By Sabela Ojea
Jeld-Wen said it swung to a loss and logged lower revenue in the third quarter due to deteriorating market conditions.
The Charlotte, N.C., building-products manufacturer on Monday posted a net loss of $74.4 million, or 88 cents a share, compared with a profit of $43.8 million, or 51 cents a share, for the same period a year earlier.
Stripping out one-time items, earnings per share came in at 32 cents. Analysts polled by FactSet had forecast adjusted earnings of 40 cents.
Revenue fell 13% to $934.7 million, missing the $990.6 million forecast by Wall Street, according to FactSet. The company saw a 13% decline in volumes due to weak macro-economic conditions and demand shifting to entry level products.
"Market conditions continue to deteriorate which have significantly impacted volume/mix in the near-term," Chief Executive William Christensen said. In response, the company continues to work to align its costs with softer market conditions, Christensen said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
November 04, 2024 16:51 ET (21:51 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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