GFF Griffon Corporation

Griffon Corporation (“Griffon” or the “Company”) (NYSE:GFF) today reported results for the fiscal 2025 first quarter ended December 31, 2024.

Revenue for the first quarter totaled $632.4 million, a 2% decrease compared to $643.2 million in the prior year quarter.

Net income totaled $70.9 million, or $1.49 per share, compared to $42.2 million, or $0.82 per share, in the prior year quarter. Excluding all items that affect comparability from both periods, adjusted net income was $65.9 million, or $1.39 per share, in the current year quarter compared to $55.3 million, or $1.07 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 $131.2 million, a 13% increase from the prior year quarter of $116.4 million. Adjusted EBITDA, excluding unallocated amounts (primarily corporate overhead) of $14.0 million in the current quarter and $13.9 million in the prior year quarter, totaled $145.2 million, increasing 11% from the prior year of $130.3 million. For a reconciliation of adjusted EBITDA, a non-GAAP measure, to income before taxes, and the definition of adjusted EBITDA, see the attached table.

“Fiscal 2025 is off to a strong start, with our first quarter results highlighted by free cash flow of $143 million, continued solid operating performance at Home and Building Products ("HBP"), and improved profitability from our global sourcing expansion initiative at Consumer and Professional Products (“CPP”),” said Ronald J. Kramer, Chairman and Chief Executive Officer. “We are pleased with our performance and are on track to meet our financial targets for the year.”

Segment Operating Results

Home and Building Products ("HBP")

HBP's first quarter revenue of $395.4 million remained consistent with the prior year quarter reflecting increased residential volume, offset by reduced commercial volume.

Adjusted EBITDA of $127.0 million increased 2% from $124.7 million in the prior year quarter. The variance to the prior year resulted from reduced material costs, partially offset by increased labor and distribution costs.

Consumer and Professional Products ("CPP")

CPP's first quarter revenue of $237.0 million decreased 4% compared to the prior year quarter, primarily driven by decreased volume of 8% due to reduced consumer demand in North America and the United Kingdom, partially offset by organic growth in Australia. The Pope acquisition contributed 4%.

Adjusted EBITDA of $18.2 million increased by $12.7 million from $5.5 million in the prior year quarter, primarily due to the benefits from the global sourcing expansion initiative and increased revenue in Australia as noted above.

Taxes

The Company reported pretax income from operations for the quarters ended December 31, 2024 and December 31, 2023, and recognized effective tax rates of 27.3% and 29.9%, respectively. Excluding all items that affect comparability, the effective tax rates for the quarters ended December 31, 2024 and 2023 were 27.7% and 27.9%, respectively.

Balance Sheet and Capital Expenditures

As of December 31, 2024, the Company had cash and equivalents of $152.0 million and total debt outstanding of $1.48 billion, resulting in net debt of $1.32 billion. Leverage, as calculated in accordance with our credit agreement (see the attached table), was 2.4x net debt to EBITDA compared to 2.5x at December 31, 2023 and 2.6x at September 30, 2024. Free cash flow of $142.7 million for the three month period ended December 31, 2024 reflects the Company's strong operating results through the first quarter of 2025. At December 31, 2024, borrowing availability under the revolving credit facility was $427.5 million, subject to certain loan covenants. During the quarter the Company sold real estate as a result of the CPP sourcing expansion initiative, realizing $17.2 million in proceeds. This offset capital expenditures of $17.5 million, resulting in net capital expenditures of $0.2 million for the quarter ended December 31, 2024. For a reconciliation of free cash flow, a non-GAAP measure, to net cash provided by operating activities, and the definition of free cash flow, see the attached table.

Share Repurchases

Share repurchases during the quarter ended December 31, 2024 totaled 0.6 million for a total of $42.3 million, or an average of $69.40 per share. Since April 2023 and through December 31, 2024, the Company purchased 9.5 million shares of common stock or 16.7% of the outstanding shares, for a total of $467.6 million or an average of $49.09 per share. As of December 31, 2024, $390.3 million remained under the Board authorized share repurchase program.

