Griffon sees FY24 revenue $2.6B, consensus $2.6B

The company said, “We expect Griffon fiscal year 2024 revenue of $2.6 billion and adjusted EBITDA of $525 million, excluding unallocated costs of $54 million, charges related to AMES’s global sourcing expansion of $25 million and strategic review retention costs of $10 million. Free cash flow, including capital expenditures of $70 million, is expected to exceed net income, with depreciation of $41 million and amortization of $22 million. Fiscal year 2024 interest expense is expected to be $103 million, and Griffon’s normalized tax rate is expected to be 28%. We anticipate 2024 HBP segment revenue will decrease by 3% to 5% year-over-year due to softer residential repair and remodeling demand, and comparison to a prior year which included volume from significant residential door backlog, partially offset by residential and commercial market share gains. HBP EBITDA margin for 2024 is expected to continue to be in excess of 30%. CPP 2024 revenue is expected to decrease by 3% to 5% year-over-year due to continued soft consumer demand and elevated customer inventory levels, partially offset by normalized weather. CPP EBITDA margin is expected to see modest improvement as AMES U.S. operations transition to an asset-light operating model.”