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Mar 31, 2024
Griffon Q2 2024 Earnings Report
Griffon's Q2 2024 financial results were announced, revealing a mix of revenue decrease and net income increase.
Key Takeaways
Griffon Corporation reported a 5% decrease in revenue to $672.9 million compared to the prior year quarter, but net income increased to $64.1 million, or $1.28 per share, compared to a net loss of $62.3 million, or $1.17 per share, in the prior year quarter. The company raised its full-year segment EBITDA guidance to $555 million.
Revenue decreased by 5% to $672.9 million.
Net income increased to $64.1 million, or $1.28 per share.
Adjusted EBITDA was $134.2 million, a 2% decrease from the prior year quarter.
Full-year segment EBITDA guidance raised to $555 million.
Revenue by Segment
Forward Guidance
The company expects 2024 revenue of $2.65 billion and adjusted EBITDA of $555 million, excluding unallocated costs of $59 million.
Positive Outlook
- 2024 revenue expected to be $2.65 billion
- Adjusted EBITDA expected to be $555 million
- Free cash flow to exceed net income
- HBP's strong first half results
- Global sourcing strategy expansion is expected to be complete by the end of calendar 2024 and remains on budget.
Challenges Ahead
- Unallocated costs of $59 million
- Increased Employee Stock Ownership Plan expense
- Charges related to the strategic review
- AMES’s global sourcing expansion
- Decreased commercial volume.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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