Conference Call Information

The Company will hold a conference call today, February 5, 2025, 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 13751075. 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 5, 2025 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: 13751075. The replay will be available through Wednesday, February 19, 2025 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, 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 the expanded CPP global 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 pandemics, such as COVID-19, 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. As long-term investors, we intend to continue to grow and strengthen our existing businesses, and to diversify further through investments in our businesses and acquisitions.

Griffon conducts its operations through two reportable segments:

• Home and Building Products ("HBP") conducts its operations through Clopay Corporation. 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 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 are defined as income before taxes, 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 tables provide 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

 

2024

 

2023

 

 

 

 

 

Home and Building Products

 

$

395,401

 

$

395,791

Consumer and Professional Products

 

 

236,970

 

 

247,362

Total revenue

 

$

632,371

 

$

643,153

 

 

For the Three Months Ended December 31,

(in thousands)

 

 

2024

 

 

 

2023

 

ADJUSTED EBITDA

 

 

 

 

 

 

 

 

 

Home and Building Products

 

$

127,042

 

 

$

124,719

 

Consumer and Professional Products

 

 

18,192

 

 

 

5,539

 

Segment adjusted EBITDA

 

 

145,234

 

 

 

130,258

 

Unallocated amounts, excluding depreciation*

 

 

(14,042

)

 

 

(13,907

)

Adjusted EBITDA

 

 

131,192

 

 

 

116,351

 

Net interest expense

 

 

(24,481

)

 

 

(24,875

)

Depreciation and amortization

 

 

(15,614

)

 

 

(14,823

)

Restructuring charges

 

 

—

 

 

 

(12,400

)

Gain on sale of real estate

 

 

7,974

 

 

 

547

 

Strategic review - retention and other

 

 

(1,651

)

 

 

(4,658

)

Income before taxes

 

$

97,420

 

 

$

60,142

 

* Primarily Corporate Overhead

 

 

 

 

(in thousands)

 

For the Three Months Ended December 31,

DEPRECIATION and AMORTIZATION

 

 

2024

 

 

2023

Segment:

 

 

 

 

Home and Building Products

 

$

4,275

 

$

3,633

Consumer and Professional Products

 

 

11,218

 

 

11,057

Total segment depreciation and amortization

 

 

15,493

 

 

14,690

Corporate

 

 

121

 

 

133

Total consolidated depreciation and amortization

 

$

15,614

 

$

14,823

Griffon believes free cash flow ("FCF", a non-GAAP measure) is a useful measure for investors because it demonstrates the Company's ability to generate cash from operations for purposes such as repaying debt, funding acquisitions and paying dividends. FCF is defined as net cash provided by operating activities less capital expenditures, net of proceeds.

The following table provides a reconciliation of net cash provided by operating activities to FCF:

 

For the Three Months Ended December 31,

(in thousands)

 

2024

 

 

 

2023

 

Net provided by operating activities

$

142,922

 

 

$

146,058

 

Acquisition of property, plant and equipment

 

(17,456

)

 

 

(14,330

)

Proceeds from the sale of property, plant and equipment

 

17,220

 

 

 

787

 

FCF

$

142,686

 

 

$

132,515

 

Net debt to EBITDA (Leverage ratio), a non-GAAP measure, is a key financial measure that is used by management to assess the borrowing capacity of the Company. The Company has defined its net debt to EBITDA leverage ratio as net debt (total principal debt outstanding net of cash and equivalents) divided by the sum of trailing twelve-month (“TTM”) adjusted EBITDA (as defined above) and TTM stock-based compensation expense. The following table provides a calculation of our net debt to EBITDA leverage ratio as calculated per our credit agreement:

(in thousands)

 

December 31,

2024

 

September 30,

2024

December 31,

2023

Cash and equivalents

 

