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Griffon(GFF) - 2024 Q4 - Annual Results
GFFGriffon(GFF)2024-11-13 12:45

Financial Performance - Fiscal 2024 revenue totaled 2.6billion,a22.6 billion, a 2% decrease from 2.7 billion in the prior year[1] - Fiscal 2024 net income was 209.9million,or209.9 million, or 4.23 per share, compared to 77.6million,or77.6 million, or 1.42 per share, in the prior year[2] - Adjusted EBITDA for fiscal 2024 was 513.6million,a2513.6 million, a 2% increase from 505.3 million in the prior year[3] - Fourth quarter revenue reached 659.7million,a3659.7 million, a 3% increase from 641.4 million in the prior year quarter[4] - Fourth quarter adjusted EBITDA totaled 137.5million,a13137.5 million, a 13% increase from 121.3 million in the prior year quarter[5] - Free cash flow for fiscal 2024 was 326million,supporting326 million, supporting 310 million returned to shareholders through dividends and share repurchases[7] - Fiscal 2025 revenue is expected to remain consistent at 2.6billion,withadjustedEBITDAprojectedbetween2.6 billion, with adjusted EBITDA projected between 575 million and 600million[22]SegmentPerformance−HomeandBuildingProductssegmentrevenuefor2024was600 million[22] Segment Performance - Home and Building Products segment revenue for 2024 was 1.6 billion, consistent with the prior year, while Consumer and Professional Products revenue was 1.0billion,adeclineof61.0 billion, a decline of 6%[9][11] - Home and Building Products segment revenue increased to 406.6 million in Q4 2024 from 394.1millioninQ42023,representinga3.6394.1 million in Q4 2023, representing a 3.6% growth[38] - Consumer and Professional Products segment revenue rose to 253.1 million in Q4 2024, compared to 247.3millioninQ42023,markinga2.9247.3 million in Q4 2023, marking a 2.9% increase[38] Cash Flow and Shareholder Returns - The Board approved a 400 million share buyback authorization and a 20% increase in the quarterly dividend to 0.18pershare[8]−FreeCashFlow(FCF)fortheyearendedSeptember30,2024,was0.18 per share[8] - Free Cash Flow (FCF) for the year ended September 30, 2024, was 326.1 million, down from 389.1millionin2023[40]−Thecompanypaiddividendstotaling389.1 million in 2023[40] - The company paid dividends totaling 35,806 thousand in 2024, a decrease from 133,814thousandin2023,reflectingareductionof73133,814 thousand in 2023, reflecting a reduction of 73%[50] Debt and Leverage - Net debt to EBITDA leverage ratio remained stable at 2.6x for both September 30, 2024, and September 30, 2023[42] - Total gross debt as of September 30, 2024, was 1.54 billion, an increase from 1.49billionin2023[42]−Totaldebtextinguishmentfortheyearwas1.49 billion in 2023[42] - Total debt extinguishment for the year was 1,700 thousand, up from 437thousandin2023,showingasignificantincreaseindebtmanagementefforts[50]ProfitabilityMetrics−GrossprofitforQ42024was437 thousand in 2023, showing a significant increase in debt management efforts[50] Profitability Metrics - Gross profit for Q4 2024 was 263.5 million, representing 39.9% of revenue, compared to 38.3% in Q4 2023[43] - Net income for Q4 2024 was 62.5million,comparedto62.5 million, compared to 42.0 million in Q4 2023, representing a 48.5% increase[47] - Basic earnings per share rose to 1.34,upfrom1.34, up from 0.83 in the same quarter last year[47] - Retained earnings grew significantly to 461.4million,upfrom461.4 million, up from 281.5 million in the prior year, reflecting a 64.0% increase[49] - Adjusted net income for the quarter ended September 30, 2024, was 70,944thousand,comparedto70,944 thousand, compared to 63,060 thousand in the same quarter of 2023, reflecting an increase of 14.5%[53] - Earnings per common share for the year ended September 30, 2024, was 4.23,upfrom4.23, up from 1.42 in 2023, indicating a growth of 197%[53] Operating Expenses and Efficiency - Selling, general and administrative expenses for Q4 2024 were 151.8million,or23.0151.8 million, or 23.0% of revenue, down from 24.5% in Q4 2023[45] - Operating expenses decreased to 151.8 million from 166.5millionyear−over−year,areductionof8.8166.5 million year-over-year, a reduction of 8.8%[47] - The company incurred restructuring charges of 41,309 thousand for the year ended September 30, 2024, compared to 92,468thousandin2023,indicatingareductionof55.492,468 thousand in 2023, indicating a reduction of 55.4%[53] Asset Management - Total current assets decreased to 929.5 million from 980.6millionyear−over−year,adeclineof5.2980.6 million year-over-year, a decline of 5.2%[49] - Total liabilities increased slightly to 2.15 billion from 2.10billioninthepreviousyear[49]−Cashandequivalentsincreasedto2.10 billion in the previous year[49] - Cash and equivalents increased to 114.4 million from 102.9million,markinga11.5102.9 million, marking a 11.5% rise[49] - Cash flows from operating activities for the year ended September 30, 2024, totaled 380,042 thousand, down from 431,765thousandin2023,adecreaseof11.9431,765 thousand in 2023, a decrease of 11.9%[50] - The company reported a net cash used in investing activities of 64,999 thousand for the year ended September 30, 2024, compared to 45,211thousandin2023,anincreaseof43.545,211 thousand in 2023, an increase of 43.5%[50] - The company experienced a decrease in accounts receivable by 4,243 thousand for the year ended September 30, 2024, compared to a decrease of 51,119thousandin2023[50]−Cashandequivalentsattheendoftheperiodincreasedto51,119 thousand in 2023[50] - Cash and equivalents at the end of the period increased to 114,438 thousand in 2024 from $102,889 thousand in 2023, marking a rise of 11.5%[50]