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Griffon slips 8% post Q4 results

Nov. 15, 2018 11:33 AM ETGriffon Corporation (GFF) StockGFFBy: Akanksha Bakshi, SA News Editor
  • Griffon (GFF -8.7%) reported Q4 revenue growth of 26.6% Y/Y to $545.51M, with Home and Building products revenue of $444.17M (+54.7% Y/Y) and Defense electronics revenue of $101.33M (-29.5% Y/Y).
  • Home & Building Products revenue breakup: AMES $216.28M (+72.32% Y/Y) and CBP $227.9M (+41.1% Y/Y).
  • Q4 overall gross margin improved by 53 bps to 27.2% and operating margin improved by 327 bps to 1.2%.
  • SG&A expenses increased by 11.9% Y/Y to $109.33M and margin declined by 264 bps to 20%.
  • Total segment Adj. EBITDA increased by 25.7% Y/Y to $67.26M, where Home building & products increased by 40.5% Y/Y and Defense electronics decreased slightly by 0.76% Y/Y.
  • Net cash provided by operating activities - continuing operations YTD was $66.45M, compared to $49.15M a year ago.
  • Company has $70M in cash and total debt outstanding of $1.1B, as of September 30, 2018.
  • FY19 Guidance: Revenue $2.2B a 12% increase; Segment Adj. EBITDA $230M or 8% growth.
  • Previously: Griffon beats by $0.02, misses on revenue (Nov. 14)
  • Previously: Griffon declares $0.0725 dividend (Nov. 14)
  • Transcript

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