JELD-WEN恢复2025年指导，预计在转型行动中收入为32亿至34亿美元，EBITDA为1.7亿至2亿美元

Earnings Call Insights: JELD-WEN Holding, Inc. (JELD) Q2 2025

Management View

• CEO William J. Christensen opened by highlighting cost discipline and "the ability of our teams to effectively adapt to a complex and shifting landscape," while acknowledging that "volumes remain soft" but performance was at the high end of internal expectations due to operational and cost actions.
• Christensen stated, "Operationally, we made important progress on several fronts. We continue to see tangible benefits from our transformation and cost actions, particularly in fixed cost reductions."
• The company announced several footprint actions, including transitioning the Coppell, Texas facility into a raw materials warehouse, completing closure and repurposing of the Grinnell, Iowa site, and planning to close the Chiloquin, Oregon facility.
• Christensen said, "We are also reinstating full year guidance. This is not because the environment has become more predictable, but due to the fact that we are now far enough into the year to have a higher degree of visibility."
• CFO Samantha L. Stoddard noted, "Revenue for the second quarter was $824 million, representing a 16% decline year-over-year. Of this decline, approximately 13% was due to lower core revenues... with the remainder from the court-ordered divestiture of our Towanda operation."
• Stoddard added, "Adjusted EBITDA for the quarter came in at $39 million, a decrease of $46 million compared to the prior year... resulting in an adjusted EBITDA margin of 4.7%."

Outlook

• Full year revenue guidance reinstated at $3.2 billion to $3.4 billion, with core revenue expected to decline between 4% and 9%.
• Adjusted EBITDA guidance set between $170 million and $200 million, reflecting "a negative price/cost relationship; and second, continued productivity pressure from lower volumes," according to Christensen.
• The company expects free cash flow to be a use of approximately $150 million for the year and does not anticipate drawing on its $500 million revolver.
• Christensen explained, "Our intention is to provide clarity to the capital market before the end of this year, with a clear and actionable plan to reduce our leverage, address our upcoming maturities and strengthen the business for long-term success."

Financial Results

• Stoddard reported, "Working capital generated approximately $16 million of cash this quarter compared to a contribution of $4 million in the second quarter of 2024."
• Net debt leverage ratio increased to 5.7x, which Stoddard emphasized "far exceeds our targeted range and reducing leverage remains one of my highest priorities."
• North America revenue was $556 million, a 22% decline year-over-year, with adjusted EBITDA of $35 million. Europe revenue was $268 million, down 2.7% year-over-year, with adjusted EBITDA of $17 million and a 6.4% margin.
• Stoddard stated, "At current rates, we estimate the annualized impact of tariffs on our business to be approximately $40 million, with around $17 million expected to affect our financial results in 2025."

Q&A

• Susan Marie Maklari, Goldman Sachs: Asked for more detail on network optimization and margin implications. Christensen replied, "We're over the 50-yard line, but we still have a lot of work to do... we are slowing the consolidation efforts in the back half of the year. We're still on track to hit our targets by the end of '26 or '27."
• Maklari followed up on pricing pressures. Christensen explained, "We're guiding to a slight negative on price cost with inflation above price. There has been selective gives that we've had to make on price the whole volumes in certain markets."
• John Lovallo, UBS: Asked about urgency to address leverage and potential asset sales. Christensen said, "There's no issues from a lender standpoint that would create short-term challenges. We have ample liquidity... I'd say we're in the first innings of really reviewing multiple options."
• Lovallo also asked about EBITDA margin improvement in the second half. Stoddard explained, "The incremental on the volume itself is still going to be around 30%. Then you have discrete actions that are being driven that essentially create additional lift into the EBITDA margin."
• Unidentified Analyst (Fiona), Jefferies: Asked about volume vs. mix by geography. Stoddard responded, "More than 95% of it being volume with a very small portion being mix."
• Keith Brian Hughes, Truist: Inquired about debt maturity and Europe strategy. Stoddard clarified, "That's the 2027 notes, $400 million." Christensen said, "We need to be asking questions like, are we best long-term owner" of European assets.
• Anika Dholakia, Barclays: Queried about productivity amid negative volumes. Stoddard said, "Base productivity, I would say, negative offset some of the transformation and cost actions is really just again around some of the volume leverage."

Sentiment Analysis

• Analysts raised concerns around pricing pressures, leverage, asset sales, and productivity, with a slightly negative tone reflected in questions regarding margin sustainability and urgency in addressing capital structure.
• Management expressed cautious confidence, repeatedly noting ongoing challenges but emphasizing cost actions, transformation progress, and strong liquidity. Phrases like "we know the environment remains difficult" and "we are focused on staying agile, managing through near-term impacts" suggest a realistic but determined posture.
• Compared to the previous quarter, management was more specific in outlining capital structure actions, while analysts continued to press on risk factors, with sentiment remaining slightly negative on both sides.

Quarter-over-Quarter Comparison

• The current quarter saw the reinstatement of full year guidance, whereas the previous quarter withdrew guidance due to uncertainty.
• Management shifted from emphasizing transformation progress to a sharper focus on capital structure and debt reduction, including potential asset sales.
• Analysts in both quarters focused on pricing, leverage, and productivity, but the current quarter brought more questions about specific actions and timing.
• Key metrics—revenue, EBITDA, and leverage—all declined sequentially, with the leverage ratio worsening from 4.6x to 5.7x.
• Management tone has become more pragmatic and action-oriented, while analyst tone remains cautious and probing.

Risks and Concerns

• Ongoing volume pressure across all product categories and end markets.
• Increasing competitive pricing and selective price pressures.
• Operational inefficiencies due to lower volumes and footprint actions.
• Tariff-related costs estimated to impact results by $17 million in 2025.
• Elevated net debt leverage ratio and potential need for asset sales or business unit divestitures.
• Management continues to prioritize EBITDA improvement, disciplined capital allocation, and working capital management to mitigate these risks.

Final Takeaway

JELD-WEN’s management reaffirmed their commitment to disciplined execution, cost control, and operational transformation, reinstating full year guidance with greater visibility into the market. The company is addressing elevated leverage and ongoing volume challenges through network optimization, targeted cost actions, and the evaluation of strategic alternatives including potential asset sales. While market conditions remain soft and uncertainties persist around tariffs and pricing, JELD-WEN is taking actions intended to position the business for long-term stability and future growth when demand recovers.

Read the full Earnings Call Transcript