Child Gets Overexcited around Guests

Hi,
I have a 5yr old son, who is usually very sweet and well behaved when he's with us, but his behavior undergoes a complete transformation when guests (other children and/adults) come over.

He is a very friendly child who loves to have people around him, but around guests he gets overexcited and his temperament spirals out of control. He starts screaming and jumping (mostly out of joy and hyper excitement though also at times when he's playing with other children and he doesn't get his way, which may be normal). He also tends to become quite rude then.

Surprisingly when he goes to other people's houses, he is better behaved and calmer.
I am at my wit's end since I have tried everything from talking and explaining it to him lovingly, to seriously reprimanding him to even threatening him at times (out of desperation), but it just seems that during that time, he is not in control of his emotions....Pleeeeeease Help Me and Him!