Jeld-Wen Holding's net revenues for the three months ended March 29, 2025, were $776.0 million, a decrease of $183.1 million, or 19.1%, compared to $959.1 million for the same period last year. The decrease in net revenues was driven by the court-ordered divestiture of its Towanda facility along with a 15% decline in Core Revenue as a result of 16% lower volume/mix due to weak macro-economic conditions.
Net loss was $179.8 million in the Q1 2025, compared to a net loss of $27.7 million in the same period last year, an increase of $152.1 million. The increase was mostly driven by an approximate $125 million pre-tax, non-cash goodwill impairment charge, lower volume/mix, and costs to execute on Jeld-Wen's transformation journey.
Adjusted net loss for the Q1 2025 was $14.2 million, a decrease of $32.6 million compared to Adjusted net income of $18.4 million in the same period last year.
Adjusted EBITDA was $21.9 million, a decline of $46.8 million compared to $68.7 million during the same quarter last year. While Jeld-Wen drove significant improvements from its transformation activities, these benefits were more than offset by the impact of lower sales and the associated loss of productivity. Adjusted EBITDA Margin was 2.8%, a decrease of 440 basis points due to lower volume/mix, lower productivity and higher costs in labor and materials only partially offset by lower SG&A expense.
"While market conditions remained very challenging during the Q1, they developed mostly as expected," said CEO William J. Christensen. "We continued to execute our transformation, removing cost and improving focus across the business. However, the pace of market deterioration continues to outweigh the benefits of our cost actions. We are beginning to see signs of improvement in our quality and service levels, and we expect further gains in the Q2. In today's rapidly evolving macro environment, visibility is limited, but I remain proud of our team's hard work and dedication through the difficult circumstances we've been working to navigate. We remain committed to partnering with our customers and positioning the business for long-term success."
Jeld-Wen Holding, Inc. is a leading global designer, manufacturer and distributor of high-performance interior and exterior doors, windows, and related building products serving the new construction and repair and remodeling sectors.
