Griffon Corporation Announces First Quarter Results
Griffon Corporation reported fiscal 2024 first quarter results, with $643.2 million in revenue, a 1% decrease from the prior year. Net income was $42.2 million, or $0.82 per share, compared to $48.7 million, or $0.88 per share, in the prior year. Adjusted EBITDA increased 7% to $116.4 million. HBP revenue remained consistent at $395.8 million, while CPP revenue decreased 2% to $247.4 million. Griffon announced the expansion of CPP's global sourcing strategy to include long handle tools, material handling, and wood storage product lines. The company reported pretax income of $29.9% and effective tax rates of 27.9%. Share repurchases totaled 1.6 million shares for $69.6 million during the quarter, with $237.5 million remaining under the Board authorized share repurchase programs.
Griffon Corporation's reported decrease in quarterly revenue by 1% year-over-year may initially appear modest, but it is a critical indicator of the company's top-line growth trajectory. In a competitive business environment, consistent revenue growth is often seen as a sign of a company's ability to expand its market share and improve its product offerings. The reported decrease, although slight, could signal a need for strategic reassessment, especially when considering the broader economic context of inflationary pressures and potential shifts in consumer demand.
Moreover, the increase in adjusted EBITDA by 7% suggests that Griffon has effectively managed its operational costs and possibly improved its operational efficiency. Adjusted EBITDA is a significant metric as it excludes non-cash expenses, interest, taxes and other one-time items, providing a clearer picture of a company's operating performance. An increase in this measure in the face of declining revenues may reflect well on the company's cost control measures and pricing strategies.
The reported strong free cash flow of $133 million and the aggressive share repurchase program, with $70 million of shares bought back in the quarter, are indicative of management's confidence in the company's financial health and future prospects. Share repurchases can be a signal to investors that the company believes its stock is undervalued and it also serves to increase earnings per share by reducing the number of shares outstanding. However, it's important to consider whether these buybacks are the best use of capital, as opposed to reinvesting in growth opportunities or reducing debt.
The performance of Griffon Corporation's Home and Building Products (HBP) and Consumer and Professional Products (CPP) segments provides insight into market trends and consumer behavior. The HBP segment's revenue remaining consistent with the prior year, despite reduced volume, suggests that the company has been able to leverage favorable pricing and product mix to maintain its revenue stream. This could imply a strong market position in its niche, giving it pricing power that helps to offset volume declines.
On the other hand, the CPP segment's revenue decrease of 2% due to reduced consumer demand in North America could be indicative of broader economic factors at play, such as a slowdown in consumer spending or increased competition. The segment's improved profitability, however, highlights successful cost reduction initiatives, which could be a result of the expanded global sourcing strategy aimed at achieving higher EBITDA margins. This strategy, if successful, may enhance the company's competitive edge by offering cost-effective solutions without compromising on quality.
The closure of several facilities as part of the CPP's global sourcing strategy expansion reflects a shift towards an asset-light model, which could lead to improved margins and reduced capital expenditure in the long term. However, the short-term impact of these closures, including potential layoffs and restructuring costs, should not be overlooked.
The effective tax rates reported by Griffon Corporation, both including and excluding items that affect comparability, are noteworthy as they reflect the company's tax burden and its impact on net income. A slight increase in the effective tax rate from 28.4% to 29.9% could have implications for the company's net earnings and thus, shareholder returns. It's important for investors to understand the nature of these tax changes, whether they are due to policy changes, adjustments in the company's internal operations, or one-time tax events.
Fiscal and regulatory environments are critical to business operations and any changes in tax legislation can have significant effects on a company's financials. Griffon's ability to maintain a relatively stable effective tax rate when adjusted for comparability items suggests a level of tax planning and strategy that may mitigate the impact of fluctuating tax rates on the company's earnings.
02/07/2024 - 07:32 AM
NEW YORK --(BUSINESS WIRE)--
Griffon Corporation (“Griffon” or the “Company”) (NYSE:GFF) today reported results for the fiscal 2024 first quarter ended December 31, 2023.
Revenue for the first quarter totaled $643.2 million , a 1% decrease compared to $649.4 million in the prior year quarter.
