JBI - Why Janus International Group Stock Rallied 23% at the Open Today
Shares of Janus International Group (NYSE: JBI) -- which makes products like smart door locks for self-storage, commercial, and industrial buildings -- rose sharply out of the gate on May 17, advancing by as much as 23% in early trading. Although that big gain didn't hold, the stock was still higher by as much as 16% an hour into the day. The big news was the company's first-quarter 2022 earnings update and revised outlook for the rest of the year.
Janus International's first-quarter sales totaled $229.5 million, a roughly 50% year-over-year increase. That figure was helped along by $22.1 million from acquisitions. Pulling the new businesses out of the mix, sales were still higher by an impressive 35.7% organically. Every sales channel performed well, with the "worst" performer, new construction, witnessing 44.3% sales growth. Clearly, things are going well for the company right now.
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Why Janus International Group Stock Rallied 23% at the Open Today