Griffon reports Q2 EPS $1.35, consensus 84c
The Fly

Griffon reports Q2 EPS $1.35, consensus 84c

Reports Q revenue $673M, consensus $629.980M .”Griffon’s excellent second quarter performance exceeded our expectations due to the strength of residential volume in our Home and Building Products segment,” said Ronald J. Kramer, Chairman and Chief Executive Officer. “Our Consumer and Professional Products segment’s performance continues to reflect improved profitability with the completion of the previously announced U.S. facility closures,” continued Mr. Kramer. “We remain confident in our long term target of 15% segment EBITDA margin for CPP.” “Given our robust year-to-date performance, and our expectations for the second half, we are raising full-year segment EBITDA guidance to $555 million from $525 million,” Mr. Kramer said. “Regarding capital allocation, during the fiscal second quarter, we repurchased more than 1.8 million shares at an average price of $65.09 per share. These actions demonstrate the confidence Griffon’s Board and management have in our strategic plan and outlook, and our continued commitment to delivering value to our shareholders.”

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