JELD-WEN Holdings, Inc. announced third quarter earnings Wednesday that included a 4 percent decrease in net revenues.

The company recorded net revenues of $1.09 billion in the quarter, missing analysts’ estimates by $200 million.

JELD-WEN said the revenue drop was driven by a 3 percent decline in core revenues and a 2 percent adverse impact from foreign exchange. Third quarter revenues decreased across all continents where the company operates, led by Australasia where sales fell by $30 million.

Adjusted net income for the third quarter was $17 million, missing estimates of $37.7 million according to Bloomberg data.

The net income miss was partially due to higher effective tax rates, lower gross profit from reduced volumes and cost inefficiencies in North America said JELD-WEN in a press release.

JELD-WEN reported adjusted earnings per share for the third quarter of 26 cents, missing estimates of 37 cents according to Bloomberg data.

CEO Gary Michel said the demand environment in 2019 was more challenging than the company had originally expected.

“Although results in our North America windows were lower than expected, primarily due to our inability to effectively adjust our cost structure to match retail channel order patterns for vinyl windows, these inefficiencies were seasonal in nature and confined to a small number of manufacturing locations,” said Michel.

The Charlotte-based company still expects 2019 revenue to decrease by 2 percent and lowered its full year adjusted forecasted EBITDA range to $419 million to $429 million.

JELD-WEN is one of the world’s largest door and window manufacturers for residential homes and non-residential buildings.

Shares of JELD-WEN were trading at $19.53 on Thursday, up 7 cents.