Net income totaled $42.2 million , or $0.82 per share, compared to $48.7 million , or $0.88 per share, in the prior year quarter. Excluding all items that affect comparability from both periods, adjusted net income was $55.3 million , or $1.07 per share, in the current year quarter compared to $47.4 million , or $0.86 per share, in the prior year quarter. For a reconciliation of net income to adjusted net income and earnings per share to adjusted earnings per share, see the attached table.
Adjusted EBITDA for the first quarter was $116.4 million , a 7% increase from the prior year quarter of $108.6 million . Adjusted EBITDA, excluding unallocated amounts (primarily corporate overhead) of $13.9 million in the current quarter and $13.8 million in the prior year quarter, totaled $130.3 million , increasing 6% from the prior year of $122.3 million . For a reconciliation and definition of adjusted EBITDA, a non-GAAP measure, to income before taxes, see the attached table.
“Fiscal 2024 is off to a good start with the first quarter highlighted by strong free cash flow of $133 million , continued solid operating performance at Home and Building Products ("HBP"), and improved profitability at Consumer and Professional Products (“CPP”),” said Ronald J. Kramer, Chairman and Chief Executive Officer. “We are well positioned to meet our financial targets for the year.”
“Griffon's strong first quarter free cash flow enabled us to return value to our shareholders through $70 million of share repurchases while maintaining our net debt to EBITDA leverage. We will continue to use our free cash flow to drive a capital allocation strategy that will deliver long term value for our shareholders."
Segment Operating Results
Home and Building Products ("HBP")
HBP revenue in the current quarter of $395.8 million was consistent with the prior year quarter reflecting improved customer orders, and favorable pricing and mix of 4% , offset by the prior year volume benefit from elevated backlog.
HBP adjusted EBITDA in the current quarter of $124.7 million was consistent with the prior year quarter. Adjusted EBITDA reflected reduced material costs and favorable pricing and mix offset by the unfavorable impact of reduced volume, noted above, and increased labor and distribution costs.
Consumer and Professional Products ("CPP")
CPP revenue in the current quarter of $247.4 million decreased 2% compared to the prior year quarter primarily due to decreased volume driven by reduced consumer demand in North America .
For the current quarter, adjusted EBITDA was $5.5 million , compared to $(1.8) million in the prior year quarter, an increase of $7.3 million . The variance to the prior year was primarily due to decreased North American production costs, partially offset by the unfavorable impact of the reduced volume noted above.
CPP Global Sourcing Strategy Expansion
In response to market conditions, Griffon announced in May 2023 that CPP is expanding its global sourcing strategy to include long handle tools, material handling, and wood storage and organization product lines for the U.S. market.
By transitioning these product lines to an asset-light structure, CPP’s operations will be better positioned to serve customers with a more flexible and cost-effective sourcing model that leverages supplier relationships around the world. These actions will be essential to CPP achieving 15% EBITDA margins, while enhancing free cash flow through improved working capital and significantly lower capital expenditures.
The global sourcing strategy expansion is expected to be complete by the end of calendar 2024 and remains on budget. Operations have ceased at Camp Hill and Harrisburg, PA ; Fairfield, IA ; and four wood mills. The final facility, in Grantsville, MD , is expected to close by March 2024.
Taxes
The Company reported pretax income from operations for the quarter ended December 31, 2023 and 2022, and recognized effective tax rates of 29.9% and 28.4% , respectively. Excluding all items that affect comparability, the effective tax rates for the quarters ended December 31, 2023 and 2022 were 27.9% and 29.1% , respectively.
Balance Sheet and Capital Expenditures
At December 31, 2023, the Company had cash and equivalents of $110.5 million and total debt outstanding of $1.44 billion , resulting in net debt of $1.33 billion . Leverage, as calculated in accordance with our credit agreement, was 2.5x net debt to EBITDA compared to 2.7x at December 31, 2022, and 2.6x at September 30, 2023. Quarter ending December 31, 2023 free cash flow of $132.5 million reflects the solid operating results in the first quarter. At December 31, 2023, borrowing availability under the revolving credit facility was $465.5 million subject to certain loan covenants. Capital expenditures, net, were $13.5 million for the quarter ended December 31, 2023.
Share Repurchases
Share repurchases during the quarter ended December 31, 2023 totaled 1.6 million shares of common stock, for a total of $69.6 million , or an average of $42.61 per share. Since last April and through December 31, 2023, share repurchases totaled 5.8 million shares of common stock or 10.1% of the outstanding shares, for a total of $220.4 million or an average of $38.15 per share, As of December 31, 2023, $237.5 million remained under the Board authorized share repurchase programs.
