBITDA from $109 million to $76 million year-over-year.
- The European market remains under pressure, with core revenue decreasing by 10% year-over-year and adjusted EBITDA declining by $4 million.
- The company expects continued market softness, with North America volumes projected to be down by low double digits in 2024, and the European market also trending towards weaker performance.
Good morning, and welcome to the JELD-WEN second-quarter 2024 earnings conference call. Please note that this call is being recorded. (Operator Instructions) I will now turn the call over to James Armstrong, Vice President of Investor Relations. You may begin your conference.
Thank you and good morning. We issued our second-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.jeld-wen.com. We will be referencing this presentation during our call.
Today, I am joined by Bill Christensen, Chief Executive Officer; and Samantha Stoddard, Chief Financial Officer. Before I turn it over to Bill, I would like to remind everyone that during this call, we will be making 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
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