Q2 2025 Griffon Corp Earnings Call
Second word.
Good morning, ladies and gentlemen, and thank you for standing by.
Welcome to the Griffon Corporation.
Fiscal second quarter 2025 earnings conference call at this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation.
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Please note this conference is being recorded.
Speaker Change: I'll now turn the conference over to your host Brian Harris CFO for Griffon Corporation. Thank you you may begin.
Speaker Change: Thank you good morning, and welcome to Griffon Corporation's second quarter fiscal 2025 earnings call.
Speaker Change: Joining me for this morning's call is Ron Kramer, Griffiths, Chairman and Chief Executive Officer.
Speaker Change: Our press release was issued earlier this morning and is available on our website at Www Dot question Dot com.
Speaker Change: Today's call is being recorded and a replay instructions are included in our earnings release.
Speaker Change: Our comments will include forward looking statements about bookings performance. These statements are subject to risks and uncertainties that can change as the world changes. Please see the cautionary statements in today's press release and in our SEC filings.
Speaker Change: Finally, it's under today's remarks will adjust for items that affect comparability between periods.
Rob: Items are explained in our non-GAAP reconciliations included in our press release with that I'll turn the call over to Rob.
Rob: Thanks, Brian Good morning, everyone and thanks for joining us we're at the halfway point of our fiscal year and I am pleased to report that both of our segments performed within our expectations, our home and building products segment H B P is maintaining a better than 30% EBITDA margin through the first half.
Rob: Driven by steady residential performance and favorable mix.
Rob: As we expected we saw a year over year reduction in revenue in the quarter as our doors business returned to a seasonal cycle that is more aligned with historical pre pandemic norms.
Rob: <unk> continues to assert itself as the leading garage door provider with a differentiated set of innovative product offerings that separate us from the competition.
Speaker Change: Hello pay was recognized as the best of ideas across the entire building products industry at the February 2025, NIH be international Builders' show for its groundbreaking Virtus stack, a bumpy garage door Divertive stack door utilizes a unique patented design featuring glass panels.
Speaker Change: That stack compactly above the door opening this design eliminates the need for overhead tracks, creating a sleek aesthetic, which maximizes available space and light. We've received strong interest in Virtu stack and we expect this product will revolutionize how doors are incorporated into both commercial and residential.
Speaker Change: Projects. This is the first in what we believe is a long pipeline of future innovations that will continue to keep quote pay as the leader in both residential and commercial doors, let's shift to the consumer and professional products segment CPP.
Speaker Change: It continued to improve its EBITDA performance on a year over year basis. This is driven in large part by the transition of our U S operations to an asset light business model, which has increased our flexibility and reduced our operating costs through leveraging our global sourcing capabilities. We also had solid performer.
Speaker Change: That's in Australia, including from the contribution of the Pope acquisition, which has performed well as a part of our Ames portfolio.
Speaker Change: I know that all of you on the call are focused on the potential effects of changes in the U S trade policy, especially given the uncertain economic operating conditions and we'd like you to know how we see these factors affecting griffin through the rest of the year.
Speaker Change: Given that our performance is on track, we're maintaining our financial guidance for fiscal 'twenty 25, it's important to keep in mind that approximately 85% of Griffin's total segment EBITDA is generated by our home and building products business H B P manufacturers its products domestically.
Speaker Change: And sells over 95% of those products within the United States. Despite H P. Pes U S concentration in today's world No business is completely insulated from changes in trade policy. However, we're confident that we were able to manage any increased cost through pricing actions and cost reduction efforts.
Speaker Change: C. P. P. Currently represents approximately 15% of Griffin's total segment EBITDA.
Speaker Change: Porting to note that only a portion of CPP is impacted by the recent changes in U S. China related tariff policies, we have substantial operations outside of the United States, and Australia, Canada, and the United Kingdom, even within the U S. Not all of our products will be materially affected.
Speaker Change: By tariffs because of where those products are sourced we expect CPP to mitigate the inflationary effects of trade policy and other headwinds during the remainder of the fiscal year through supplier negotiations cost management, leveraging existing inventory and when necessary taking price at.
