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 costs added to the uptick.
Nonetheless, Janus is optimistic about its growth trajectory through 2024 given its varied and innovative mix of technology-driven product offerings, along with its resilient business model.
Shares of this leading provider of cutting-edge access control technologies and building product solutions increased 4.2% during the trading hours on May 9.
Inside the Headlines
Janus reported adjusted earnings per share (EPS) of 21 cents, beating the Zacks Consensus Estimate of 19 cents by 10.5%. In the year-ago quarter, it posted an adjusted EPS of 18 cents.
Janus International Group, Inc. Price, Consensus and EPS Surprise
Janus International Group, Inc. price-consensus-eps-surprise-chart | Janus International Group, Inc. Quote
Revenues of $254.5 million marginally topped the consensus mark of $253 million by 0.4%. The top line inched up 1% year over year from $251.9 million. The uptick was due to an 11% year-over-year increase in Self-Storage revenues.
Adjusted EBITDA of $66.3 million grew 8.3% from a year ago, attributable to increases in revenues in the Self-Storage segment, which more than offset increases in general and administrative expenses.
The adjusted EBITDA margin was 26.1%, up 180 basis points (bps) from the prior-year period’s levels primarily due to the positive impacts of segment mix and declines in material costs, partially offset by increased operating costs as the business scales for continued growth.
Liquidity & Cash Flow
As of Mar 30, 2024, Janus had a cash balance of $178.4 million compared with $171.7 million in 2023 end. Net long-term debt declined to $606.4 million from $607.7 million reported in 2022 end.
In the first quarter end, net cash provided by operating activities was $28.6 million, down from $50.2 million in the year-ago period.
2024 Guidance Retained
Revenues are projected to be in the range of $1.092-$1.125 billion. This range indicates a 4% rise at the midpoint compared with 2023.
The adjusted EBITDA is anticipated to be in the range of $286-$310 million. This range signifies mid-point growth of 4.3% compared with 2023.
Zacks Rank & Recent Construction Releases
Janus currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Louisiana-Pacific Corporation LPX, or LP, reported impressive first-quarter 2024 results. Earnings and net sales beat the Zacks Consensus Estimate and increased on a year-over-year basis.
The impressive performance was primarily propelled by several key factors. Notably, there was a solid surge in demand for Siding and OSB, highlighted by a significant increase in volume. Record-breaking volumes for ExpertFinish and BuilderSeries were achieved, underscoring the robust market appetite. Moreover, higher commodity prices and enhanced operational efficiency played pivotal roles in driving margin expansion during this period.
TopBuild Corp. BLD reported mixed results for the first quarter, wherein its earnings topped the Zacks Consensus Estimate but net sales missed the same.
Nonetheless, both earnings and net sales grew on a year-over-year basis. Notably, effective price realization, combined with productivity initiatives, resulted in a 100-bps expansion of the adjusted EBITDA margin. Also, the company has revised its forecast for 2024 upward, considering the robust profitability observed in the first quarter and the integration of acquisitions completed so far in 2024.
Boise Cascade Company BCC reported splendid first-quarter results, wherein earnings and sales topped the Zacks Consensus Estimate and increased year over year.
The uptrend in the company’s results was attributable to the seasonal tailwinds and strength in new single-family housing starts, resulting in sales volume growth. These factors aided the increased contributions from BCC’s two reportable segments. The company aims to effectively allocate its capital and ensure shareholder value, along with fostering its growth.
Free Report – The Bitcoin Profit Phenomenon
Zacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.
Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.
Download Now – Today It’s FREE >>
Louisiana-Pacific Corporation (LPX) : Free Stock Analysis Report
Boise Cascade, L.L.C. (BCC) : Free Stock Analysis Report
TopBuild Corp. (BLD) : Free Stock Analysis Report
Janus International Group, Inc. (JBI) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
