Griffon Corp. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Griffon Corp. filed its Q1 2024 10-Q report, detailing financial performance and business operations.</b>

AI Summary

GRIFFON CORP (GFF) filed a Quarterly Report (10-Q) with the SEC on February 7, 2024. Griffon Corp. filed a 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 30th. Griffon Corp. is incorporated in Delaware. The company's primary business is Metal Doors, Sash, Frames, Molding & Trim.

Why It Matters

For investors and stakeholders tracking GRIFFON CORP, this filing contains several important signals. This 10-Q filing provides investors with an updated view of Griffon Corp.'s financial health and operational performance for the most recent quarter. Understanding the details within this report is crucial for assessing the company's current standing and future prospects in the manufacturing sector.

Risk Assessment

Risk Level: medium — GRIFFON CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate significant positive or negative events beyond normal business operations.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Griffon Corp.'s performance drivers and any emerging trends.

Key Numbers

• 20231231 — Period End Date (Conformed Period of Report)
• 20240207 — Filing Date (Filed as of Date)
• 0930 — Fiscal Year End (Fiscal Year End)
• 3442 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• GRIFFON CORP (company) — Filer
• 20231231 (date) — Conformed Period of Report
• 20240207 (date) — Filed as of Date
• 0000050725 (company) — Central Index Key
• 3442 (industry_code) — Standard Industrial Classification
• DE (state) — State of Incorporation
• 2129575000 (phone) — Business Phone
• INSTRUMENT SYSTEMS CORP /DE/ (company) — Former Company

FAQ

Industry Context

Griffon Corp. operates in the manufacturing sector, specifically within the Metal Doors, Sash, Frames, Molding & Trim industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity.
2. Review the income statement for revenue trends and profitability.
3. Examine the cash flow statement for insights into operational, investing, and financing activities.

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-02-07: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 10-K annual report.

Key Financial Figures

• $0.25 — ange on which registered Common Stock, $0.25 par value GFF New York Stock Exchange

Filing Documents

• gff-20231231.htm (10-Q) — 1484KB
• gff12-31x202310q1311.htm (EX-31.1) — 12KB
• gff12-31x202310q1312.htm (EX-31.2) — 12KB
• gff12-31x202310q132.htm (EX-32) — 9KB
• 0000050725-24-000010.txt (&nbsp;) — 9127KB
• gff-20231231.xsd (EX-101.SCH) — 67KB
• gff-20231231_cal.xml (EX-101.CAL) — 96KB
• gff-20231231_def.xml (EX-101.DEF) — 299KB
• gff-20231231_lab.xml (EX-101.LAB) — 829KB
• gff-20231231_pre.xml (EX-101.PRE) — 556KB
• gff-20231231_htm.xml (XML) — 1422KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

– Financial Statements

Item 1 – Financial Statements Condensed Consolidated Balance Sheets at December 3 1 , 2023 (unaudited) and September 30, 20 23 1 Condensed Consolidated Statement of Shareholders' Equity for the Three Months Ended December 3 1 , 202 3 and 202 2 (unaudited) 2 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three Months Ended December 3 1 , 2023 and 2022 (unaudited) 3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended December 3 1 , 2023 and 2022 (unaudited) 4 Notes to Condensed Consolidated Financial Statements (unaudited) 6

– Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 28

- Quantitative and Qualitative Disclosures about Market Risk

Item 3 - Quantitative and Qualitative Disclosures about Market Risk 41

- Controls & Procedures

Item 4 - Controls & Procedures 42

– OTHER INFORMATION

PART II – OTHER INFORMATION

– Legal Proceedings

Item 1 – Legal Proceedings 42

– Risk Factors

Item 1A – Risk Factors 42

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 42

– Defaults Upon Senior Securities

Item 3 – Defaults Upon Senior Securities 43

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 43

– Other Information

Item 5 – Other Information 43

– Exhibits

Item 6 – Exhibits 44

Signatures

Signatures 45 Table of Contents

– Financial Information

Part I – Financial Information

– Financial Statements

Item 1 – Financial Statements GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) December 31, 2023 September 30, 2023 CURRENT ASSETS Cash and equivalents $ 110,546 $ 102,889 Accounts receivable, net of allowances of $ 11,985 and $ 11,264 299,594 312,432 Inventories 478,609 507,130 Prepaid and other current assets 57,863 57,139 Assets held for sale 15,010 — Assets of discontinued operations 984 1,001 Total Current Assets 962,606 980,591 PROPERTY, PLANT AND EQUIPMENT, net 269,129 279,218 OPERATING LEASE RIGHT-OF-USE ASSETS 176,100 169,942 GOODWILL 327,864 327,864 INTANGIBLE ASSETS, net 632,111 635,243 OTHER ASSETS 21,365 21,731 ASSETS OF DISCONTINUED OPERATIONS 4,138 4,290 Total Assets $ 2,393,313 $ 2,418,879 CURRENT LIABILITIES Notes payable and current portion of long-term debt $ 9,274 $ 9,625 Accounts payable 154,018 116,646 Accrued liabilities 190,096 193,098 Current portion of operating lease liabilities 34,075 32,632 Liabilities of discontinued operations 4,216 7,148 Total Current Liabilities 391,679 359,149 LONG-TERM DEBT, net 1,430,235 1,459,904 LONG-TERM OPERATING LEASE LIABILITIES 152,343 147,224 OTHER LIABILITIES 129,547 132,708 LIABILITIES OF DISCONTINUED OPERATIONS 4,487 4,650 Total Liabilities 2,108,291 2,103,635 COMMITMENTS AND CONTINGENCIES - See Note 21 SHAREHOLDERS' EQUITY Total Shareholders' Equity 285,022 315,244 Total Liabilities and Shareholders' Equity $ 2,393,313 $ 2,418,879 The accompanying notes to condensed consolidated financial statements are an integral part of these statements. 1 Table of Contents GRIFFON CORPORATION CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY For the Three Months Ended December 31, 2023 and 2022 (Unaudited) COMMON STOCK CAPITAL IN EXCESS OF PAR VALUE RETAINED EARNINGS TREASURY SHARES ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) DEFERRED COMPENSATION (in thousands) SHARES PAR VALUE SHARES COST TOTAL

View Full Filing

View this 10-Q filing on SEC EDGAR