JELD-WEN Holding, Inc.

in investor relations. Please go ahead, sir.

Thank you, and good morning. We issued our third quarter 2024 earnings release last night and posted a slide presentation to the investor relations portion of our website, which can be found at investors.jeldwin.com. We will be referencing this presentation during our call. Today, I'm joined by Bill Christensen, Chief Executive Officer, and Samantha Stoddard, Chief Financial Officer. Before I turn it over to Bill, I would like to remind everyone that during this call, we will make certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties, including those set forth in our earnings release and provided in our Forms 10-K and 10-Q filed with the SEC. GELDWIN does not undertake any duty to update forward-looking statements, including the guidance we are providing with respect to certain expectations for future results. Additionally, during today's call, we will discuss non-GAAP measures which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to their most directly comparable financial measures calculated under GAAP can be found in our earnings release and in the appendix of our earnings presentation. With that, I would like to now turn the call over to Bill.

Thank you, James, and thank you to everyone joining the call today. As we continue our transformation journey, I want to start by recognizing the hard work and commitment of our team during these challenging times. We've made progress in several key areas, positioning ourselves to navigate the tough ongoing market conditions. That said, the softer demand environment did impact our results this quarter, which came in below our expectations. However, we remain confident in our ability to align our costs with the current market while laying the groundwork for future growth. Today, I will first provide an overview of the quarter. Samantha will then walk you through the quarterly performance before I return to discuss the actions we are taking to adapt to current market conditions and how we're thinking about the future. I'll begin with our third quarter highlights on slide four. Third quarter sales and EBITDA came in below our expectations largely due to continued challenges from softer volume and mix across both North America and Europe. While the positive impact of our ongoing productivity projects helped mitigate some of these pressures, they were not enough to fully offset the headwinds we experienced. However, we remain encouraged by the progress of these initiatives, which continue to position us for stronger performance as market conditions stabilize. Despite our team's hard work, we encountered several challenges during the quarter. First, while our volume remained in line with the overall market, the mix was impacted in North America more than anticipated. Consumers continue to trade down and delay large-scale remodeling projects that typically involve windows and doors. Additionally, although housing starts have remained resilient the sharp decline in multifamily and higher-end home construction has significantly affected our VPI and La Cantina businesses, which thrive in these markets. Second, we faced quality and delivery challenges across several of our manufacturing units. These issues prevented us from capitalizing on select growth pockets and is an area of continued focus as we know it directly impacts our financial performance. Additionally, we lost the stock business of a Midwest retailer who opted to source windows from China despite our longstanding partnership. This decision represents a near-term challenge, but it has also sparked a renewed focus on customer acquisition to offset this impact. Finally, We've reached a volume inflection point at several facilities where demand is now below the capacity of two shifts, resulting in increased overtime and lower than expected productivity running at one shift. We did, however, take actions to reduce full plant shifts in markets with decreased demand in the third quarter. In response to these challenges, we accelerated several cost reduction initiatives to improve efficiency and adapt to current market conditions. First, we completed actions to right size our SG&A spending, fast tracking programs to reduce costs in response to the weaker product mix. Second, we are actively addressing the quality issues that limited our ability to capitalize on select market opportunities. In particular, we've made significant progress improving quality in our door skin production which has shown marked improvement over the last quarter. However, we recognize that more work is needed to ensure that we are meeting customer expectations and reducing waste across all of our businesses. Additionally, to address our growth initiatives, we established win rooms to organize and track new customer acquisition efforts, which are already showing positive results. Lastly, We continue to streamline our operations through footprint consolidation. During the quarter, we announced the closure of our Wadoe, Alabama and Log Store Denmark facility and initiated strategic moves to optimize UK production by transitioning more manufacturing into our highly efficient Penrith facility. These efforts will enhance our capacity and cost structure, ensuring we are well positioned for long-term profitability as the market improves. I'll now turn it over to Samantha to discuss the financial results in more detail.