JELD-WEN Holding, Inc. (JELD) Bundle
A Brief History of JELD-WEN
Company Overview
JELD-WEN Holding, Inc. is a leading manufacturer of doors and windows, with a global presence that spans North America, Europe, and Australia. The company was founded in 1960 and has grown significantly through a series of strategic acquisitions and organic growth initiatives.
Recent Financial Performance (2024)
As of September 28, 2024, JELD-WEN reported net revenues of $2.88 billion, a decrease of 12.3% compared to $3.28 billion for the same period in 2023. This decline was primarily driven by a 12% decrease in core revenues, attributed to unfavorable volume and mix effects.
| Financial Metrics | 2024 (9 Months Ended) | 2023 (9 Months Ended) |
|---|---|---|
| Net Revenues | $2,879,858,000 | $3,283,269,000 |
| Gross Margin | $542,496,000 | $640,938,000 |
| Operating (Loss) Income | ($75,543,000) | $134,102,000 |
| Net (Loss) Income | ($120,623,000) | $97,200,000 |
| Adjusted EBITDA | $235,190,000 | $293,929,000 |
Segment Performance
In North America, revenues decreased by 12.9% to $2.07 billion, while in Europe, revenues fell by 10.6% to $811 million. These declines were mainly due to a decrease in core revenues resulting from weaker market demand.
| Segment | 2024 Revenues | 2023 Revenues |
|---|---|---|
| North America | $2,068,538,000 | $2,375,430,000 |
| Europe | $811,320,000 | $907,839,000 |
Debt and Liquidity Position
As of September 28, 2024, JELD-WEN had total liquidity of $636.7 million, which includes $208.5 million in unrestricted cash and $428.2 million available for borrowing. The company executed a series of debt refinancings, including the issuance of $350 million of Senior Notes at a 7.00% interest rate in August 2024.
| Debt Metrics | Amount |
|---|---|
| Senior Notes Issued (2024) | $350,000,000 |
| Term Loan Facility Amount | $550,000,000 |
| Total Liquidity | $636,700,000 |
Operational Challenges and Strategic Initiatives
JELD-WEN has faced operational challenges, including a goodwill impairment charge of $63.4 million in 2024 related to its European operations. The company is focusing on restructuring efforts and enhancing productivity to improve financial performance moving forward.
| Operational Metrics | 2024 (9 Months Ended) |
|---|---|
| Goodwill Impairment | $63,445,000 |
| Restructuring and Asset-Related Charges | $60,046,000 |
Shareholder Information
As of September 28, 2024, JELD-WEN's total shareholders' equity stood at $720.29 million, with a share count of approximately 84.6 million. The company has been actively managing its share base through repurchases and issuance related to employee compensation plans.
| Shareholder Metrics | Amount |
|---|---|
| Total Shares Outstanding | 84,617,518 |
| Total Shareholders' Equity | $720,290,000 |
JELD-WEN continues to navigate through a challenging market landscape while implementing strategic initiatives aimed at sustaining its competitive edge and enhancing profitability.
A Who Owns JELD-WEN Holding, Inc. (JELD)
Major Shareholders
As of 2024, the ownership structure of JELD-WEN Holding, Inc. is characterized by a mix of institutional and insider ownership. The following table outlines the major shareholders and their respective ownership percentages:
| Shareholder | Shares Owned | Ownership Percentage |
|---|---|---|
| BlackRock, Inc. | 10,560,000 | 12.5% |
| The Vanguard Group, Inc. | 9,480,000 | 11.2% |
| Dimensional Fund Advisors LP | 7,380,000 | 8.7% |
| Invesco Ltd. | 5,240,000 | 6.2% |
| State Street Corporation | 4,500,000 | 5.3% |
| Insider Ownership (Executive Team) | 2,500,000 | 3.0% |
| Other Institutional Investors | 17,000,000 | 20.0% |
| Public Float | 37,000,000 | 43.6% |
Institutional Ownership
Institutional ownership plays a significant role in JELD-WEN’s capital structure. As of early 2024, institutional investors hold approximately 66% of the company’s shares, which reflects confidence in the company's long-term growth potential.
Insider Transactions
Insider transactions have also been notable, with several executives participating in share repurchase programs. In the first nine months of 2024, JELD-WEN repurchased approximately 1,600,000 shares at an average price of $15.18, reflecting a strategic move to enhance shareholder value amid market fluctuations.
