Financial Performance - Total revenue for Q3 2024 was $230.1 million, a 17.9% decrease from $280.1 million in Q3 2023, with self-storage revenues down 22.4% and commercial revenues down 7.8%[3] - Net income for Q3 2024 was $11.8 million, or $0.08 per diluted share, representing a 68.1% decrease compared to $37.0 million, or $0.25 per diluted share in Q3 2023[3] - Adjusted EBITDA for Q3 2024 was $43.1 million, a 43.4% decrease from $76.2 million in Q3 2023, with an adjusted EBITDA margin of 18.7%, down approximately 850 basis points year-over-year[5] - Gross profit for the three months ended September 28, 2024, was $91.2 million, down 23.5% from $119.1 million in the prior year[22] - Operating expenses for the three months ended September 28, 2024, were $61.7 million, an increase of 17.3% from $52.6 million in the prior year[22] - Net income for the nine months ended September 28, 2024, was $70.1 million, a decrease of 29.9% compared to $100.0 million for the same period in 2023[34] - Adjusted EBITDA for the nine months ended September 28, 2024, was $173.9 million, a decrease of 17.7% from $211.4 million in the same period of 2023[34] - The company reported a basic net income per share of $0.08 for the three months ended September 28, 2024, down from $0.25 in the same period of 2023[22] - Non-GAAP Adjusted Net Income for the nine months ended September 28, 2024, was $76.8 million, down from $102.6 million in the same period of 2023, representing a decline of 25.3%[36] - The Free Cash Flow for the nine months ended September 28, 2024, was $88.6 million, compared to $133.0 million for the same period in 2023, indicating a decrease of 33.5%[42] Shareholder Actions - The company repurchased 4.3 million shares for $45.5 million in Q3 2024, with $29.9 million remaining on its share repurchase authorization[6] Guidance and Projections - The company updated its full-year 2024 revenue guidance to a range of $910 million to $925 million and adjusted EBITDA guidance to a range of $195 million to $205 million[11] - The company has excluded a quantitative reconciliation of Adjusted EBITDA for its 2024 guidance due to the inherent uncertainty in predicting certain non-cash and nonrecurring expenses[35] Cost Management - A structural cost reduction plan is expected to generate annual pre-tax cost savings of approximately $8 million to $12 million, with one-time estimated pre-tax charges of $2 million to $4 million[9] Acquisitions and Contributions - The acquisition of TMC contributed $13.7 million to revenue in Q3 2024[3] - Cash paid for acquisitions was $59.4 million for the nine months ended September 28, 2024, compared to $1.0 million in the same period of 2023[28] Economic Environment - The company is facing headwinds from macroeconomic factors, including interest rate uncertainty and project delays, impacting demand across all sectors[10] Product Development - The launch of the Nokē Ion product has shown early positive results, contributing to the company's long-term profitability strategy[8] Balance Sheet and Leverage - Total current assets decreased to $375.3 million as of September 28, 2024, from $463.1 million as of December 30, 2023[25] - Total liabilities decreased to $768.4 million as of September 28, 2024, from $830.4 million as of December 30, 2023[25] - The long-term debt to net income ratio increased to 5.7x compared to 4.6x in Q4 2023, with a net leverage ratio of 2.0x, an increase of 0.4x from the previous quarter[6] - The Non-GAAP Net Leverage Ratio as of September 28, 2024, was 2.0, an increase from 1.6 as of December 30, 2023[44] - The company reported a trailing twelve-month Adjusted EBITDA of $248.2 million for the period ended September 28, 2024, down from $285.6 million for the period ended December 30, 2023[44] Cash Flow and Expenses - The company reported a net cash provided by operating activities of $102.6 million for the nine months ended September 28, 2024, down from $146.5 million in the previous year[28] - The company incurred a provision for expected losses on accounts receivable of $8.6 million for the nine months ended September 28, 2024, compared to a reversal of $0.7 million in the prior year[28] - Depreciation expense increased to $8.9 million for the nine months ended September 28, 2024, from $6.6 million in the same period of 2023, reflecting increased asset base[34] - The company reported a loss on extinguishment of debt of $1.7 million for the nine months ended September 28, 2024, down from a loss of $3.9 million in the previous year[34] Taxation - The effective tax rate for the three and nine months ended September 28, 2024, was 24.9%, compared to 25.2% for the same periods in 2023[36]