Speaker Change: <unk> <unk>.
Speaker Change: Turning now to capital allocation.
Speaker Change: During the second quarter, we repurchased 31 million of stock or 420000 shares at an average of $72.64 per share at March 31, 360 million remained under the repurchase authorization. We continue to believe our stock is a compelling value.
Speaker Change: Since April 2023, and through March we have repurchased $498 million of stock or $9 9 million shares at an average price of $50 nine.
Speaker Change: These repurchases have reduced griffin's outstanding shares by 17, 4% relative to the total shares outstanding at the end of the second quarter of fiscal 2023.
Speaker Change: Yesterday, the Griffin board authorized a regular quarterly dividend of <unk> 18 per share payable on June 18th to shareholders of record on May 30 <unk>.
Speaker Change: <unk>, the 55th consecutive quarterly dividend to shareholders. Our dividend has grown at an annualized compounded rate of more than 18% since we initiated dividends in 2012. These actions reflect the strength and resiliency of our businesses as well as our continued confidence in our strategic plan.
Speaker Change: And outlook I'll turn it over to Brian to go through some of the financial details.
Speaker Change: John.
Speaker Change: Second quarter revenue of $612 million decreased 9% and adjusted EBITDA before unallocated amounts of $133 million decreased 11% both in comparison to the prior year quarter EBIT.
Speaker Change: Margin before unallocated amounts was 21, 8% a decrease of 40 basis points.
Speaker Change: Gross profit on a GAAP basis for the quarter was $252 million compared to 271 million in the prior year quarter, excluding items that affect comparability from the prior year period gross profit was $252 million in the current quarter compared to 272 million in the prior year normalized growth gross profit increased year over year by 88.
Speaker Change: 80 basis points to 41, 2%.
Speaker Change: Second quarter, GAAP, selling general and administrative expenses were $151 million compared to 157 million for the prior year.
Speaker Change: Excluding adjusting items from both periods SG&A expenses were $150 million or 24, 5% of revenue compared to the prior year of $153 million or 22, 8% of revenue.
Speaker Change: Second quarter GAAP net income was $57 million or $1 21 per share compared to $64 million in the prior year quarter of $1 28 per share exclude.
Speaker Change: Excluding items that affect comparability from both periods current quarter adjusted net income was $58 million or $1 23 per share compared to the prior year of $68 million or $1 35 per share.
Speaker Change: Corporate and unallocated expenses, excluding depreciation in the quarter were approximately $15 million consistent with the prior year.
Speaker Change: Free cash flow during the quarter was $3 million compared to $21 million in the prior year during the quarter net capital expenditures were $13 million compared with $18 million for the prior year.
Speaker Change: Regarding our segment performance as we expected revenue for homebuilding products exhibited a seasonal decline in residential volume in the second quarter similar to what we typically experienced during our second quarters prior to the pandemic.
Speaker Change: Revenue in the quarter of $368 million decrease from the prior year by 6% driven by decreased volume at 7%, which was partially offset by 1% improvement from mix.
Speaker Change: Recall that last year HP did not see the same seasonal behavior, because it benefits from certain factors, including favorable weather, which resulted in unusually strong activity.
Speaker Change: Adjusted EBITDA for <unk> of $109 million decreased by 15% compared to the prior year quarter. The main drivers were decreased revenue and the related impact of that reduced revenue on overhead absorption.
Speaker Change: Also incurred increased labor and distribution costs, which were partially offset by reduced material.
Speaker Change: Consumer and professional products revenue decreased 13% from the prior year quarter to $243 million due to decreased volume of 13% driven by reduced consumer demand in North America, and the United Kingdom, partially offset by increased organic volume in Australia.
Speaker Change: The Pope acquisition contributed 2% to volume in Australia foreign currency exchange was unfavorable by 2% for the quarter.
Speaker Change: CGP adjusted EBITDA increased by 18% from the prior year quarter to $24 million, primarily due to the positive effects from our global sourcing expansion initiatives and increased volume and improved margin in Australia.