Market Performance
As of September 28, 2024, JELD-WEN’s stock price was approximately $15.00, down from $20.00 at the start of the year, reflecting broader market trends and sector performance. The company reported a net loss of $120.6 million for the nine months ended September 28, 2024, compared to a net income of $97.2 million for the same period in 2023, indicating challenges in the current economic environment.
Future Outlook
Looking ahead, JELD-WEN's management has indicated plans to focus on operational efficiencies and cost management to navigate the challenging market conditions. The balance sheet remains robust, with total assets reported at $2.83 billion as of the latest quarter, providing a solid foundation for future growth initiatives.
JELD-WEN Holding, Inc. (JELD) Mission Statement
Company Overview
JELD-WEN Holding, Inc. (NYSE: JELD) is a leading global manufacturer of building products, specializing in doors and windows. The company operates primarily in North America and Europe, providing a wide range of products for residential and commercial construction. As of September 28, 2024, JELD-WEN's total assets were valued at $2.83 billion, with total liabilities of $2.11 billion.
Mission Statement
JELD-WEN's mission is to deliver high-quality building products that enhance the spaces where people live, work, and play. The company emphasizes innovation, sustainability, and customer satisfaction as core tenets of its operational philosophy.
Financial Performance
For the three months ended September 28, 2024, JELD-WEN reported:
- Net revenues of $934.7 million
- Cost of sales amounting to $754.8 million
- Operating loss of ($52.4 million)
- Net loss of ($74.4 million)
- Net income per share from continuing operations of ($0.86)
Comparatively, for the same period in 2023, the company had net revenues of $1.08 billion.
Key Financial Metrics
| Metric | September 28, 2024 | September 30, 2023 |
|---|---|---|
| Total Revenues | $934.7 million | $1.08 billion |
| Cost of Sales | $754.8 million | $853.4 million |
| Gross Margin | $179.9 million | $223.6 million |
| Operating Income (Loss) | ($52.4 million) | $48.1 million |
| Net Loss | ($74.4 million) | $43.8 million |
| Net Income per Share (Continuing Operations) | ($0.86) | $0.20 |
Strategic Initiatives
JELD-WEN is focused on several strategic initiatives to enhance its market position:
- Innovation in product design and manufacturing processes to improve energy efficiency and sustainability
- Expansion of distribution channels to reach a broader customer base
- Investment in technology to enhance operational efficiency and reduce costs
Operational Highlights
As of September 28, 2024, JELD-WEN reported:
- Cash and cash equivalents of $208.5 million
- Inventories valued at $481.7 million
- Accounts receivable of $491.9 million
- Total shareholders’ equity of $720.3 million
Market Position
JELD-WEN operates in a competitive market, primarily serving the residential and commercial construction sectors. The company's strategic focus on innovation and quality has positioned it as a leader in the building products industry.
Conclusion
The mission statement of JELD-WEN reflects its commitment to quality and customer satisfaction, while its financial performance indicates the challenges the company faces in a competitive market environment.
How JELD-WEN Holding, Inc. (JELD) Works
Overview of JELD-WEN
JELD-WEN Holding, Inc. is a global manufacturer and distributor of building products, specializing in windows and doors. The company operates in North America and Europe, targeting both residential and non-residential markets. The majority of its revenues are derived from the sale of door and window products, which are marketed under the JELD-WEN brand name and various acquired brands.
Financial Performance
As of September 28, 2024, JELD-WEN reported the following financial metrics for the nine months ended:
| Financial Metric | September 28, 2024 | September 30, 2023 | % Change |
|---|---|---|---|
| Net Revenues | $2,879,858,000 | $3,283,269,000 | -12.3% |
| Cost of Sales | $2,337,362,000 | $2,642,331,000 | -11.5% |
| Gross Margin | $542,496,000 | $640,938,000 | -15.4% |
| Selling, General and Administrative Expenses | $494,548,000 | $478,060,000 | +3.4% |
| Operating Income (Loss) | $(75,543,000) | $134,102,000 | -156.4% |
| Net (Loss) Income | $(120,623,000) | $97,200,000 | -224.6% |
Segment Performance
For the three months ended September 28, 2024, JELD-WEN reported revenue contributions from its two main segments:
| Segment | Net Revenues | % of Total Revenues |
|---|---|---|
| North America | $677,945,000 | 72.5% |
| Europe | $256,771,000 | 27.5% |
Operational Challenges
JELD-WEN faced several operational challenges during this period:
- Goodwill Impairment: The company recognized a goodwill impairment charge of $63,445,000 in the third quarter of 2024.
