JELD-WEN Holding Inc. (JELD) stock plunged over 18% in pre-market trading on Monday, November 5, 2024, after the company reported disappointing third-quarter financial results and lowered its full-year revenue guidance.
The building products manufacturer reported adjusted earnings per share (EPS) of $0.32 for the quarter ended September 28, 2024, missing analysts' consensus estimate of $0.40 and down significantly from $0.53 in the same quarter last year. JELD's revenue for Q3 2024 was $934.7 million, a 13.2% year-over-year decrease and below analysts' expectations of $990.75 million.
JELD reported a quarterly net loss of $74.4 million, or a GAAP EPS loss of $0.88, reflecting the challenging business environment the company faced during the quarter. In addition, JELD lowered its full-year 2024 revenue guidance to a range of $3.7 billion to $3.75 billion, down from the previous guidance of $3.9 billion to $4.1 billion, citing weaker-than-expected demand and market conditions.
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