Griffon(GFF)2025-02-05 12:48Revenue and Income - Revenue for Q1 2025 totaled $632.4 million, a 2% decrease from $643.2 million in Q1 2024[2] - Net income for Q1 2025 was $70.9 million, or $1.49 per share, compared to $42.2 million, or $0.82 per share, in Q1 2024[3] - Revenue for the three months ended December 31, 2024, was $632,371, down from $643,153 in 2023, a decrease of 1.2%[26] - Net income for the three months ended December 31, 2024, was $70,851, compared to $42,177 in 2023, an increase of 67.6%[26] - For the three months ended December 31, 2024, net income increased to $70.851 million from $42.177 million in the same period of 2023, representing a growth of 67.8%[33] - Earnings per common share rose to $1.49, up from $0.82 in the prior year, marking an increase of 81.7%[33] Adjusted Metrics - Adjusted EBITDA for Q1 2025 was $131.2 million, a 13% increase from $116.4 million in Q1 2024[4] - The adjusted EBITDA for the twelve months ended December 31, 2024, was $554,241, compared to $538,416 in 2023, an increase of 2.9%[21] - Adjusted net income for the same period was $65.873 million, compared to $55.267 million in 2023, reflecting an increase of 19.2%[33] - Adjusted earnings per common share increased to $1.39 from $1.07, a growth of 29.9%[33] Cash Flow and Debt - Free cash flow for Q1 2025 was $143 million, reflecting strong operating performance[5] - Free cash flow (FCF) for the three months ended December 31, 2024, was $142,686, compared to $132,515 in 2023, representing an increase of 7.7%[21] - As of December 31, 2024, total debt outstanding was $1.48 billion, resulting in net debt of $1.32 billion[10] - The net debt to EBITDA leverage ratio improved to 2.4x as of December 31, 2024, down from 2.5x in 2023[21] Segment Performance - Home and Building Products (HBP) revenue for Q1 2025 was $395.4 million, consistent with the prior year quarter[6] - Consumer and Professional Products (CPP) revenue for Q1 2025 was $237.0 million, a 4% decrease compared to Q1 2024, primarily due to an 8% decrease in volume[7] - The Pope acquisition contributed 4% to CPP revenue despite overall volume decline[7] Expenses and Tax - Selling, general and administrative expenses for the three months ended December 31, 2024, were $152,181, slightly down from $152,803 in 2023[24] - The effective tax rate for Q1 2025 was 27.3%, down from 29.9% in Q1 2024[9] - The tax impact of reconciling adjustments from GAAP to non-GAAP net income and EPS was calculated based on the company's tax provision[35] - Discrete and certain other tax provisions primarily relate to the impact of a rate differential between statutory and annual effective tax rates[35] Shareholder Returns - Share repurchases in Q1 2025 totaled 0.6 million shares for $42.3 million, averaging $69.40 per share[11] - The company paid dividends of $0.18 per share in the three months ended December 31, 2024, compared to $0.15 per share in 2023[26] Assets and Cash Position - Cash and equivalents increased to $151,952 as of December 31, 2024, from $110,546 in 2023, an increase of 37.5%[31] - Total assets decreased to $2,325,152 as of December 31, 2024, from $2,370,954 as of September 30, 2024[29] Restructuring Charges - Restructuring charges related to the CPP global sourcing expansion totaled $12.4 million, with $11.6 million included in Cost of goods and services and $0.8 million in SG&A[34]