Griffon Corporation: Initiation Of Coverage – 4 Major Catalysts For Its Growth In 2024 & Beyond! 

This is our first report on Griffon Corporation. The company’s latest earnings for fiscal 2024’s first quarter showcased a company navigating the complexities of market demands, supply chain logistics, and strategic growth initiatives. The company reported a commendable start to the fiscal year, marked by a robust free cash flow of $133 million, underscoring its operational efficiency and financial prudence. Home & Building Products (HBP) segment, a pivotal arm of Griffon’s operations, maintained its revenue and EBITDA levels consistent with the prior year. This stability was achieved through favorable price adjustments, a mix of increased customer orders, and offsetting reduced year-over-year volume, which the company attributed to a significant sectional door backlog in the preceding year. On the other hand, the Consumer and Professional Products (CPP) segment faced a slight downturn with a 2% decrease in revenue, primarily due to a drop in volume driven by diminished customer demand in North America. Despite this, CPP saw an EBITDA improvement of $7 million for the quarter, bolstered by decreased production costs in North America.