Griffon Corp (GFF) Tops Q2 EPS by 55c; cuts guidance

Griffon Corp (NYSE: GFF) reported Q2 EPS of $1.21, $0.55 better than the analyst estimate of $0.66. Revenue for the quarter came in at $711 million versus the consensus estimate of $719.04 million.

GUIDANCE:

Griffon Corp sees FY2023 revenue of $2.7 billion, versus the consensus of $2.9 billion.

Adjusted EBITDA in 2023 is now expected to be at least $525 million (prior $500 million), excluding unallocated costs of $56 million, and charges related to the strategic review process of $22 million (prior $16 million) and AMES’s global sourcing expansion. Increased Adjusted EBITDA expectations reflect strong HBP results partially offset by the reduced CPP volume noted above, and its related impact on manufacturing and overhead absorption.For earnings history and earnings-related data on Griffon Corp (GFF) click here.

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