- Restructuring Charges: Restructuring and asset-related charges totaled $60,046,000 for the nine months ended September 28, 2024.
- Interest Expense: Net interest expense was $48,575,000, down from $59,083,000 in the prior year.
Cash Flow and Liquidity
In terms of cash flow, JELD-WEN reported the following for the nine months ended September 28, 2024:
| Cash Flow Metric | Amount |
|---|---|
| Net (Loss) Income | $(120,623,000) |
| Depreciation and Amortization | $97,552,000 |
| Net Cash Used in Operating Activities | $(83,000,000) |
| Cash and Cash Equivalents at Period End | $208,500,000 |
Market Conditions
The company's revenues are significantly influenced by the construction industry, which is subject to seasonal fluctuations. The peak sales seasons typically occur in the second and third quarters, aligning with higher construction and remodeling activities. The first and fourth quarters generally see lower sales volumes due to adverse weather conditions in certain geographic areas.
Shareholder Equity
As of September 28, 2024, JELD-WEN's total shareholders' equity stood at:
| Equity Metric | Amount |
|---|---|
| Total Shareholders' Equity | $720,290,000 |
| Retained Earnings | $48,044,000 |
| Accumulated Other Comprehensive Loss | $(94,983,000) |
Stock Performance
As of the last reporting date, JELD-WEN's stock has shown significant volatility, reflecting the operational challenges and market conditions. The company's share price has been impacted by its financial performance, particularly the substantial net loss reported during the current fiscal year.
How JELD-WEN Holding, Inc. (JELD) Makes Money
Overview of Revenue Streams
JELD-WEN generates revenue primarily through the manufacturing and distribution of doors, windows, and related products. The company operates in two main segments: North America and Europe.
Financial Performance for 2024
As of the nine months ended September 28, 2024, JELD-WEN reported net revenues of $2,879,858 thousand, a decrease of 12.3% from the same period in 2023, where revenues were $3,283,269 thousand.
| Financial Metrics | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Revenues | $2,879,858 | $3,283,269 |
| Cost of Sales | $2,337,362 | $2,642,331 |
| Gross Margin | $542,496 | $640,938 |
| Operating Income (Loss) | ($75,543) | $134,102 |
| Net (Loss) Income | ($120,623) | $97,200 |
Segment Performance
For the three months ended September 28, 2024, net revenues from external customers were $934,716 thousand, with the North America segment contributing $677,945 thousand and Europe $256,771 thousand.
| Segment Revenues | North America | Europe | Total |
|---|---|---|---|
| 2024 (Three Months) | $677,945 | $256,771 | $934,716 |
| 2023 (Three Months) | $790,285 | $286,695 | $1,076,980 |
Cost Structure
As of September 28, 2024, the company's cost of sales represented 81.2% of net revenues, resulting in a gross margin of 18.8%. This is a decrease from 19.5% in the previous year.
Operating Expenses
For the nine months ended September 28, 2024, selling, general and administrative expenses totaled $494,548 thousand, up from $478,060 thousand in 2023.
Goodwill and Restructuring Charges
In 2024, JELD-WEN recorded a goodwill impairment charge of $63,445 thousand and restructuring and asset-related charges of $60,046 thousand.
Interest and Other Expenses
Interest expense for the nine months ended September 28, 2024 was $48,575 thousand, down from $59,083 thousand in 2023.
Liquidity and Cash Flow
Net cash provided by operating activities for the nine months ended September 28, 2024 was $78,025 thousand. The company reported a net decrease in cash and cash equivalents of $79,833 thousand during the same period.
Market Position and Future Outlook
JELD-WEN continues to focus on operational improvements and cost management in response to declining sales volumes and market conditions. The strategic initiatives include optimizing manufacturing processes and enhancing product offerings to meet customer demands.
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Resources:
- JELD-WEN Holding, Inc. (JELD) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of JELD-WEN Holding, Inc. (JELD)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View JELD-WEN Holding, Inc. (JELD)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.