On August 7, 2024, Janus International Group Inc (JBI, Financial) released its 8-K filing for the second quarter of 2024. Janus International Group Inc is a manufacturer and supplier of turnkey solutions for self-storage, commercial, and industrial building solutions. The company provides products that include roll-up and swing doors, hallway systems, relocatable storage MASS (Moveable Additional Storage Structures) units, and technologies for automating facility and door operation. It operates through two geographic regions: Janus North America and Janus International.
Performance Overview
Janus International Group Inc (JBI, Financial) reported total revenue of $248.4 million for Q2 2024, an 8.2% decrease compared to $270.6 million in Q2 2023. This decline was driven by a 6.2% drop in Self-Storage revenues and a 12.4% decrease in Commercial and Other revenues. Net income for the quarter was $27.6 million, or $0.19 per diluted share, down 25.4% from $37.0 million, or $0.25 per diluted share, in the same period last year. Adjusted net income was $30.1 million, translating to $0.21 per diluted share, a 16.0% decrease from $0.25 per diluted share in Q2 2023.
Financial Achievements and Challenges
Despite the revenue decline, Janus International Group Inc (JBI, Financial) achieved an Adjusted EBITDA of $64.5 million with an Adjusted EBITDA margin of 26.0%. However, this represents a 12.8% decrease from the $74.0 million reported in Q2 2023. The company attributed this decline to reduced revenues and increased general and administrative expenses.
“We delivered solid margin performance in the second quarter despite a sustained high interest rate environment that is driving cautious behavior across our end markets,” said Ramey Jackson, Chief Executive Officer.
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 | Change |
|---|---|---|---|
| Total Revenue | $248.4 million | $270.6 million | -8.2% |
| Net Income | $27.6 million | $37.0 million | -25.4% |
| Adjusted EBITDA | $64.5 million | $74.0 million | -12.8% |
| Adjusted Net Income | $30.1 million | $37.0 million | -18.9% |
Balance Sheet and Cash Flow
As of June 29, 2024, Janus International Group Inc (JBI, Financial) reported total assets of $1,335.4 million, slightly down from $1,350.0 million at the end of 2023. The company’s cash and cash equivalents stood at $110.1 million, a decrease from $171.7 million at the end of 2023. Long-term debt was reported at $585.8 million, down from $607.7 million at the end of 2023.
Outlook and Guidance
Janus International Group Inc (JBI, Financial) has updated its full-year 2024 guidance, now expecting revenue in the range of $1.005 billion to $1.035 billion, representing a 4.3% decrease at the midpoint compared to 2023 levels. Adjusted EBITDA is projected to be between $255 million and $275 million, a 7.2% decrease at the midpoint compared to 2023 levels.
“We remain well positioned to deliver for our customers throughout market cycles supported by our comprehensive suite of market-leading products, innovative mix of technology-driven offerings, and robust balance sheet,” added Mr. Jackson.
For more detailed insights and the complete financial statements, please refer to the full 8-K filing.
Explore the complete 8-K earnings release (here) from Janus International Group Inc for further details.
