Janus International Falls After Cutting Revenue Forecast

The company now expects revenue of $855 million to $865 million, down from its prior forecast of $925 million to $945 million. Analysts polled by FactSet had expected $930.7 million. Chief Executive Ramey Jackson said market conditions remained dynamic in the third quarter and activity was softer than anticipated.

Janus reported a third-quarter net loss of $13.3 million, or 10 cents a share, compared with a year-earlier profit of $15.2 million, or 11 cents a share. The latest quarter included an $18.3 million impairment charge for a goodwill writedown of its BETCO and Kiwi II units. Adjusted earnings were 8 cents a share, below analysts’ estimate of 18 cents.

Revenue fell 2.8% to $213.1 million, as self-storage revenue declined 5%. Analysts had expected revenue of $235 million. Janus manufactures self-storage doors, roll-up doors and hallway systems.