Stock Track | Janus International Group Plunges Over 35% Premarket After Q3 Miss and Guidance Cut

Stock Track10-30

Shares of Janus International Group (NYSE: JBI) plummeted over 35% in pre-market trading on Monday, October 29th, following the company's disappointing fiscal third-quarter 2024 earnings report and a significant reduction in its full-year revenue guidance.

The industrial technology company reported adjusted earnings of $0.11 per diluted share for the quarter ended September 28th, significantly missing analysts' estimates of $0.20 per share. Revenue for the quarter came in at $230.1 million, down 17.9% year-over-year and below the consensus estimate of $248.2 million.

Adding to investor concerns, Janus slashed its full-year 2024 revenue outlook to a range of $910 million to $925 million, compared to the previous guidance of $1.01 billion to $1.04 billion. The company also announced a structural cost reduction plan to streamline its labor force, suggesting challenges in operations and profitability.

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