Griffon Corporation Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 30, 2016; Provides Capital Expenditures and Tax Rate Guidance for the Year 2016
August 03, 2016 at 04:05 pm EDT
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Griffon Corporation announced unaudited consolidated earnings results for the third quarter and nine months ended June 30, 2016. For the quarter, the company reported revenue was $462.200 million against $511.7 million a year ago. Income from operations was $24.6 million against $27.914 million a year ago. Income before income taxes was $11.8 million against $16.7 million a year ago. Net income was $7.6 million against $10.9 million a year ago. Diluted earnings per share were $0.18 against $0.23 a year ago. Adjusted net income was $11.044 million against $10.643 million a year ago. The impact of foreign currency was not material. Adjusted diluted earnings per share were $0.26 against $0.23 a year ago. Adjusted EBITDA was $57.8 million against $55.2 million a year ago. Revenue decreased 10% from the prior year quarter; excluding the unfavorable impact of foreign currency, revenue decreased 9%. Capital expenditures were $17.3 million in the current quarter. The company generated $62.9 million of cash flow from operating activities.
For the nine months, the company reported revenue was $1,456.5 million against $1,513.9 million a year ago. Income from operations was $71.954 million against $72.82 million a year ago. Income before income taxes was $34.95 million against $36.9 million a year ago. Net income was $22.3 million against $23.5 million a year ago. Diluted earnings per share were $0.50 against $0.50 a year ago. Net cash provided by operating activities was $57.6 million against $29.6 million a year ago. Acquisition of property, plant and equipment was $63.25 million against $55.4 million a year ago. Adjusted net income was $25.4 million against $23.730 million a year ago. Adjusted diluted earnings per share were $0.57 against $0.50 a year ago. Adjusted EBITDA was $158.32 million against $148.956 million a year ago.
For the full year 2016, the company continues to expect capital expenditures to be in the range of $90 million to $95 million. The company expects tax rate, excluding any discrete period items and restructuring, to be approximately 37%.
Griffon Corporation is a diversified management and holding company. The Company owns and operates, and seeks to acquire, businesses in multiple industries and geographic markets. The Company's Home and Building Products (HBP) conducts its operations through Clopay Corporation (Clopay). Clopay is a manufacturer and marketer of garage doors and rolling steel doors in North America. Its residential and commercial sectional products are sold under brands including Clopay, Americas Favorite Garage Doors, Holmes Garage Door Company and IDEAL Door. The Companyâs Consumer and Professional Products (CPP) segment is a global provider of branded consumer and professional tools; residential, industrial and commercial fans; home storage and organization products; and products that enhance indoor and outdoor lifestyles. CPP sells products globally through a portfolio of brands including AMES, Hunter, True Temper, and ClosetMaid.
Griffon Corporation Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 30, 2016; Provides Capital Expenditures and Tax Rate Guidance for the Year 2016