Griffon Q4 Adj. Profit From Cont. Ops. Rises; Revenue Up 24%

Griffon Corp. (GFF) reported fourth quarter adjusted income from continuing operations of $59.7 million, or $1.09 per share compared to $17.7 million, or $0.33 per share, prior year. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.78, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA from continuing operations was $125 million, increasing 135% from the prior year quarter of $53 million.

Loss from continuing operations in the fourth quarter was $415.4 million, or $7.97 per share, compared to income from continuing operations of $12.6 million, or $0.24 per share, prior year. The results included non-cash impairment charge of $454.8 million, net of tax, or $8.31 per share, related to goodwill and indefinite lived intangible assets in CPP segment.

Revenue was $709 million, increasing 24% from $570 million in the prior year. Analysts on average had estimated $708.66 million in revenue.

The company expects 2023 revenue of $2.95 billion and adjusted EBITDA of at least $500 million excluding items.

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