Jeld-Wen Holding Inc (NYSE:JELD) stock fell 7.59% (As on February 20, 11:19:10 AM UTC-4, Source: Google Finance) after the company posted mixed results for the fourth quarter of FY 23. Net loss from continuing operations was $(22.6) million or $(0.27) per share, compared to net income from continuing operations of $25.9 million or $0.31 per share during the same quarter a year ago. Operating income margin was 0.7% and 2.0% for the quarters ended December 31, 2023 and December 31, 2022, respectively. Adjusted EPS from continuing operations was $0.37, compared to Adjusted EPS of $0.34 in the same quarter a year ago. Adjusted EBITDA from continuing operations increased $8.5 million to $86.5 million, compared to $78.0 million during the same quarter a year ago. Adjusted EBITDA Margin from continuing operations increased by 190 basis points year-over-year to 8.5%. On July 2, 2023, the Company had completed the sale of its Australasia segment for approximately $446 million in net proceeds and recognized an after-tax gain on sale of $15.7 million. On August 3, 2023, the Company repaid $450 million of senior notes funded by the divestiture proceeds. Net cash flow provided by operations was $345.2 million for full year 2023, a $314.9 million improvement compared to net cash flow provided by operations of $30.3 million in 2022. The primary driver to the increased operating cash flow was a $342.5 million improvement in cash flow from working capital. Net working capital was a source of $108.0 million of cash flow in full year 2023 compared to a use of cash of $(234.5) million in the prior year. Capital expenditures in 2023 increased by $18.7 million to $110.9 million, up from $92.2 million in 2022.

JELD in the fourth quarter of FY 23 has reported the adjusted earnings per share of 37 cents, beating the analysts’ estimates for the adjusted earnings per share of 25 cents. The company had reported 13.4 percent decline in the adjusted revenue growth to $1.02 billion in the fourth quarter of FY 23, missing the analysts’ estimates for revenue of $1.03 billion. This is driven by a (15%) decline in Core Revenue. The Core Revenue decline was mostly due to (16%) lower volume/mix.

Jeld-Wen Holding sees FY 2024 revenue to be in the range of $4.00B-$4.30B versus the analyst consensus of $4.27B. Fiscal 2024 Adjusted EBITDA to be in the range of $370 to $420 million.