WASHINGTON (dpa-AFX) - (Adds Outlook, stock movement, share buyback)
Griffon Corporation (GFF) said it expects fiscal 2025 revenue to be consistent with 2024 at $2.6 billion and adjusted EBITDA in a range of $575 million to $600 million, excluding unallocated costs of $55 million and charges related to strategic review retention costs of approximately $5 million.
'In fiscal 2025, we will continue to use our operating cash flow to support our capital allocation strategy with a focus on opportunistically repurchasing shares, reducing debt, supporting our regular quarterly dividend and investing in our businesses,' said Ronald Kramer, CEO.
The Board of Directors of Griffon has authorized the repurchase of an additional $400 million worth of shares of Griffon common stock. Also, the Board declared a regular quarterly cash dividend of $0.18 per share. The dividend is payable on December 18, 2024 to shareholders of record as of the close of business on November 25, 2024.
Q4 Results:
Fourth quarter net income was $62.5 million, or $1.29 per share, compared to $42.0 million, or $0.79 per share, in the prior year quarter. Adjusted net income was $70.9 million, or $1.47 per share compared to $63.1 million, or $1.19 per share, in the prior year fourth quarter. Analysts on average had expected the company to earn $1.18 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. Revenue for the fourth quarter totaled $659.7 million, up 3% from $641.4 million in the prior year quarter.
Shares of Griffon are up 8% in pre-market trade on Wednesday.
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