Aug. 6 at 11:58 AM
$LINE
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For the quarter ended June 30, Griffon posted adjusted earnings of
$1.50 per share, matching analyst expectations.
Revenue came in at
$613.6 million, below the consensus estimate of
$651.91 million and down 5% from
$647.8 million in the same quarter last year.
The company recorded a net loss of
$120.1 million, or
$2.65 per share, which included a
$217.2 million impairment charge related to Hunter Fan acquisition goodwill and intangible assets.
Despite revenue challenges, adjusted EBITDA increased 7% to
$134.7 million compared to
$125.5 million in the prior year quarter, showing improved operational efficiency.
"Our Home and Building Products' segment continued its strong performance this quarter," said Ronald J. Kramer, Chairman and CEO of Griffon. "For the first nine-months of the year, HBP exceeded our expectations led by an EBITDA margin of 31.4% driven by favorable price and mix."