Conference Call Information
The Company will hold a conference call today, February 7, 2024, at 8:30 AM ET.
The call can be accessed by dialing 1-877-407-0792 (U.S. participants) or 1-201-689-8263 (International participants). Callers should ask to be connected to the Griffon Corporation teleconference or provide conference ID number 13743734. Participants are encouraged to dial-in at least 10 minutes before the scheduled start time.
A replay of the call will be available starting on Wednesday, February 7, 2024 at 11:30 AM ET by dialing 1-844-512-2921 (U.S. ) or 1-412-317-6671 (International), and entering the conference ID number: 13743734. The replay will be available through Wednesday, February 21, 2024 at 11:59 PM ET.
Forward-looking Statements
“Safe Harbor” Statements under the Private Securities Litigation Reform Act of 1995: All statements related to, among other things, income (loss), earnings, cash flows, revenue, changes in operations, operating improvements, the impact of the Hunter Fan transaction, the industries in which Griffon Corporation (the “Company” or “Griffon”) operates and the United States and global economies that are not historical are hereby identified as “forward-looking statements” and may be indicated by words or phrases such as “anticipates,” “supports,” “plans,” “projects,” “expects,” “believes,” "achieves", “should,” “would,” “could,” “hope,” “forecast,” “management is of the opinion,” “may,” “will,” “estimates,” “intends,” “explores,” “opportunities,” the negative of these expressions, use of the future tense and similar words or phrases. Such forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statements. These risks and uncertainties include, among others: current economic conditions and uncertainties in the housing, credit and capital markets; Griffon’s ability to achieve expected savings and improved operational results from cost control, restructuring, integration and disposal initiatives (including, in particular, the expanded CPP outsourcing strategy announced in May 2023); the ability to identify and successfully consummate, and integrate, value-adding acquisition opportunities; increasing competition and pricing pressures in the markets served by Griffon’s operating companies; the ability of Griffon’s operating companies to expand into new geographic and product markets, and to anticipate and meet customer demands for new products and product enhancements and innovations; increases in the cost or lack of availability of raw materials such as steel, resin and wood, components or purchased finished goods, including any potential impact on costs or availability resulting from tariffs; changes in customer demand or loss of a material customer at one of Griffon’s operating companies; the potential impact of seasonal variations and uncertain weather patterns on certain of Griffon’s businesses; political events or military conflicts that could impact the worldwide economy; a downgrade in Griffon’s credit ratings; changes in international economic conditions including inflation, interest rate and currency exchange fluctuations; the reliance by certain of Griffon’s businesses on particular third party suppliers and manufacturers to meet customer demands; the relative mix of products and services offered by Griffon’s businesses, which impacts margins and operating efficiencies; short-term capacity constraints or prolonged excess capacity; unforeseen developments in contingencies, such as litigation, regulatory and environmental matters; Griffon’s ability to adequately protect and maintain the validity of patent and other intellectual property rights; the cyclical nature of the businesses of certain of Griffon’s operating companies; possible terrorist threats and actions and their impact on the global economy; effects of possible IT system failures, data breaches or cyber-attacks; the impact of COVID-19, or some other future pandemic, on the U.S. and the global economy, including business disruptions, reductions in employment and an increase in business and operating facility failures, specifically among our customers and suppliers; Griffon’s ability to service and refinance its debt; and the impact of recent and future legislative and regulatory changes, including, without limitation, changes in tax laws. Such statements reflect the views of the Company with respect to future events and are subject to these and other risks, as previously disclosed in the Company’s Securities and Exchange Commission filings. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date made. Griffon undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
About Griffon Corporation
Griffon Corporation is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as divestitures. In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital.
Griffon conducts its operations through two reportable segments:
Home and Building Products ("HBP") conducts its operations through Clopay. Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America . Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes . Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the Cornell and Cookson brands.
Consumer and Professional Products (“CPP”) is a leading global provider of branded consumer and professional tools; residential, industrial and commercial fans; home storage and organization products; and products that enhance indoor and outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including AMES , since 1774, Hunter, since 1886, True Temper, and ClosetMaid.
For more information on Griffon and its operating subsidiaries, please see the Company’s website at www.griffon.com .
