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Sep 28, 2024
Janus Q3 2024 Earnings Report
Janus International Group's financial performance decreased due to macroeconomic headwinds and project delays, but strategic cost reduction plans and investments aim to enhance long-term value.
Key Takeaways
Janus International Group reported a decrease in revenue and net income for the third quarter of 2024, impacted by macroeconomic factors and project delays. The company is implementing a structural cost reduction plan and remains focused on long-term growth through strategic investments and market share enhancement.
Revenues decreased by 17.9% to $230.1 million compared to the third quarter of 2023, with self-storage revenues down 22.4% and commercial and other revenues declining 7.8%.
Net income decreased by 68.1% to $11.8 million, or $0.08 per diluted share, compared to $37.0 million, or $0.25 per diluted share in the third quarter of 2023.
Adjusted EBITDA decreased by 43.4% to $43.1 million, with an adjusted EBITDA margin of 18.7%, a decrease of approximately 850 basis points from the prior year.
The company deployed $45.5 million in share repurchases and announced a structural cost reduction plan expected to generate $8 million to $12 million of annual pre-tax cost savings.
Revenue by Segment
Forward Guidance
Janus International is revising its full year 2024 guidance due to the extension of self-storage project delays, a slower return to growth in Commercial and Other, and election uncertainty.
Challenges Ahead
- Extension of self-storage project delays from elevated interest rate levels decreasing at a slower pace than anticipated.
- Return to growth in Commercial and Other is expected to be pushed into 2025.
- Election uncertainty has impacted demand across all sectors.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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