Jeld-Wen Holding, Inc. announced results for the three months and full year ended December 31, 2019. Net revenues for the 4Q 2019 decreased $23.2 million, or 2.1%, to $1.069 billion, compared to $1.092 billion for the same period last year.
4Q 2019 net income was $7.8 million, compared to net income of $38.1 million in the same quarter last year, a decrease of $30.3 million. The decrease in net income was primarily due to a higher effective tax rate and lower gross profit from reduced volumes in each geographic segment and cost inefficiencies in North America.
4Q 2019 adjusted EBITDA decreased $16.8 million, or 15.9%, to $89.2 million, compared to the same quarter last year. Adjusted EBITDA margins of 8.4% decreased by 130 basis points compared to the prior year.
FY 2019 net revenues decreased $57.1 million, or 1.3%, to $4.290 billion, compared to $4.347 billion for the same period last year.
FY 2019 net income decreased $78.9 million, or 55.6%, to $63 million, compared to $141.9 million in the same period last year. The decrease in net income was primarily due to lower gross profit from reduced volume/mix and a significantly higher effective tax rate.
“2019 was a pivotal year as we advanced deployment of the Jeld-Wen Excellence Model (JEM) across the enterprise and delivered positive productivity, even as we faced significant market headwinds in residential new construction demand in our North America and Australasia segments," said Gary S. Michel, president and CEO.
Jeld-Wen 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.