Jeld-Wen Holding’s net revenues for the 2Q 2019 decreased $53.5 million, or 4.6%, to $1.119 billion, compared to $1.172 billion for the same period last year. The decrease in net revenues was driven by a 3% decline in core revenues and a 3% adverse impact from foreign exchange, partially offset by a 1% positive impact from acquisitions, as the company said in the press release received by Lesprom Network.
Net income was $22.4 million, compared to net income of $34.7 million in the same quarter last year, a decrease of $12.4 million.
Adjusted EBITDA decreased $6.5 million, or 4.9%, to $127.6 million, compared to $134.1 million in the same quarter last year. Adjusted EBITDA margins of 11.4% were unchanged compared to the prior year.
“I am pleased with the progress we’ve made on cost productivity initiatives, footprint rationalization and modernization projects and the disciplined deployment of our business operating system, the Jeld-Wen Excellence Model or JEM. Against a backdrop of soft demand, we expanded adjusted EBITDA margins in North America and Australasia in the second quarter, demonstrating the power of what can be achieved through the execution of JEM,” 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.