On November 6, 2023, Janus International Group Inc (JBI, Financial), a leading provider of cutting-edge access control technologies and building product solutions, announced its financial results for the third quarter ended September 30, 2023. The company reported strong financial performance with significant growth in revenue, net income, and adjusted EBITDA.
Financial Performance Highlights
Janus reported revenues of $280.1 million for Q3 2023, a 6.7% increase compared to $262.5 million for the same period in 2022. This growth was primarily driven by a 40.3% increase in New Construction. The company's net income grew by 14.2% to $37.0 million, or $0.25 per diluted share, compared to $32.4 million, or $0.22 per diluted share in Q3 2022.
The company's adjusted EBITDA for Q3 2023 was $76.2 million, a 20.4% increase compared to $63.3 million for the same period in 2022. This growth was driven by increased revenue in the New Construction sales channel, offsetting increases in general and administrative expenses. Adjusted EBITDA as a percentage of revenues was 27.2%, an increase of approximately 310 basis points from the prior year period.
Financial Guidance for 2023
Based on the company's current business outlook, Janus has raised its full-year 2023 guidance. The company now expects revenue in the range of $1.08 billion to $1.09 billion, up from the previous range of $1.07 billion to $1.09 billion. This new range represents a 6.4% increase at the midpoint compared to 2022 levels. Adjusted EBITDA is expected to be in the range of $280 million to $290 million, up from the previous range of $269.5 million to $289.5 million. The new range represents a 25.6% increase at the midpoint compared to 2022 levels.
CEO Commentary
Building on the momentum from the first half of the year, the Janus team delivered another quarter of outstanding operational performance driven by particularly strong results from our New Construction sales channel," said Ramey Jackson, Chief Executive Officer. "Given our robust year-to-date results, the strength in our backlog, and our outlook for the balance of the year, we are pleased to once again raise our full-year 2023 revenue and adjusted EBITDA guidance."
Financial Tables Summary
The company's consolidated statements of operations and comprehensive income show a net income of $37.0 million for Q3 2023, up from $32.4 million in Q3 2022. Total revenues for the period were $280.1 million, up from $262.5 million in the same period last year. The balance sheet shows total assets of $1,296.9 million as of September 30, 2023, up from $1,270.6 million as of December 31, 2022. The company's cash flow statement shows net cash provided by operating activities of $146.5 million for the nine months ended September 30, 2023.
Overall, Janus International Group Inc (JBI, Financial) has demonstrated strong financial performance in Q3 2023, with significant growth in revenue, net income, and adjusted EBITDA. The company's positive outlook for the remainder of the year is reflected in its raised full-year 2023 guidance.
Explore the complete 8-K earnings release (here) from Janus International Group Inc for further details.