Griffon (GFF) Q1 FY2024 earnings: revenue $643 million, down 1.0% on the year

Griffon Corp. (GFF) reported revenue of $643 million for Q1 FY2024, the quarter ended 31 December 2023, down 1.0% on the same quarter a year earlier. Net income was $42 million, down 13.4% on the year, and diluted earnings per share $0.82. The figures are the company's own, from the 10-Q it filed with the SEC on 7 February 2024.

Revenue$643 milliondown 1.0%

Net income$42 milliondown 13.4%

Diluted EPS$0.82

QuarterQ1 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	643	641	n/a	n/a
Cost of revenue	407	396	n/a	n/a
Gross profit	237	246	n/a	n/a
Gross margin	36.8%	38.3%	n/a
Selling, general and administrative	153	157	n/a	n/a
Operating income	83.8	79.4	n/a	n/a
Operating margin	13.0%	12.4%	n/a
Interest expense	25.3	26.3	n/a	n/a
Pre-tax income	60.1	56.4	n/a	n/a
Income tax	18.0	14.4	n/a	n/a
Effective tax rate	29.9%	25.6%	n/a
Net income	42.2	42.0	n/a	n/a
Net margin	6.6%	6.5%	n/a
Diluted EPS	$0.82	$0.79	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Capital expenditure	14.3	43.4	n/a	n/a
Cash from investing	-13.5	n/a	n/a	n/a
Cash from financing	-124	-138	n/a	n/a
Depreciation and amortisation	9.3	10.0	n/a	n/a
Share-based compensation	6.4	12.5	n/a	n/a
Buybacks	81.4	65.6	n/a	n/a
Dividends paid	10.0	6.4	n/a	n/a
Dividend per share	$0.15	n/a	n/a	n/a
Diluted shares, weighted	51m	55m	n/a	n/a
Shares outstanding at period end	51m	53m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	285	315	n/a	n/a
Debt	1,440	1,470	n/a	n/a
Operating lease liabilities	152	147	n/a	n/a
Finance lease liabilities	0.2	0.2	n/a	n/a
Other liabilities	516	487	n/a	n/a
Total liabilities and equity	2,393	2,419	n/a	n/a
Goodwill	328	328	n/a	n/a
Intangible assets	632	635	n/a	n/a
Cash and equivalents	111	103	n/a	n/a
Receivables	300	312	n/a	n/a
Inventory	479	507	n/a	n/a
Other assets	545	533	n/a	n/a
Total assets	2,393	2,419	n/a	n/a

Questions

What was Griffon's revenue in Q1 FY2024?

Griffon (GFF) reported revenue of $643 million for Q1 FY2024, the quarter ended 31 December 2023, down 1.0% on the same quarter a year earlier.

How much did Griffon earn in Q1 FY2024?

Net income for Q1 FY2024 was $42 million, down 13.4% on the year, and diluted earnings per share $0.82.

When did Griffon report Q1 FY2024 results?

Griffon filed its 10-Q for the quarter ended 31 December 2023 with the SEC on 7 February 2024.

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	641	643	673	648	660	632	612	614	662	649	422	481
Cost of revenue	396	407	402	399	396	368	360	348	386	382	230	255
Gross profit	246	237	271	249	263	264	252	265	276	267	192	226
Gross margin	38%	37%	40%	38%	40%	42%	41%	43%	42%	41%	46%	47%
SG&A	157	153	157	160	152	152	151	148	157	153	105	111
Operating income	79.4	83.8	113	89.3	112	112	101	-126	119	113	87.3	116
Operating margin	12%	13%	17%	14%	17%	18%	17%	-21%	18%	17%	21%	24%
Interest expense	26.3	25.3	26.1	27.0	25.6	24.9	23.9	24.1	23.1	22.1	21.1	21.1
Pre-tax income	56.4	60.1	88.6	61.0	86.9	97.4	78.6	-149	101	90.0	65.0	92.0
Tax rate	26%	30%	28%	33%	28%	27%	28%	n/a	57%	28%	28%	28%
Net income	42.0	42.2	64.1	41.1	62.5	70.9	56.8	-120	43.6	64.4	19.3	51.6
Net margin	7%	7%	10%	6%	9%	11%	9%	-20%	7%	10%	5%	11%
Diluted EPS	$0.79	$0.82	$1.28	$0.84	$1.29	$1.49	$1.21	-$2.65	$0.95	$1.41	$0.42	$1.14
Capital expenditure	43.4	14.3	19.0	14.6	20.6	17.5	13.7	8.7	12.6	7.7	10.0	6.1
Buybacks	65.6	81.4	141	19.1	68.4	49.1	72.4	40.3	21.6	30.3	34.2	54.6
Dividends paid	6.4	10.0	11.7	7.1	7.0	9.0	14.4	8.2	8.1	11.2	10.0	9.7
Shares outstanding	53m	51m	50m	49m	48m	48m	47m	47m	46m	47m	46m	45m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 7 February 2024, accession 0000050725-24-000010: the filing on EDGAR. All of Griffon Corp.'s filings: EDGAR company page.

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