Griffon Q3 revenue up 2% to $646.8M; net income falls to $0.31 EPS from $0.50

GRIFFON CORP

2021-Q3 EPS reported $1.19 revenue$1,890,915,000

Adjusted net income $22.8M ($0.43 EPS) vs $25.9M ($0.59 EPS) prior year; diluted shares up 8.7M from Aug 2020 issue.
CPP revenue down 1% to $324.8M; HBP up 18% to $259.4M; DE down 25% to $62.6M (ex-divestiture down 18%).
Adjusted EBITDA $64.8M (-7% YoY); management cites raw material, transportation and labor cost headwinds.
DE backlog $375M ($341M a year ago); trailing 12-month book-to-bill 1.1x; $84M in new awards in Q3.
Balance sheet: cash $220.7M, debt $1.06B, net debt $834.9M; leverage 2.9x; $58M remaining in buyback authorization.

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