Loading...
•
Mar 31, 2020
Griffon Q2 2020 Earnings Report
Griffon's financial performance for Q2 2020 was announced, showing a revenue increase but a decrease in income from continuing operations compared to the prior year quarter.
Key Takeaways
Griffon Corporation reported a 3% increase in consolidated revenue, reaching $566.4 million, but experienced a decrease in income from continuing operations to $0.9 million, or $0.02 per share. Adjusted EBITDA increased by 13% to $48.0 million. The company faced challenges due to COVID-19 impacts and certain one-time charges, but highlighted its strong position and strategic growth plan.
Consolidated revenue increased by 3% to $566.4 million compared to the prior year quarter.
Income from continuing operations decreased to $0.9 million, or $0.02 per share, compared to $6.5 million, or $0.15 per share, in the prior year quarter.
Adjusted EBITDA increased by 13% to $48.0 million.
CPP revenue decreased by 4%, while HBP revenue increased by 12% and DE revenue increased by 9%.
Griffon
Griffon
Forward Guidance
Griffon has entered the unprecedented COVID-19 pandemic from a position of strength on an operational and competitive basis. Our positive momentum, along with enhanced liquidity and a reinforced balance sheet, will enable our businesses to manage the near-term effects of the current environment while continuing to make the necessary investments to execute our strategic growth plan and drive long-term shareholder value.