Janus International Group, Inc. reported a significant decline in financial performance for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 28, 2024, total revenues were $230.1 million, down 17.9% from $280.1 million in Q3 2023. Product revenues decreased by 26.0% to $175.9 million, while service revenues increased by 28.1% to $54.2 million. For the nine months ended September 28, 2024, total revenues were $733.0 million, an 8.7% decline from $802.6 million in the prior year.
The company's net income for Q3 2024 was $11.8 million, a decrease of 68.1% from $37.0 million in Q3 2023. For the nine-month period, net income fell to $70.1 million from $100.0 million, representing a 29.9% decline. The decrease in profitability was attributed to a combination of reduced revenues and increased operating expenses, which rose by 22.6% in Q3 2024 compared to the same period in 2023.
Janus's gross profit for Q3 2024 was $91.2 million, down 23.4% from $119.1 million in Q3 2023. The income from operations also saw a significant drop, falling to $26.7 million from $66.5 million in the prior year. Adjusted EBITDA for Q3 2024 was $43.1 million, down 43.4% from $76.2 million in Q3 2023.
The company’s total current assets decreased to $375.3 million as of September 28, 2024, from $463.1 million at the end of 2023, with cash and cash equivalents dropping to $102.1 million from $171.7 million. Total liabilities decreased to $134.2 million from $174.1 million, while retained earnings increased to $304.0 million from $233.9 million.
Strategically, Janus completed the acquisition of Smith T.M.C., Inc. and related entities on May 17, 2024, for $59.4 million, which contributed $13.7 million in revenue for Q3 2024. The acquisition is expected to enhance the company's capabilities in trucking terminal renovation and maintenance. However, the company also initiated a restructuring plan in 2023, which included relocating two facilities and resulted in increased general and administrative expenses.
The company’s share repurchase program remains active, with $29.9 million available under the authorization to repurchase up to $100 million of common stock. As of September 28, 2024, Janus had repurchased 6,038,919 shares at an average price of $11.61 per share.
About Janus International Group, Inc.
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