$

151,952

 

$

114,438

$

110,546

Notes payable and current portion of long-term debt

 

$

8,143

 

$

8,155

$

9,274

Long-term debt, net of current maturities

 

 

1,466,889

 

 

1,515,897

 

1,430,235

Debt discount/premium and issuance costs

 

 

14,604

 

 

15,633

 

19,227

Total gross debt

 

 

1,489,636

 

 

1,539,685

 

1,458,736

Debt, net of cash and equivalents

 

$

1,337,684

 

$

1,425,247

$

1,348,190

 

 

 

 

 

 

TTM Adjusted EBITDA (1)

 

$

528,442

 

$

513,602

$

513,123

TTM Stock and ESOP-based compensation

 

 

25,799

 

 

26,838

 

25,293

TTM Adjusted EBITDA

 

$

554,241

 

$

540,440

$

538,416

 

 

 

 

 

 

Leverage ratio

 

2.4x

 

2.6x

2.5x

 

 

 

 

 

 

1. Griffon defines Adjusted EBITDA as operating results before interest income and expense, income taxes, depreciation and amortization, restructuring charges, debt extinguishment, net and acquisition related expenses, as well as other items that may affect comparability, as applicable.

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, 2024, and 2023:

(in thousands)

For the Three Months Ended December 31,

 

 

2024

 

 

 

2023

 

Gross profit, as reported

$

264,276

 

 

$

236,641

 

% of revenue

 

41.8

%

 

 

36.8

%

Adjusting items:

 

 

 

Restructuring charges(1)

 

—

 

 

 

11,646

 

Gross profit, as adjusted

$

264,276

 

 

$

248,287

 

% of revenue

 

41.8

%

 

 

38.6

%

 

(1) For the quarter ended December 31, 2023, restructuring charges relate to the CPP global sourcing expansion.

(in thousands)

For the Three Months Ended December 31,

 

 

2024

 

 

 

2023

 

Selling, general and administrative expenses, as reported

$

152,181

 

 

$

152,803

 

% of revenue

 

24.1

%

 

 

23.8

%

Adjusting items:

 

 

 

Restructuring charges(1)

 

—

 

 

 

(754

)

Strategic review - retention and other

 

(1,651

)

 

 

(4,658

)

Selling, general and administrative expenses, as adjusted

$

150,530

 

 

$

147,391

 

% of revenue

 

23.8

%

 

 

22.9

%

 

 

 

 

(1) For the quarter ended December 31, 2023, restructuring charges relate 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,

 

 

 

2024

 

 

 

2023

 

Revenue

 

$

632,371

 

 

$

643,153

 

Cost of goods and services

 

 

368,095

 

 

 

406,512

 

Gross profit

 

 

264,276

 

 

 

236,641

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

152,181

 

 

 

152,803

 

Income from operations

 

 

112,095

 

 

 

83,838

 

 

 

 

 

 

Other income (expense)

 

 

 

 

Interest expense

 

 

(24,887

)

 

 

(25,299

)

Interest income

 

 

406

 

 

 

424

 

Gain on sale of real estate

 

 

7,974

 

 

 

547

 

Other, net

 

 

1,832

 

 

 

632

 

Total other expense, net

 

 

(14,675

)

 

 

(23,696

)

 

 

 

 

 

Income before taxes

 

 

97,420

 

 

 

60,142

 

Provision for income taxes

 

 

26,569

 

 

 

17,965

 

Net income

 

$

70,851

 

 

$

42,177

 

 

 

 

 

 

Basic earnings per common share

 

$

1.56

 

 

$

0.86

 

 

 

 

 

 

Basic weighted-average shares outstanding

 

 

45,538

 

 

 

48,784

 

 

 

 

 

 

Diluted earnings per common share

 

$

1.49

 

 

$

0.82

 

 

 

 

 

 

Diluted weighted-average shares outstanding

 

 

47,541

 

 

 

51,467

 

 

 

