Janus International Group, Inc. ( (JBI) ) has realeased its Q3 earnings. Here is a breakdown of the information Janus International Group, Inc. presented to its investors.
Janus International Group, Inc. is a global company specializing in self-storage, commercial, and industrial building solutions, offering products such as roll-up and swing doors, hallway systems, and door automation technologies.
In the third quarter of 2024, Janus International Group reported a total revenue of $230.1 million, which represents a 17.9% decrease from the previous year. The company also reported a net income of $11.8 million, down 68.1% from the same period in 2023. Despite these challenges, Janus remains committed to strategic adjustments, including a structural cost reduction plan.
Key financial metrics showed declines, with adjusted EBITDA falling by 43.4% to $43.1 million, largely due to reduced revenues and increased administrative expenses. The company’s earnings per share (EPS) also decreased, with adjusted EPS at $0.11 compared to $0.27 in the previous year. However, Janus successfully repurchased shares totaling $45.5 million and remains focused on its cost reduction plan aimed at generating $8 to $12 million in annual savings.
Looking forward, Janus has updated its full-year 2024 revenue guidance to a range of $910 million to $925 million, and adjusted EBITDA to between $195 million and $205 million, acknowledging ongoing macroeconomic headwinds. The company remains optimistic about long-term growth opportunities, particularly in self-storage and commercial sectors.
Overall, Janus International Group is positioned to navigate current industry challenges while focusing on strategic initiatives to enhance operational efficiency and capitalize on growth opportunities in the future.
