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Jul 01, 2023
Janus Q2 2023 Earnings Report
Reported record results driven by strong performance in New Construction and R3 sales channels.
Key Takeaways
Janus International Group reported a strong second quarter with a 9.2% increase in revenues, a 62% increase in net income, and a 46% increase in Adjusted EBITDA. The company also raised its full-year 2023 revenue and Adjusted EBITDA guidance.
Revenues increased by 9.2% to $270.6 million due to strong performance in New Construction and R3.
Net income grew by 62.0% to $37.0 million, with EPS of $0.25 per diluted share.
Adjusted EBITDA increased by 46.0% year-over-year to $74.0 million, with margin expansion of approximately 680 basis points.
Net leverage reduced by 1.8x year-over-year to 2.1x, within the target range.
Forward Guidance
Janus is raising full-year 2023 guidance.
Positive Outlook
- Revenue in a range of $1.07 billion to $1.09 billion, up from the previous range of $1.06 billion to $1.08 billion.
- New revenue range represents a 5.9% increase at the midpoint as compared to 2022 levels.
- Adjusted EBITDA in a range of $269.5 million to $289.5 million, up from the previous range of $253 million to $278 million.
- New Adjusted EBITDA range represents a 23.2% increase at the midpoint as compared to 2022 levels.
- The company's outlook is based on current business conditions and a number of assumptions.
Challenges Ahead
- Estimates were prepared by the Company’s management and are based upon a number of assumptions.
- The Company has excluded a quantitative reconciliation with respect to the Company’s 2023 guidance under the “unreasonable efforts” exception
- Inherent uncertainty and difficulty in predicting certain non-cash, material and/or non-recurring expenses or benefits, legal settlements or other matters, and certain tax positions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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