Q3 2024 Griffon Corp Earnings Call Transcript
Key Points
- Strong operating performance from both Home and Building Products (HBP) and Consumer and Professional Products (CPP) segments.
- Free cash flow in the quarter was robust at $120 million, supporting the capital allocation strategy.
- Paid down $80 million in debt, repurchased $19 million in stock, and paid a $7 million regular quarterly dividend.
- Reiterated full-year guidance for segment adjusted EBITDA of $555 million.
- Completed the acquisition of Polk, an Australian provider of residential watering products, expected to contribute approximately $25 million in annual sales.
- Third quarter revenue of $648 million decreased by 5% compared to the prior year quarter.
- Adjusted EBITDA before unallocated amounts decreased by 8% year-over-year.
- Gross profit on a GAAP basis for the quarter was $249 million, down from $275 million in the prior year quarter.
- Home and Building Products (HBP) revenue declined 2% due to unfavorable product mix and increased costs.
- Consumer Professional Products (CPP) revenue decreased 10% from the prior year quarter, primarily due to reduced consumer demand in North America.
Ladies and gentlemen, good morning, and welcome to the Griffon Corporation Fiscal Q3 2024 earnings conference call. (Operator Instructions)
And it is now my pleasure to introduce your host, Brian Harris, Chief Financial Officer. Please go ahead, sir.
Thank you. Good morning. It's my pleasure to welcome everyone to Griffon Corporations, excuse me, good morning. Welcome to BOURBON Corporation's Third Quarter 2020 for our earnings call. Joining me for this morning's call is Ron Kramer, Griffon's Chairman and Chief Executive Officer. Our press release issued earlier this morning and is available on our website at www.griffon.com. Today's call is being recorded and the replay instructions are included in our earnings release. Our comments will include forward-looking statements about difference performance. These statements are subject to risks and uncertainties that can change as the world changes. Please see the
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