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Janel Corporation has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $51,354,000 from $41,035,000 in the same quarter the previous year. This increase is attributed to the inclusion of revenues from the acquisition of Airschott, Inc.
Gross profit for the quarter was $15,142,000, compared to $14,145,000 in the previous year. The gross profit margin decreased to 24.7% from 28.4% due to increased forwarding expenses.
Income from operations was reported at $1,209,000, up from $1,002,000 in the prior year period. This increase was driven by improved margins at Airschott.
Net income for the quarter was $659,000, or $0.55 per diluted share, compared to $276,000, or $0.23 per diluted share, in the previous year. The increase was largely due to higher profits in the Logistics segment.
Adjusted operating income, which excludes amortization of intangible assets, stock-based compensation, and costs recognized on the sale of acquired inventory, was $2,041,000, up from $1,694,000 in the prior year.
The Logistics segment reported revenues of $46,086,000, a 30.9% increase from the previous year, driven by the acquisition of Airschott and increased freight rates.
The Life Sciences segment saw a decrease in revenues to $2,983,000 from $3,481,000, attributed to the timing of orders.
The Manufacturing segment reported revenues of $2,285,000, slightly down from $2,339,000, with a decrease in sales volume and product mix variance affecting gross profit margins.
Corporate expenses decreased slightly to $1,625,000 from $1,744,000, reflecting lower merger and acquisition deal-related expenses.
Interest expense increased to $666,000 from $524,000, primarily due to higher interest rates.
The company declared preferred stock dividends of $86,000 and non-controlling interest dividends of $243,000 for the quarter.
Janel continues to focus on strategic acquisitions and organic growth across its three business segments: Logistics, Life Sciences, and Manufacturing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Janel Corp quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.