JELD-WEN Holding's net revenue for the three months ended June 27, 2020 decreased $126.6 million, or 11.3%, to $992.3 million, compared to $1,119.0 million for the same period last year. The decrease in net revenue was driven by a 10% decline in core revenue and a 1% adverse impact from foreign exchange.
Net income was $23.1 million during the 2Q 2020, compared to net income of $22.4 million in the same quarter last year, an increase of $0.7 million. The increase in net income was primarily due to lower SG&A and impairment and restructuring expense, and greater other income, partially offset by lower gross profit from reduced volumes in each geographic segment.
Adjusted net income for the 2Q increased $2.2 million, or 4.9%, to $47.7 million, compared to $45.5 million in the same quarter last year.
Adjusted EBITDA decreased $1.9 million, or 1.5%, to $125.7 million, compared to the same quarter last year. Adjusted EBITDA margin of 12.7% increased by 130 basis points compared to the prior year.
JELD-WEN, founded in 1960, is one of the world’s largest door and window manufacturers, operating manufacturing facilities in 20 countries located primarily in North America, Europe and Australia.
