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Griffon Corporation (GFF-2.29%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports revenue of $632,371,000, a decrease from $643,153,000 in the same quarter of the previous year. This decline is attributed to a 4% decrease in revenue from the Consumer and Professional Products segment, while the Home and Building Products segment revenue remained stable.
Net income for the quarter was $70,851,000, up from $42,177,000 in the previous year. The increase is partially due to a gain on the sale of real estate and strategic review costs.
The company reported a gross profit of $264,276,000, an increase from $236,641,000 in the previous year. The improvement is attributed to reduced material costs, offset by higher labor and distribution expenses.
Operating cash flow for the quarter was $142,922,000, slightly down from $146,058,000 in the previous year. The decrease is mainly due to changes in working capital.
Griffon Corporation announced a quarterly cash dividend of $0.18 per share, payable on March 18, 2025, to shareholders of record as of February 25, 2025.
The company repurchased 610,172 shares of common stock during the quarter, with $390,348,000 remaining under the Board's authorized repurchase program.
Griffon Corporation continues to focus on its strategic objectives, including maintaining leading market positions and expanding through acquisitions, as evidenced by the recent acquisition of Pope by its subsidiary, The AMES Companies, Inc.
The company is subject to various legal proceedings and environmental regulations, but management believes these will not have a material adverse effect on the company's financial position.
Griffon Corporation's liquidity remains strong, supported by cash flows from operations, cash on hand, and a secured revolving credit facility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Griffon Corporation quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.