Speaker Change: This was partially offset by the unfavorable impact of reduced North American and U K volume.
Speaker Change: Foreign currency exchange had a 1% unfavorable impact.
Speaker Change: Regarding our balance sheet and liquidity as of March 31, 2025, we had net debt of $1 4 billion and net debt to EBITDA leverage of two six times as calculated based on our debt covenants compared to two eight times leverage at the end of last year's second quarter.
Speaker Change: <unk> comprised primarily of CPP fan and lawn and garden products for.
Speaker Change: For the remainder of the fiscal year, we expect <unk> will be able to mitigate the impacts of all tariffs through supplier negotiations cost management, leveraging existing inventory and when necessary taking price actions.
Ralph: Now I will turn the call back over to Ralph.
Ralph: Thanks, Brian.
Speaker Change: Fiscal 2025 remains on track with continued solid operating performance at <unk> and continued improved profitability at CPP as.
Speaker Change: As we stated before most of our EBITDA and free cash flow is generated by Griffin businesses that are either unaffected or only modestly impacted by current talent tariff policy.
Speaker Change: For the balance of our business, we expect to be able to mitigate the impact of current tariff policy through supplier negotiations cost management, leveraging existing inventory and when necessary taking pricing actions with respect to our capital allocation, we remain committed to using the strong operating performance.
Speaker Change: And free cash flow of our businesses to drive our capital allocation strategy that delivers long term value for our shareholders. This portion of our strategy includes investing in our businesses opportunistic repurchasing shares and reducing debt.
Speaker Change: Finally, I'd like to express my appreciation to our Gryphon team around the world, whose dedication and perseverance has driven our operational and financial success there.
Speaker Change: <unk> ability to remain focused on.
Speaker Change: On executing our strategy, while competing in such a dynamic environment is unparalleled I see opportunity in our future and I'm looking forward to working with our team to build on these accomplishments operator, we're ready for any questions.
Speaker Change: Thank you at this time, we will be conducting a question and answer session.
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Speaker Change: We ask that you limit your questions to one with one follow up.
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Speaker Change: For participants using speaker equipment may be necessary to pick up your handset before pressing the star keys.
Trey Grooms: Our first question is from Trey grooms.
Speaker Change: With Stephens.
Trey Grooms: Hey, good morning, everyone.
Trey Grooms: Good morning.
Speaker Change: So just wanted to make sure I heard the last comment correctly Ron.
Trey Grooms: I've gotten down here that you mentioned $325 million of CPP revenue is.
Speaker Change: Kind of exposed to China, or Chinese tariffs did I get that number right.
Speaker Change: Yes that is correct just so we're clear that's an annualized $325 million right right right. Okay. Good.
Speaker Change: Just from my land, that's a much smaller number than than I would've expected.
Speaker Change: So I guess kind of looking at it.
Speaker Change: <unk> does.
Speaker Change: Reiterate the guide for the full year.
Speaker Change: Clearly.
Speaker Change: Shows the confidence there.
Speaker Change: Despite the challenging operating environment and the tariffs and such.
Speaker Change: If we as we kind of look longer term with that backdrop of.
Speaker Change: Further tariff impacts.
Speaker Change: Forward and maybe more.
Speaker Change: More of that impact on an annual basis next year.
Speaker Change: Is it still reasonable to think that the longer term kind of.
Speaker Change: 15% adjusted EBITDA margin target is still on the table for CPP.
Speaker Change: Yes.
Speaker Change: There is no question that it's on the table.
Speaker Change: Issue is going to be.
Speaker Change: The timing of what happens to the U S economy in the future, but I think you have to separate out that there is still a very strong U S economy is going through a transition period as part of a purposeful negotiation.
Speaker Change: To accomplish two things increased prosperity and increased security.
Speaker Change: Let's let's.
Speaker Change: Remember, we built the business over a very long period of time, our <unk> business and we really want to come back to this 85% of our EBITDA.
