Turnkey Solutions Provider Janus Beats On Q3 Aided By New Construction Sales Channel

Janus International Group Inc JBI reported third-quarter FY23 sales growth of 6.7% year-on-year to $280.10 million, beating the analyst consensus estimate of $275.47 million.

Gross profit increased 23.2% to $119.1 million, with a profit margin of 42.5%.

The operating income for the quarter climbed 23.6% to $66.5 million, with an operating margin of 23.7%.

Adjusted EBITDA increased 20.4% to $76.2 million, and the adjusted EBITDA margin expanded 310 basis points to 27.2%.

The company held $109.7 million in cash and equivalents as of September 30, 2023.

Adjusted EPS of $0.27 beat the analyst consensus estimate of $0.24.

"Industry fundamentals continue to drive investment in self-storage capacity which resulted in substantial year-over-year revenue and adjusted EBITDA improvement, sizable expansion in adjusted EBITDA margins, strong free cash flow generation and another meaningful decline in net leverage," said CEO Ramey Jackson.

Outlook: Janus sees FY23 revenue of $1.08 billion - $1.09 billion (prior $1.07 billion - $1.09 billion) versus the consensus of $1.08 billion.

JBI sees Adjusted EBITDA of $280 million - $290 million (Previous $269.5 million - $289.5 million).

Price Action: JBI shares are trading lower by 2.78% at $9.79 on the last check Monday.