Griffon Q3 revenue down 5% to $647.8M; net income falls to $41.1M; reaffirms FY guidance

GRIFFON CORP

2024-Q3 EPS reported $2.94 revenue$1,963,847,000

Revenue $647.8M (-5% YoY); net income $41.1M ($0.84/share) vs $49.2M ($0.90).
Adjusted EBITDA $125.5M (-9% from $138.6M); HBP segment EBITDA fell 12% to $118.5M.
CPP segment EBITDA up 22% to $22.3M on improved production costs; global sourcing on track.
Free cash flow $120M in Q3; debt reduced $80M; repurchased $19M stock; leverage 2.7x.
Reaffirmed FY2024 guidance: revenue $2.65B, Adj EBITDA $555M, free cash flow to exceed net income.

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