Speaker Change: It comes from a business that is largely unaffected by tariffs the housing market in the United States.
Speaker Change: Still as many millions short in new construction and that will come in and the goal of increased prosperity comes as a result of the economic policies that are currently under negotiation.
Speaker Change: Our CPP segment.
Speaker Change: At 1 billion.
Speaker Change: Revenue our target for that business is to get it to a 15% margin. We went to our global sourcing model. We continue to believe that the asset light business model for the U S gives us flexibility to move manufacturing to wherever the best.
Speaker Change: <unk> proposition for price for our customers, we have the leading brands, we have design and logistic capability. So yes, 15% for CPP and we have a gem of a business in <unk>, that's a 30% margin that is getting.
Speaker Change: Miss valued based on the combination with the consumer products business, where people are doubtful of what the impact of tariffs is going to be and what the long term margins for this business has gone away.
Speaker Change: Right.
Speaker Change: Thank you.
Speaker Change: Our next question comes from Colin Darrin with Deutsche Bank.
Speaker Change: Yes.
Colin Darrin: Hey, good morning, Thank you for taking my questions here.
Speaker Change: Want to dig a little bit more into the tariff impacts.
Speaker Change: I understand you fully expect to mitigate the impact in fiscal year 'twenty five.
Speaker Change: Any help me quantifying what the current incremental tariff cost would look like mitigated just on an annual basis as we move beyond fiscal year 2005, I guess I'm just trying to get a sense of what this could look like.
Speaker Change: What kind of cost actions you need to take.
Speaker Change: As we move past some of the inventory that you have pre tariff inventory you have on your balance sheet I think it's really premature to talk about.
Speaker Change: <unk> 2006, when we're still in the middle of 'twenty five the bottom line to this is very clear that we're not going to sit still as a result of tariffs and not mitigate whatever increase is going to happen.
Speaker Change: In pricing and we have multiple levers of management to be able to deal with whatever the impact of.
Speaker Change: The final tariff policy turns out to be so speculating about what 2006 is going to look like is really not appropriate.
Speaker Change: Understood and I guess, just maybe digging into the strategy here.
Speaker Change: And how it might differ between the fan business and maybe the long handled tool business.
Speaker Change: Just given sort of the supply chain current supply chain any color as to just what the.
Speaker Change: Any differences in this strategy for mitigating the tariffs would be sure. So we began our supply chain for the.
Speaker Change: U S expansion and global supply chain approximately two years ago when completed at the end of last fiscal year that was mostly focused on the lawn and garden tool business.
Speaker Change: With that complete we are now sort of in the second phase, where we are now leveraging the full global supply chain, where we originally went through the suppliers we already knew.
Speaker Change: We expect to have that mitigated by the end of the fiscal year. So as we enter next fiscal year, we will have a diversified supply chain away from China from a tower standpoint, sorry mitigate to clarify.
Speaker Change: On the fan business, we knew since we bought that business, we've always been looking for or considering alternatives, where we supply because the majority of that is supplied from China and we expect to have alternate supply in place by the end of the calendar year.
Speaker Change: Really accelerating plans that we began several years ago.
Speaker Change: Thank you for your question.
Speaker Change: Our next question comes from Bob <unk> with CJS Securities.
Speaker Change: Hey, its lead you go to for Bob This morning.
Speaker Change: Good morning.
Speaker Change: Good morning, so starting with the CPP business. Ron can you just talk about your market position in your various product lines in that.
Speaker Change: Segment, and your ability to use price as a lever and then just as the follow up are there products in that portfolio that can benefit from price increases on a trade down.
Speaker Change: Yes, so as far as price.
Speaker Change: We and our retail partners are insensitive are sensitive to the impact of price on the consumer.
Speaker Change: We do play generally in the high end of tools, but still the consumers and professionals are sensitive.
Speaker Change: So we are working on plans to mitigate.
Speaker Change: Significant tariff related price increases by pivoting, our supply chain away from China as I mentioned.
Speaker Change: Negotiating with our existing non China suppliers other cost actions that will allow us to continue to provide our customers with high quality affordable branded products.
