Griffon Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Griffon Corp. filed its Q2 2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

GRIFFON CORP (GFF) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Griffon Corp. filed a 10-Q report for the period ending March 31, 2024. The filing covers the second 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 (SIC 3442).

Why It Matters

For investors and stakeholders tracking GRIFFON CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, including revenue, net income, and balance sheet information, crucial for assessing the company's current performance and future prospects. Understanding the details within this report allows stakeholders to evaluate Griffon Corp.'s financial health, operational efficiency, and any potential risks or opportunities that may impact its stock value.

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. However, the absence of specific financial performance data in the provided text necessitates a medium risk assessment as the full implications cannot be determined.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the full 10-Q filing to understand Griffon Corp.'s Q2 2024 performance and outlook.

Key Numbers

• 20240331 — Period End Date (CONFORMED PERIOD OF REPORT)
• 20240508 — Filing Date (FILED AS OF DATE)
• 3442 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 0930 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• GRIFFON CORP (company) — FILER
• 0000050725 (company) — CENTRAL INDEX KEY
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240508 (date) — FILED AS OF DATE
• 3442 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• 111893410 (company) — IRS NUMBER
• DE (state) — STATE OF INCORPORATION
• 2129575000 (phone) — BUSINESS PHONE

FAQ

Industry Context

Griffon Corporation operates within the manufacturing sector, specifically focusing on metal doors, sash, frames, molding, and trim.

Regulatory Implications

The filing is a standard 10-Q, which is a mandatory quarterly report filed by public companies with the SEC under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for Q2 2024.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into performance drivers and outlook.
3. Compare current quarter results with historical data and prior year periods.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing provided for analysis, so a comparison to a previous filing is not possible with the given data.

Key Financial Figures

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

Filing Documents

• gff-20240331.htm (10-Q) — 2027KB
• exhibit102directorcompensa.htm (EX-10.2) — 9KB
• exhibit103.htm (EX-10.3) — 157KB
• exhibit104.htm (EX-10.4) — 148KB
• exhibit105.htm (EX-10.5) — 124KB
• exhibit106.htm (EX-10.6) — 121KB
• exhibit108equityplanamendm.htm (EX-10.8) — 15KB
• gff3-31x202410q2311.htm (EX-31.1) — 12KB
• gff3-31x202410q2312.htm (EX-31.2) — 12KB
• gff3-31x202410q232.htm (EX-32) — 9KB
• 0000050725-24-000071.txt (&nbsp;) — 11607KB
• gff-20240331.xsd (EX-101.SCH) — 70KB
• gff-20240331_cal.xml (EX-101.CAL) — 100KB
• gff-20240331_def.xml (EX-101.DEF) — 306KB
• gff-20240331_lab.xml (EX-101.LAB) — 776KB
• gff-20240331_pre.xml (EX-101.PRE) — 566KB
• gff-20240331_htm.xml (XML) — 2073KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

– Financial Statements

Item 1 – Financial Statements Condensed Consolidated Balance Sheets at Ma r ch 31, 202 4 (unaudited) and September 30, 2023 1 Condensed Consolidated Statement of Shareholders' Equity for the Three and Six Months Ended March 31, 202 4 and 202 3 (unaudited) 2 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended March 3 1 , 202 4 and 202 3 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 31, 202 4 and 202 3 (unaudited) 5 Notes to Condensed Consolidated Financial Statements (unaudited) 7

– 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 32

- Quantitative and Qualitative Disclosures about Market Risk

Item 3 - Quantitative and Qualitative Disclosures about Market Risk 46

- Controls & Procedures

Item 4 - Controls & Procedures 47

– OTHER INFORMATION

PART II – OTHER INFORMATION

– Legal Proceedings

Item 1 – Legal Proceedings 47

– Risk Factors

Item 1A – Risk Factors 47

– Unregistered Sales of Equity Securities and Use of Proce eds

Item 2 – Unregistered Sales of Equity Securities and Use of Proce eds 48

– Defaults Upon Senior Securities

Item 3 – Defaults Upon Senior Securities 48

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 48

– Other Information

Item 5 – Other Information 48

– Exhibits

Item 6 – Exhibits 50

Signatures

Signatures 51 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) March 31, 2024 September 30, 2023 CURRENT ASSETS Cash and equivalents $ 123,030 $ 102,889 Accounts receivable, net of allowances of $ 11,567 and $ 11,264 349,818 312,432 Inventories 443,970 507,130 Prepaid and other current assets 65,196 57,139 Assets held for sale 24,172 — Assets of discontinued operations 980 1,001 Total Current Assets 1,007,166 980,591 PROPERTY, PLANT AND EQUIPMENT, net 267,337 279,218 OPERATING LEASE RIGHT-OF-USE ASSETS 168,252 169,942 GOODWILL 327,864 327,864 INTANGIBLE ASSETS, net 625,202 635,243 OTHER ASSETS 23,805 21,731 ASSETS OF DISCONTINUED OPERATIONS 4,104 4,290 Total Assets $ 2,423,730 $ 2,418,879 CURRENT LIABILITIES Notes payable and current portion of long-term debt $ 8,152 $ 9,625 Accounts payable 143,152 116,646 Accrued liabilities 174,247 193,098 Current portion of operating lease liabilities 33,433 32,632 Liabilities of discontinued operations 2,753 7,148 Total Current Liabilities 361,737 359,149 LONG-TERM DEBT, net 1,577,208 1,459,904 LONG-TERM OPERATING LEASE LIABILITIES 145,295 147,224 OTHER LIABILITIES 132,063 132,708 LIABILITIES OF DISCONTINUED OPERATIONS 5,241 4,650 Total Liabilities 2,221,544 2,103,635 COMMITMENTS AND CONTINGENCIES - See Note 21 SHAREHOLDERS' EQUITY Total Shareholders' Equity 202,186 315,244 Total Liabilities and Shareholders' Equity $ 2,423,730 $ 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 and Six Months Ended March 31, 2024 and 2023 (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 T

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