Griffon backs FY23 revenue view $2.7B, consensus $2.72B

The company said, “We continue to expect 2023 revenue of $2.7 billion. Adjusted EBITDA in 2023 is now expected to be $550 million (prior at least $525 million), excluding unallocated costs of $56 million, and charges related to the strategic review process of $22 million and AMES’s global sourcing expansion. Increased adjusted EBITDA expectations reflect the continuation of strong HBP results partially offset by reduced CPP volume, and its related impact on manufacturing and overhead absorption. We now expect depreciation to be $45 million (prior $50 million) and capital expenditures to be $40 million (prior $50 million). Other guidance remains unchanged for 2023, including free cash flow to exceed net income, amortization of $22 million, interest expense of $103 million, and a normalized tax rate of 29%.”