 

 

 

Dividends paid per common share

 

$

0.18

 

 

$

0.15

 

 

 

 

 

 

Net income

 

$

70,851

 

 

$

42,177

 

Other comprehensive income (loss), net of taxes:

 

 

 

 

Foreign currency translation adjustments

 

 

(20,018

)

 

 

10,238

 

Pension and other post retirement plans

 

 

55

 

 

 

532

 

Change in cash flow hedges

 

 

2,264

 

 

 

(295

)

Total other comprehensive income (loss), net of taxes

 

 

(17,699

)

 

 

10,475

 

Comprehensive income, net

 

$

53,152

 

 

$

52,652

 

The accompanying notes to condensed consolidated financial statements are an integral part of these statements.

GRIFFON CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

(Unaudited)

 

 

 

December 31,

2024

 

September 30,

2024

CURRENT ASSETS

 

 

 

Cash and equivalents

$

151,952

 

$

114,438

Accounts receivable, net of allowances of $11,766 and $10,986

 

268,951

 

 

312,765

Inventories

 

418,164

 

 

425,489

Prepaid and other current assets

 

49,850

 

 

61,604

Assets held for sale

 

5,559

 

 

14,532

Assets of discontinued operations

 

650

 

 

648

Total Current Assets

 

895,126

 

 

929,476

PROPERTY, PLANT AND EQUIPMENT, net

 

287,755

 

 

288,297

OPERATING LEASE RIGHT-OF-USE ASSETS

 

169,984

 

 

171,211

GOODWILL

 

329,393

 

 

329,393

INTANGIBLE ASSETS, net

 

609,232

 

 

618,782

OTHER ASSETS

 

30,231

 

 

30,378

ASSETS OF DISCONTINUED OPERATIONS

 

3,431

 

 

3,417

Total Assets

$

2,325,152

 

$

2,370,954

 

 

 

 

CURRENT LIABILITIES

 

 

 

Notes payable and current portion of long-term debt

$

8,143

 

$

8,155

Accounts payable

 

142,702

 

 

119,354

Accrued liabilities

 

166,890

 

 

181,918

Current portion of operating lease liabilities

 

33,928

 

 

35,065

Liabilities of discontinued operations

 

4,368

 

 

4,498

Total Current Liabilities

 

356,031

 

 

348,990

LONG-TERM DEBT, net

 

1,466,889

 

 

1,515,897

LONG-TERM OPERATING LEASE LIABILITIES

 

147,463

 

 

147,369

OTHER LIABILITIES

 

123,757

 

 

130,540

LIABILITIES OF DISCONTINUED OPERATIONS

 

3,236

 

 

3,270

Total Liabilities

 

2,097,376

 

 

2,146,066

COMMITMENTS AND CONTINGENCIES

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

Total Shareholders’ Equity

 

227,776

 

 

224,888

Total Liabilities and Shareholders’ Equity

$

2,325,152

 

$

2,370,954

GRIFFON CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

 

Three Months Ended

December 31,

 

 

2024

 

 

 

2023

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net income

$

70,851

 

 

$

42,177

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

15,614

 

 

 

14,823

 

Stock-based compensation

 

5,378

 

 

 

6,417

 

Asset impairment charges - restructuring

 

—

 

 

 

8,482

 

Provision for losses on accounts receivable

 

1,182

 

 

 

562

 

Amortization of debt discounts and issuance costs

 

1,029

 

 

 

1,056

 

Loss (gain) on sale of assets and investments

 

168

 

 

 

(3

)

Gain on sale of real estate

 

(7,974

)

 

 

(547

)

Change in assets and liabilities:

 

 

 

Decrease in accounts receivable

 

35,445

 

 

 

14,491

 

(Increase) decrease in inventories

 

(393

)

 

 

24,623

 

Increase in prepaid and other assets

 

(5,066

)

 

 

(3,631

)

Increase in accounts payable, accrued liabilities, income taxes payable and operating lease liabilities

