Griffon Corp Files 10-Q: Financials and Executive Updates

TL;DR

Griffon Corp 10-Q filed. Kramer & Harris exec updates. Debt & assets detailed.

AI Summary

Griffon Corporation filed its 10-Q for the period ending June 30, 2024. The company reported its financial performance and operational updates. Key executives like Ronald J. Kramer (CEO) and Brian G. Harris (CFO) are listed, with their reporting dates. The filing details various financial aspects, including long-term debt and property, plant, and equipment.

Why It Matters

This filing provides investors and stakeholders with a detailed look into Griffon Corporation's financial health and operational status as of Q2 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• N/A — Revenue (Specific revenue figures are not detailed in this header section.)
• N/A — Net Income (Specific net income figures are not detailed in this header section.)
• N/A — Long-Term Debt (Specific long-term debt amounts are not detailed in this header section, though categories are referenced.)

Key Players & Entities

• GRIFFON CORP (company) — Filer
• Ronald J. Kramer (person) — Chief Executive Officer and Chairman of the Board
• Brian G. Harris (person) — Senior Vice President and Chief Financial Officer
• 0000050725-24-000096 (other) — Accession Number
• 20240630 (date) — Period of Report

FAQ

Key Financial Figures

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

Filing Documents

• gff-20240630.htm (10-Q) — 2135KB
• gff6-30x202410q3311.htm (EX-31.1) — 12KB
• gff6-30x202410q3312.htm (EX-31.2) — 12KB
• gff6-30x202410q332.htm (EX-32) — 9KB
• 0000050725-24-000096.txt ( ) — 11515KB
• gff-20240630.xsd (EX-101.SCH) — 73KB
• gff-20240630_cal.xml (EX-101.CAL) — 103KB
• gff-20240630_def.xml (EX-101.DEF) — 323KB
• gff-20240630_lab.xml (EX-101.LAB) — 810KB
• gff-20240630_pre.xml (EX-101.PRE) — 592KB
• gff-20240630_htm.xml (XML) — 2152KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

– Financial Statements

Item 1 – Financial Statements Condensed Consolidated Balance Sheets at June 30 , 2024 (unaudited) and September 30, 2023 1 Condensed Consolidated Statement of Shareholders' Equity for the Three and Nine Months Ended June 30 , 2024 and 2023 (unaudited) 2 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Nine Months Ended June 30 , 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended June 30 , 2024 and 2023 (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 34

- Quantitative and Qualitative Disclosures about Market Risk

Item 3 - Quantitative and Qualitative Disclosures about Market Risk 49

- Controls & Procedures

Item 4 - Controls & Procedures 49

– OTHER INFORMATION

PART II – OTHER INFORMATION

– Legal Proceedings

Item 1 – Legal Proceedings 50

– Risk Factors

Item 1A – Risk Factors 50

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 50

– Defaults Upon Senior Securities

Item 3 – Defaults Upon Senior Securities 50

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 50

– Other Information

Item 5 – Other Information 51

– Exhibits

Item 6 – Exhibits 51

Signatures

Signatures 52 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) June 30, 2024 September 30, 2023 CURRENT ASSETS Cash and equivalents $ 133,452 $ 102,889 Accounts receivable, net of allowances of $ 11,009 and $ 11,264 320,385 312,432 Inventories 430,708 507,130 Prepaid and other current assets 65,797 57,139 Assets held for sale 14,747 — Assets of discontinued operations 1,310 1,001 Total Current Assets 966,399 980,591 PROPERTY, PLANT AND EQUIPMENT, net 274,980 279,218 OPERATING LEASE RIGHT-OF-USE ASSETS 159,865 169,942 GOODWILL 327,864 327,864 INTANGIBLE ASSETS, net 619,867 635,243 OTHER ASSETS 25,115 21,731 ASSETS OF DISCONTINUED OPERATIONS 4,774 4,290 Total Assets $ 2,378,864 $ 2,418,879 CURRENT LIABILITIES Notes payable and current portion of long-term debt $ 8,138 $ 9,625 Accounts payable 156,564 116,646 Accrued liabilities 185,218 193,098 Current portion of operating lease liabilities 32,572 32,632 Liabilities of discontinued operations 4,216 7,148 Total Current Liabilities 386,708 359,149 LONG-TERM DEBT, net 1,499,211 1,459,904 LONG-TERM OPERATING LEASE LIABILITIES 138,665 147,224 OTHER LIABILITIES 124,969 132,708 LIABILITIES OF DISCONTINUED OPERATIONS 5,801 4,650 Total Liabilities 2,155,354 2,103,635 COMMITMENTS AND CONTINGENCIES - See Note 22 SHAREHOLDERS' EQUITY Total Shareholders' Equity 223,510 315,244 Total Liabilities and Shareholders' Equity $ 2,378,864 $ 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 Nine Months Ended June 30, 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 TO

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