Griffon evaluates performance and allocates resources based on segment adjusted EBITDA and adjusted EBITDA, non-GAAP measures, which is defined as income before taxes from operations, excluding interest income and expense, depreciation and amortization, strategic review charges, non-cash impairment charges, restructuring charges, gain/loss from debt extinguishment and acquisition related expenses, as well as other items that may affect comparability, as applicable. Segment adjusted EBITDA also excludes unallocated amounts, mainly corporate overhead. Griffon believes this information is useful to investors.
The following table provides operating highlights and a reconciliation of segment adjusted EBITDA and adjusted EBITDA to income before taxes:
(in thousands)
For the Three Months Ended December 31,
REVENUE
2023
2022
Home and Building Products
$
395,791
$
396,573
Consumer and Professional Products
247,362
252,811
Total revenue
$
643,153
$
649,384
For the Three Months Ended December 31,
2023
2022
ADJUSTED EBITDA
Home and Building Products
$
124,719
$
124,145
Consumer and Professional Products
5,539
(1,809
)
Segment adjusted EBITDA
130,258
122,336
Unallocated amounts, excluding depreciation*
(13,907
)
(13,776
)
Adjusted EBITDA
116,351
108,560
Net interest expense
(24,875
)
(24,544
)
Depreciation and amortization
(14,823
)
(17,113
)
Restructuring charges
(12,400
)
—
Gain on sale of building
547
10,852
Strategic review - retention and other
(4,658
)
(8,232
)
Proxy expenses
—
(1,503
)
Income before taxes
$
60,142
$
68,020
* Primarily Corporate Overhead
For the Three Months Ended December 31,
DEPRECIATION and AMORTIZATION
2023
2022
Segment:
Home and Building Products
$
3,633
$
3,846
Consumer and Professional Products
11,057
13,127
Total segment depreciation and amortization
14,690
16,973
Corporate
133
140
Total consolidated depreciation and amortization
$
14,823
$
17,113
Griffon believes free cash flow ("FCF", a non-GAAP measure) is a useful measure for investors because it portrays the Company's ability to generate cash from operations for purposes such as repaying debt, funding acquisitions and paying dividends.
The following table provides a reconciliation of net cash provided by (used in) operating activities to FCF:
For the Three Months Ended December 31,
(in thousands)
2023
2022
Net cash provided by operating activities
$
146,058
$
75,480
Acquisition of property, plant and equipment
(14,330
)
(4,726
)
Proceeds from the sale of property, plant and equipment
787
11,815
FCF
$
132,515
$
82,569
The following tables provide a reconciliation of gross profit and selling, general and administrative expenses for items that affect comparability for the three months ended December 31, 2023 and 2022:
(in thousands)
For the Three Months Ended
December 31,
2023
2022
Gross profit, as reported
$
236,641
$
233,825
% of revenue
36.8
%
36.0
%
Adjusting items:
Restructuring charges(1)
11,646
—
Gross profit, as adjusted
$
248,287
$
233,825
% of revenue
38.6
%
36.0
%
(1) For the quarter ended December 31, 2023 restructuring charges relates to the CPP global sourcing expansion.
(in thousands)
For the Three Months Ended
December 31,
2023
2022
Selling, general and administrative expenses, as reported
$
152,803
$
152,720
% of revenue
23.8
%
23.5
%
Adjusting items:
Restructuring charges(1)
(754
)
—
Proxy expenses
—
(1,503
)
Strategic review - retention and other
(4,658
)
(8,232
)
Selling, general and administrative expenses, as adjusted
$
147,391
$
142,985
% of revenue
22.9
%
22.0
%
(1) For the quarter ended December 31, 2023 restructuring charges relates to the CPP global sourcing expansion.
GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share data)
(Unaudited)
Three Months Ended December 31,
2023
2022
Revenue
$
643,153
$
649,384
Cost of goods and services
406,512
415,559
Gross profit
236,641
233,825
Selling, general and administrative expenses
152,803
152,720
Income from operations
83,838
81,105
Other income (expense)
Interest expense
(25,299
)
(24,648
)
Interest income
424
104
Gain on sale of building
547
10,852
Other, net
632
607
Total other expense, net
(23,696
)
(13,085
)
Income before taxes
60,142
68,020
Provision for income taxes
17,965
19,318
Net income
$
42,177
$
48,702
Basic earnings per common share
$
0.86
$
0.93
Basic weighted-average shares outstanding
48,784
52,579
Diluted earnings per common share
$
0.82
$
0.88
Diluted weighted-average shares outstanding
51,467
55,298
Dividends paid per common share
$
0.15
$
0.10
Net income
$
42,177
$
48,702
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments
10,238
11,937
Pension and other post retirement plans
532
862
Change in cash flow hedges
(295
)
(580
)
Total other comprehensive income, net of taxes
10,475
12,219
Comprehensive income, net
$
52,652
$
60,921
GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
December 31,
2023
September 30,
2023
CURRENT ASSETS
Cash and equivalents
$
110,546
$
102,889
Accounts receivable, net of allowances of $11,985 and $11,264
299,594
312,432
Inventories
478,609
507,130
Prepaid and other current assets
57,863
57,139
Assets held for sale
15,010
—
Assets of discontinued operations
984
1,001
Total Current Assets
962,606
980,591
PROPERTY, PLANT AND EQUIPMENT, net
269,129
279,218
OPERATING LEASE RIGHT-OF-USE ASSETS
176,100
169,942
GOODWILL
327,864
327,864
INTANGIBLE ASSETS, net
632,111
635,243
OTHER ASSETS
21,365
21,731
ASSETS OF DISCONTINUED OPERATIONS
4,138
4,290
Total Assets
$
2,393,313
$
2,418,879
CURRENT LIABILITIES
Notes payable and current portion of long-term debt
$
9,274
$
9,625
Accounts payable
154,018
116,646
Accrued liabilities
190,096
193,098
Current portion of operating lease liabilities
34,075
32,632
Liabilities of discontinued operations
4,216
7,148
Total Current Liabilities
391,679
359,149
LONG-TERM DEBT, net
1,430,235
1,459,904
LONG-TERM OPERATING LEASE LIABILITIES
152,343
147,224
OTHER LIABILITIES
129,547
132,708
LIABILITIES OF DISCONTINUED OPERATIONS
4,487
4,650
Total Liabilities
2,108,291
2,103,635
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Total Shareholders’ Equity
285,022
315,244
Total Liabilities and Shareholders’ Equity
$
2,393,313
$
2,418,879
GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Three Months Ended
December 31,
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
42,177
$
48,702
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
14,823
17,113
Stock-based compensation
6,417
6,742
Asset impairment charges - restructuring
8,482
—
Provision for losses on accounts receivable
562
482
Amortization of debt discounts and issuance costs
1,056
1,023
Gain on sale of assets and investments
(550
)
(10,923
)
Change in assets and liabilities:
Decrease in accounts receivable
14,491
13,689
Decrease in inventories
24,623
22,931
(Increase) decrease in prepaid and other assets
(3,631
)
100
Increase (decrease) in accounts payable, accrued liabilities, income taxes payable and operating lease liabilities
36,491
(26,333
)
Other changes, net
1,117
1,954
Net cash provided by operating activities
146,058
75,480
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and equipment
(14,330
)
(4,726
)
Payments related to sale of business
—
(2,568
)
Proceeds from the sale of property, plant and equipment
787
11,815
Net cash provided by (used in) investing activities
(13,543
)
4,521
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid
(9,965
)
(7,126
)
Purchase of shares for treasury
(81,449
)
(12,735
)
Proceeds from long-term debt
31,500
29,823
Payments of long-term debt
(63,860
)
(87,539
)
Financing costs
(114
)
(744
)
Other, net
(59
)
(42
)
Net cash used in financing activities
(123,947
)
(78,363
)
GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - continued
(in thousands)
(Unaudited)
Three Months Ended
December 31,
2023
2022
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash used in operating activities
(2,926
)
(1,953
)
Net cash used in discontinued operations
(2,926
)
(1,953
)
Effect of exchange rate changes on cash and equivalents
2,015
689
NET INCREASE IN CASH AND EQUIVALENTS
7,657
374
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD
102,889
120,184
CASH AND EQUIVALENTS AT END OF PERIOD
$
110,546
$
120,558