Speaker Change: With that in mind, the current environment actually presents an opportunity.
Speaker Change: For us to work with our customers to help them transition through this.
Speaker Change: Uncertain tariff environment, because of our ability to transition our supply chain.
Speaker Change: Two lower cost.
Speaker Change: And then just.
Speaker Change: On the fans business, specifically I know youre, saying Youre your plan to diversify some of that supply out of China.
Speaker Change: So at this point I.
Speaker Change: I'm, assuming most of the mass market fans are made in China, and then shipped to the US So are are you aware of if theres any other competitors trying we're looking to do the same thing that you are.
Speaker Change: Yes, im not necessarily directly aware, but I assume they are.
Speaker Change: But to your point, it's not just <unk>.
Speaker Change: Concentrated from our understanding of this industry.
Speaker Change: All of the fans that are sold in the United States.
Speaker Change: Ours being sourced out of the same area in China, and our diversification is with our existing supply partner, who is looking to move factories outside for competitive and for cost reasons priority.
Speaker Change: Gross so.
Speaker Change: So our ability to navigate the global supply chain is part of the asset light model and it's part of the underlying confidence in the long term, 15% target for the business, we are already at or above that level in the sand business we have.
Speaker Change: A very profitable business in Australia, and Canada. The core of our historical margin problem was in the U S, which is why we went to an asset light model.
Speaker Change: Years ago, and when you are starting to enjoy the benefit of it we'll navigate through this and that's just one more challenge.
Speaker Change: The business that we have been repositioning as we've now gone through financial crisis to pandemic to now tariff.
Speaker Change: Negotiation, it's just part of the course of running the company and positioning it for future growth.
Speaker Change: Thank you. Our next question is from Tim <unk> with Baird.
Speaker Change: Hey, guys.
Speaker Change: Morning, Thanks for all the details.
Speaker Change: Maybe just on HCP.
Speaker Change: I think the business I think I think copay, maybe it's all of the industry had put through some price in March and April I think it was something like a mid single digit type of price increase.
Speaker Change: When do you see those I think it's and it's also been kind of the first one we've seen in a couple of years. When we think about that type of price increase what would you guys normally see as like an effective realization within that business yes.
Speaker Change: Yes, we generally see good.
Speaker Change: Realization on our price increases we have a position in the market, where we provide not only product, but a complete package of service.
Speaker Change: To our customers and.
Speaker Change: Generally realize good activity from the price increase.
Speaker Change: Okay and did you see your competitors to do the same thing.
Speaker Change: Yes, we did.
Speaker Change: Okay.
Speaker Change: And then I guess, just secondly on HCP.
Speaker Change: We did see kind of that return to seasonality that you kind of spoke about.
Speaker Change: In the fiscal second quarter can you just remind us what the seasonality should now kind of look like in the back half of the year.
Speaker Change: So as we kind of think about revenue and EBITDA. So we can kind of get back to growth and EBITDA margin expansion really in the back half in HBC sure. So in general Q4, and Q1 are our strongest quarters on the residential side of the business.
Speaker Change: Q2 is generally the seasonally lowest quarter and from Q1 to Q2, you would see a 10% to 15% reduction in volume and then Q3.
Speaker Change: Starts to trend upward.
Speaker Change: From Q2, so where we sit now we are expecting.
Speaker Change: Even compared to our original guidance better volume than we originally anticipated.
Speaker Change: And.
Speaker Change: That likely will offset what could be some pressure from the continued.
Speaker Change: Slow U S consumer from the CTV side of it.
Operator: Thank you. Our next question is from Julio Romero with Sidoti <unk> Company.
Speaker Change: Okay.
Speaker Change: Well good morning, this is Justin on for Julio.
Speaker Change: Good morning, maybe starting off maybe starting on free cash flow. How do you expect the cadence of free cash flow to progress over the remaining quarters of the year.
Speaker Change: And secondly is the full year free cash flow outlook, primarily a function of net income growth.