Financial Data and Key Metrics Changes - Consolidated revenue for Q2 2024 was $248.4 million, an 8.2% decrease compared to the prior year quarter [14] - Adjusted EBITDA for Q2 was $64.5 million, down 12.8% year-over-year, resulting in an adjusted EBITDA margin of 26%, a decline of 130 basis points from the previous year [16] - Adjusted income was $30.1 million, an 18.9% year-over-year decline, with adjusted diluted earnings per share of $0.21 [17] - Free cash flow for the quarter was $25.3 million, representing a free cash flow conversion of adjusted net income of 116% [17] - Net leverage at the end of Q2 was 1.7 times, down 0.3 times year-over-year [8] Business Line Data and Key Metrics Changes - Self-storage revenue decreased by 6.2%, with New Construction growing by 7.3% while R3 declined by 23.5% [9][14] - The Commercial and Other sales channel saw a 12.5% decline, attributed to market softness and reduced demand for carports and sheds [10] - The innovative Nok remote access solutions saw an increase in installed units from 300,000 to 323,000, a sequential growth of 7.6% [11] Market Data and Key Metrics Changes - The self-storage market is experiencing a cautious environment due to higher interest rates, leading to project deferrals [6] - Tighter lending standards and elevated interest rates have caused operators to delay R3 work until economic conditions improve [9] Company Strategy and Development Direction - The company is focused on expanding its offerings in adjacent categories through organic investment and M&A, exemplified by the acquisition of Terminal Maintenance and Construction (TMC) [7] - The integration of TMC is expected to enhance the Facilitate division, which provides complete facility maintenance services for self-storage [7] - The company aims to maintain strong margins and cash flow generation while expanding its market position [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of their sales channels despite current headwinds [5] - The company anticipates continued softness in demand and project delays into the second half of the year due to macroeconomic uncertainties [20] - Adjusted full-year 2024 guidance for revenue is now expected to be between $1.005 billion and $1.035 billion, reflecting a decline of approximately 4.3% versus 2023 [19] Other Important Information - The company has a total liquidity of $234.7 million, including $110.1 million in cash and equivalents [17] - Moody's upgraded the company's credit rating to Ba3 from B1 with a positive outlook [18] Q&A Session Summary Question: What are customers waiting for before moving forward on projects? - Management noted that customers are pausing due to concerns around interest rates and broader macroeconomic conditions [23] Question: Are project delays primarily for new starts or mid-job stoppages? - Most delays are for new starts, with some projects midstream being put on hold, particularly on the West Coast [33] Question: What is the revenue contribution from TMC this quarter? - TMC contributed approximately $4 million in revenue for the quarter [48] Question: How does the company view the pricing dynamics moving forward? - Management indicated that pricing is expected to stabilize, with steel prices significantly lower than previous highs [38] Question: When does the company expect to see normalization in R3? - Management anticipates that normalization in R3 will likely occur in 2025 [41]

Janus International Group, Inc. (JBI) came out with quarterly earnings of $0.21 per share, missing the Zacks Consensus Estimate of $0.28 per share. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -25%. A quarter ago, it was expected that this company would post earnings of $0.19 per share when it actually produced earnings of $0.21, delivering a surprise of 10.53%. Over the last four quarter ...

JANUS INTERNATIONAL GROUP REPORTS SECOND QUARTER 2024 FINANCIAL RESULTS Delivered $248.4 Million Total Revenue Generated Net Income of $27.6 Million, or $0.19 Per Diluted Share, with Adjusted EPS of $0.21 Achieved an Adjusted EBITDA of $64.5 Million and Adjusted EBITDA Margin of 26.0% Deployed $10.1 Million into Share Repurchases Acquired Assets of Terminal Maintenance and Construction ("TMC"), a Premier Provider of Terminal Maintenance Services for the Trucking Industry in the Southeast Updates Full-year 2 ...

JBI's NS Series features an improved design with anchored floor guides, ensuring stability and durability. The lower bar has secure clips that glide smoothly within the guides and support angles firmly anchored to the floor, providing strength and support. It addresses concerns related to theft in the industry, offering enhanced security solutions to protect tenants' valuable possessions. The company excels in providing self-storage solutions, offering specialized services and continuously enhancing capabil ...

Janus International Group, Inc. (JBI) closed the last trading session at $14.55, gaining 1% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $18.40 indicates a 26.5% upside potential. However, an impressive consensus price target is not the only factor that indicates a potential upside in JBI. This view is strengthened by the agreement among analysts that the company will report bet ...

primeimages Janus International's Revenue Analysis and Outlook After the pandemic, the company's revenue saw good growth as a result of healthy demand for its products driven by an increase in conversions and expansion of unused retail spaces to self-storage capacity. This was further supported by price increases and inorganic growth from M&A. However, towards the middle of 2023, the demand began to normalize within the remodeling & commercial sector given the macroeconomic uncertainties and tough YoY compa ...

Janus International Group, Inc. (JBI) announced that it has acquired Terminal Maintenance and Construction ("TMC"), which is expected to support growth of its Facilitate division. Madison, GA-based TMC is a premier terminal maintenance services provider for the trucking industry in the Southeast. The integration will help JBI to provide complete facility maintenance services, with an initial focus on commercial customers. Share Price Performance JBI's shares rose 2.7% on May 20 during the trading session. A ...

Janus International Group, Inc. (JBI) reported splendid results for first-quarter fiscal 2024, wherein earnings and revenues topped the Zacks Consensus Estimate and increased on a year-over-year basis.The company’s growth trend was backed by improved market conditions, product mix and commercial actions. It witnessed solid contributions from its Self-Storage segment, which were somewhat offset by declines in the Commercial and Other segment. Also, positive impacts of segment mix and declines in material cos ...

Janus International Group, Inc. (NYSE:JBI) Q1 2024 Earnings Conference Call May 9, 2024 10:00 AM ET Company Participants Conference Call Participants  Sara Macioch - Senior Director Investor Relations Ramey Jackson - Chief Executive Officer Anselm Wong - Chief Financial Officer Jeff Hammond - KeyBanc Capital Markets Daniel Moore - CJS Securities Matt Johnson - UBS Brad Hewitt - Wolfe Research Ramey Jackson Those best-in-class offerings have allowed us to deliver strong, organic and acquired topline growth, ...