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JELD-WEN Holding, Inc.
5/6/2025
there will be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, again, press the star and one. I would now like to turn the call over to James Armstrong, Investor Relations. You may begin.
Thank you and good morning. We issued our first quarter 2025 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 am 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 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. Gildwin 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 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 good morning, everyone. Before we begin, I want to take a moment to express my sincere appreciation to our employees. Your continued dedication, adaptability, and focus have been essential to the progress of our transformation, enabling us to consistently deliver for our customers, even in the face of significant market challenges. I also want to thank our customers for their ongoing trust and collaboration as we jointly navigate this highly dynamic market environment. The strength of these partnerships is critical to our long-term success, and we remain fully committed to providing the exceptional quality, dependable service, and product reliability that you have come to expect from Jeldwin. Today, I'll start by providing a high-level overview of the quarter after which Samantha will discuss our detailed financial performance and outline the impacts of the evolving tariff situation. Following Samantha's remarks, I'll return to offer further insights into current market dynamics and our approach to managing them. Turning to slide four and our first quarter highlights. The soft demand environment and corresponding adjusted EBITDA performance we anticipated during our previous earnings call largely materialized as expected. Volume pressures intensified notably during the quarter with both our North America and Europe segments experiencing double-digit volume declines. Further complicating this landscape, tariffs have introduced additional planning uncertainty into our market outlook. As a result of this significant short-term volatility, we are withdrawing our full year guidance. Despite these challenges, we remain focused on controlling factors within our direct influence. We continue to successfully advance our transformation projects, achieving important milestones and operational improvements, as well as safety. We also announced two additional network changes since the beginning of this year in Grinnell, Iowa and Chiloquin, Oregon. However, as Samantha will detail shortly, even with recent reductions in headcount, we have faced ongoing productivity headwinds as costs have not decreased at the pace required to fully offset the lower demand levels experienced in the first quarter. To address this gap, we are taking steps to align our operations with current order rates while actively pursuing additional opportunities to strengthen our partnerships with key customers in support of focused growth initiatives. With that, I'll hand it over to Samantha to review our financial results in greater detail.
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