Speaker Change: Yes, we do generally expect free cash flow to be greater than net income.
Speaker Change: We've had a good start to the year on free cash flow and we expect the second half as usual to be.
Good free cash flow generating period.
Speaker Change: Great. Thanks, and then can you provide more detail on the CPP demand.
Speaker Change: Friends by geography, specifically, what Youre seeing in North America, the UK and Australia.
Speaker Change: Sure.
Speaker Change: North America, we're seeing continued weakness from the consumer and in demand for our CPP products generally.
UK is similar continued weak demand.
Speaker Change: And in Australia.
Speaker Change: Demand has been good both on an organic basis and we're seeing good take on the pulp acquisition product.
Speaker Change: Thank you.
Speaker Change: As a reminder to ask a question. Please press star one our next question is from Jeff Stevenson with loop capital markets.
Speaker Change: Good morning, Jeff.
Jeff Stevenson: Hi, Thanks for taking my questions today.
Jeff Stevenson: Were you able to build inventories ahead of deliberation for products such as fans wheelbarrows shovels produced in China, and then correct me if I'm wrong, but last time, we had.
Jeff Stevenson: Chinese tariffs residential plans were exempted.
Jeff Stevenson: Been any movement on potential exemptions from administration in areas such as fans that are predominantly manufactured in China.
Jeff Stevenson: Sure Yeah. So.
Jeff Stevenson: We will be leveraging inventory to help us manage through tariffs through the balance of this year and as we mentioned, we expect to have the lawn and garden supply chain.
Jeff Stevenson: Substantially diversified as we enter fiscal 'twenty six and fans.
Jeff Stevenson: By the end of the calendar year.
Jeff Stevenson: From an exemption standpoint, we certainly will make our case, but we have not heard any intention detailed study.
Speaker Change: Great. Thanks for that Brian and then residential garage stores, obviously you guys.
Jeff Stevenson: Primarily I mean, our mid and higher end.
Speaker Change: Market, which has remained strong.
Speaker Change: That said is there any concern that if tariffs resolved and softening consumer sentiment there could be some deceleration in the higher end market or do you believe that market is going to remain resilient.
Speaker Change: Throughout this period of uncertainty.
Speaker Change: Yes, so for what we see.
Speaker Change: Through March and really through April <unk>.
Speaker Change: Demand has remained healthy and we expect it to be ahead of last year's second half.
Speaker Change: The high end consumer has remained resilient and we have continued to bring products to the marketplace that consumers.
Speaker Change: Have wanted.
Speaker Change: And from a people are staying in their homes and they are doing projects in their homes and from a renovation standpoint garage door is relatively inexpensive.
Speaker Change: And has a great ROI give or take.
Speaker Change: 200, 200% return every dollar and you get $2 out from value of your home.
Speaker Change: And that volume.
Speaker Change: We expect to see that volume continue.
Speaker Change: And I'll just add that we continue to believe that copay is the market leader that we are gaining market share and Thats. A result of both the strength of our product offering.
Speaker Change: Ability to deliver on a timely basis.
Speaker Change: <unk> of the product that we.
Speaker Change: Manufacturer and the service.
Speaker Change: We are able to provide and the housing markets in the United States.
Speaker Change: Still.
Speaker Change: Waiting for lower interest rates to increase volume and volume of transactions will create incremental <unk>.
Speaker Change: Activity for.
Speaker Change: Repair and remodel.
Speaker Change: The new home construction.
Speaker Change: That will happen at some point in this next cycle is going to benefit us.
Speaker Change: We're positioned to continue to innovate and bring new products and to go in to compete for business.
Speaker Change: And co pay is.
Speaker Change: An extraordinary success story over a long period of time, and we think it's positioned for even further growth in the future.
Speaker Change: Ladies and gentlemen, we have reached the end of the question and answer session and I would like to turn the call back to Ron Kramer for closing remarks.
Speaker Change: We'll be working hard to deliver continued results and see you in August bye bye.
Speaker Change: Thank you. This concludes today's conference you may now disconnect your lines.
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