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Dec 31, 2021
Griffon Q1 2022 Earnings Report
Reported first quarter results with revenue increase despite supply chain challenges, completed Hunter Fan acquisition, and continued strategic review of Telephonics.
Key Takeaways
Griffon Corporation reported a 9% increase in revenue for the first quarter of fiscal 2022, totaling $591.7 million. Income from continuing operations was $16.9 million, or $0.31 per share, while adjusted income from continuing operations was $21.1 million, or $0.39 per share. The acquisition of Hunter Fan Company was completed on January 24, 2022, and a strategic review of Telephonics is underway.
Revenue increased by 9% to $591.7 million compared to the prior year quarter.
Income from continuing operations decreased to $16.9 million, or $0.31 per share.
Adjusted EBITDA from continuing operations decreased by 13% to $59.6 million.
Completed the acquisition of Hunter Fan Company for approximately $845 million.
Griffon
Griffon
Forward Guidance
Company expects margins to return to normalized levels beginning in the second half of fiscal 2022 as labor, transportation and supply chain challenges abate and sustained underlying demand factors continue, including a robust housing and repair and remodel market.