By Dean Seal
Jeld-Wen shares tumbled after the company said it would cut its workforce, lower its guidance and consider a sale of its European business while it contends with persistent quarterly losses.
The stock dropped 16% to $3.52 after hours on Monday.
The window and door maker said after the bell that it would reduce its North American and corporate workforce by about 11% in a bid to cut costs and improve operations. The company is also initiating a strategic review for its European segment.
The shakeups come after third-quarter results missed internal expectations, Chief Executive Williams Christensen said, citing market headwinds and price-cost pressures.
"Despite marketplace challenges and slower-than-anticipated macro recovery, we remain focused on strengthening performance, serving our customers and building a more resilient foundation for the future," Christensen said.
For the third quarter, Jeld-Wen posted a loss of $367.6 million, or $4.30 a share. That's compared with a loss of $74.4 million, or 88 cents a share, in the third quarter last year.
Stripping out one-time items, the adjusted loss was 20 cents a share. Analysts surveyed by FactSet had been looking for an adjusted profit of 14 cents a share.
The loss included $196.9 million in non-cash goodwill impairment for its North American and European businesses.
Revenue fell 13% to $809.5 million, well shy of analyst projections for $823.7 million, according to FactSet. Core revenue were down 10% as volumes fell.
Jeld-Wen said it now expects just $3.1 billion to $3.2 billion in revenue for the full year, instead of $3.2 billion to $3.4 billion as it predicted in August.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 03, 2025 17:01 ET (22:01 GMT)
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