 

26,423

 

 

 

36,491

 

Other changes, net

 

265

 

 

 

1,117

 

Net cash provided by operating activities

 

142,922

 

 

 

146,058

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Acquisition of property, plant and equipment

 

(17,456

)

 

 

(14,330

)

Proceeds from the sale of property, plant and equipment

 

17,220

 

 

 

787

 

Net cash used in investing activities

 

(236

)

 

 

(13,543

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Dividends paid

 

(9,037

)

 

 

(9,965

)

Purchase of shares for treasury

 

(49,083

)

 

 

(81,449

)

Proceeds from long-term debt

 

—

 

 

 

31,500

 

Payments of long-term debt

 

(50,000

)

 

 

(63,860

)

Financing costs

 

(42

)

 

 

(114

)

Other, net

 

41

 

 

 

(59

)

Net cash used in financing activities

 

(108,121

)

 

 

(123,947

)

CASH FLOWS FROM DISCONTINUED OPERATIONS:

 

 

 

Net cash used in operating activities

 

(180

)

 

 

(2,926

)

Net cash used in discontinued operations

 

(180

)

 

 

(2,926

)

Effect of exchange rate changes on cash and equivalents

 

3,129

 

 

 

2,015

 

NET INCREASE IN CASH AND EQUIVALENTS

 

37,514

 

 

 

7,657

 

CASH AND EQUIVALENTS AT BEGINNING OF PERIOD

 

114,438

 

 

 

102,889

 

CASH AND EQUIVALENTS AT END OF PERIOD

$

151,952

 

 

$

110,546

 

Supplemental Disclosure of Non-Cash Flow Information:

 

 

 

Capital expenditures in accounts payable

$

2,064

 

 

$

2,306

 

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 table provides a reconciliation of net income to adjusted net income and earnings per common share to adjusted earnings per common share:

 

 

For the Three Months Ended

December 31,

 

 

 

2024

 

 

 

2023

 

(in thousands, except per share data)

 

(Unaudited)

 

 

 

 

 

Net income

 

$

70,851

 

 

$

42,177

 

 

 

 

 

 

Adjusting items:

 

 

 

 

Restructuring charges(1)

 

 

—

 

 

 

12,400

 

Gain on sale of real estate

 

 

(7,974

)

 

 

(547

)

Strategic review - retention and other

 

 

1,651

 

 

 

4,658

 

Tax impact of above items(2)

 

 

1,595

 

 

 

(4,204

)

Discrete and certain other tax (benefits) provisions, net(3)

 

 

(250

)

 

 

783

 

 

 

 

 

 

Adjusted net income

 

$

65,873

 

 

$

55,267

 

 

 

 

 

 

Earnings per common share

 

$

1.49

 

 

$

0.82

 

 

 

 

 

 

Adjusting items, net of tax:

 

 

 

 

Restructuring charges(1)

 

 

—

 

 

 

0.18

 

Gain on sale of real estate

 

 

(0.13

)

 

 

(0.01

)

Strategic review - retention and other

 

 

0.03

 

 

 

0.07

 

Discrete and certain other tax (benefits) provisions, net(3)

 

 

(0.01

)

 

 

0.02

 

 

 

 

 

 

Adjusted earnings per common share

 

$

1.39

 

 

$

1.07

 

 

 

 

 

 

Diluted weighted-average shares outstanding

 

 

47,541

 

 

 

51,467

 

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 three months ended December 31, 2023, restructuring charges relate to the CPP global sourcing expansion, of which $11.6 million is included in Cost of goods and services and $0.8 million is included in SG&A in the Company's Condensed Consolidated Statements of Operations.

 

(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/20250204831282/en/

Company Contact Brian G. Harris EVP & Chief Financial Officer Griffon Corporation (212) 957-5000 IR@griffon.com

Investor Relations Contact Tom Cook Managing Director ICR Inc. (203) 682-8250