Griffon evaluates performance based on adjusted net income and the related adjusted earnings per share, which excludes restructuring charges, gain/loss from debt extinguishment, acquisition related expenses, discrete and certain other tax items, as well other items that may affect comparability, as applicable, non-GAAP measures. Griffon believes this information is useful to investors. The following tables provides a reconciliation of net income to adjusted net income and earnings per common share to adjusted earnings per common share:
(in thousands, except per share data)
For the Three Months Ended
December 31,
2023
2022
Net income
$
42,177
$
48,702
Adjusting items:
Restructuring charges(1)
12,400
—
Gain on sale of building
(547
)
(10,852
)
Strategic review - retention and other
4,658
8,232
Proxy expenses
—
1,503
Tax impact of above items(2)
(4,204
)
169
Discrete and certain other tax provisions (benefits), net(3)
783
(333
)
Adjusted net income
$
55,267
$
47,421
Earnings per common share
$
0.82
$
0.88
Adjusting items, net of tax:
Restructuring charges(1)
0.18
—
Gain on sale of building
(0.01
)
(0.15
)
Strategic review - retention and other
0.07
0.11
Proxy expenses
—
0.02
Discrete and certain other tax provisions (benefits), net(3)
0.02
(0.01
)
Adjusted earnings per common share
$
1.07
$
0.86
Diluted weighted-average shares outstanding (in thousands)
51,467
55,298
Note: Due to rounding, the sum of earnings per common share and adjusting items, net of tax, may not equal adjusted earnings per common share.
(1) For the quarter ended December 31, 2023, restructuring charges relate to the CPP global sourcing expansion, of which $11,646 is included in Cost of goods and services and $754 is included in SG&A.
(2) The tax impact for the above reconciling adjustments from GAAP to non-GAAP net income and EPS is determined by comparing the Company's tax provision, including the reconciling adjustments, to the tax provision excluding such adjustments.
(3) Discrete and certain other tax provisions (benefits) primarily relate to the impact of a rate differential between statutory and annual effective tax rate on items impacting the quarter.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240206541681/en/
Company Contact
Brian G. Harris
SVP & Chief Financial Officer
Griffon Corporation
(212) 957-5000
IR@griffon.com
Investor Relations Contact
Michael Callahan
Managing Director
ICR Inc.
(203) 682-8311
Source: Griffon Corporation
What was Griffon Corporation's revenue for the fiscal 2024 first quarter?
Griffon Corporation reported revenue of $643.2 million for the fiscal 2024 first quarter, a 1% decrease from the prior year.
What was Griffon Corporation's net income for the fiscal 2024 first quarter?
Griffon Corporation's net income for the fiscal 2024 first quarter was $42.2 million, or $0.82 per share, compared to $48.7 million, or $0.88 per share, in the prior year.
What was the adjusted EBITDA for Griffon Corporation in the fiscal 2024 first quarter?
Griffon Corporation's adjusted EBITDA for the fiscal 2024 first quarter was $116.4 million, a 7% increase from the prior year quarter.
What were the revenue and adjusted EBITDA for Home and Building Products (HBP) in the current quarter?
HBP revenue in the current quarter was $395.8 million, consistent with the prior year quarter, and adjusted EBITDA was $124.7 million, consistent with the prior year quarter.
What was the revenue and adjusted EBITDA for Consumer and Professional Products (CPP) in the current quarter?
CPP revenue in the current quarter was $247.4 million, a 2% decrease from the prior year quarter. Adjusted EBITDA was $5.5 million, compared to $(1.8) million in the prior year quarter.
What did Griffon Corporation announce regarding CPP's global sourcing strategy expansion?
Griffon Corporation announced that CPP is expanding its global sourcing strategy to include long handle tools, material handling, and wood storage and organization product lines for the U.S. market.
What were Griffon Corporation's effective tax rates for the quarters ended December 31, 2023 and 2022?
Griffon Corporation reported effective tax rates of 29.9% and 28.4% for the quarters ended December 31, 2023 and 2022, respectively. Excluding all items that affect comparability, the effective tax rates were 27.9% and 29.1%, respectively.
How many shares did Griffon Corporation repurchase during the quarter ended December 31, 2023?
Griffon Corporation repurchased 1.6 million shares of common stock, totaling $69.6 million, during the quarter ended December 31, 2023.
What is the remaining amount under Griffon Corporation's Board authorized share repurchase programs?
As of December 31, 2023, $237.5 million remained under the Board authorized share repurchase programs.