ROUNDUP: Griffon publishes its outlook for fiscal year 25

WASHINGTON (dpa-AFX) – (Adds outlook, stock movement, stock buyback)

Griffon Corporation (GFF) said it expects fiscal 2025 revenue to be consistent with 2024 revenue at $2.6 billion and adjusted EBITDA to be in the range of 575 million to $600 million, excluding unallocated costs of $55 million and strategic review retention cost charges of approximately $5 million dollars. .

“In fiscal 2025, we will continue to use our operating cash flow to support our capital allocation strategy by focusing on opportunistically repurchasing shares, reducing debt, supporting our regular quarterly dividend and investment in our business,” said Ronald Kramer, CEO.

Griffon’s board of directors has authorized the repurchase of Griffon common stock worth an additional $400 million. Additionally, the board declared a regular quarterly cash dividend of $0.18 per share. The dividend is payable on December 18, 2024 to shareholders of record at the close of business on November 25, 2024.

Fourth quarter results:

Net income for the fourth quarter was $62.5 million, or $1.29 per share, compared to $42.0 million, or $0.79 per share, in the prior-year quarter. Adjusted net income was $70.9 million, or $1.47 per share, compared to $63.1 million, or $1.19 per share, in the fourth quarter last year. Analysts on average expected a profit of $1.18 per share, according to figures compiled by Thomson Reuters. Analyst estimates generally exclude special items. Revenue for the fourth quarter totaled $659.7 million, up 3% from $641.4 million in the year-ago quarter.

Griffon shares rose 8% in premarket trading Wednesday.

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