Griffon Corporation, a diversified management and holding company, operates through two main subsidiaries: Home and Building Products (HBP) and Consumer and Professional Products (CPP). HBP includes Clopay, the largest manufacturer and marketer of garage doors in North America. In its fiscal second quarter ended March 31, 2025, Griffon reported a decline in various financial metrics. Revenue for the quarter stood at $611.7 million, a decrease of 9% from $672.9 million in the same quarter last year. Net income reported was $56.8 million, or $1.21 per share, compared to $64.1 million, or $1.28 per share, for the prior year quarter.

Adjusted net income for the quarter was $57.6 million, or $1.23 per share, decreasing from $67.5 million, or $1.35 per share, year-over-year. Adjusted EBITDA totaled $118.5 million, a decline of 12% from $134.2 million in the prior year quarter. The adjusted EBITDA, excluding unallocated amounts, was $133.2 million, an 11% decrease from $149.0 million in the same quarter last year.

Gross profit for the quarter amounted to $252 million, down from $271 million in the prior year. The gross profit margin was reported at 41.2%, up from 40.2% in the same quarter last year. Selling, general, and administrative expenses (SG&A) were $151 million, down from $157 million for the prior year, resulting in an SG&A expense margin of 24.7% of revenue.

Griffon’s balance sheet indicates a net debt of $1.4 billion and a net debt-to-EBITDA leverage ratio of 2.6x as of March 31, 2025—a decrease from the 2.8x at the end of the same quarter last year. For capital allocation, the company repurchased $31 million worth of stock or 420,000 shares at an average price of $72.64 during the second quarter, with $360 million remaining under the repurchase authorization.

In terms of segment performance, HBP revenue was $368.2 million, a 6% decrease from the previous year, driven primarily by a 7% reduction in residential sales volume. Adjusted EBITDA for HBP was $109.4 million, reflecting a 15% decrease compared to $128.9 million from the prior year quarter. Conversely, the CPP segment reported revenue of $243.5 million, a 13% decline from the prior year, resulting in an adjusted EBITDA increase of 18% to $23.7 million.

Griffon Corporation is maintaining its fiscal 2025 guidance with an expectation for total revenue of $2.6 billion and segment adjusted EBITDA between $575 million and $600 million, excluding unallocated costs and comparability affecting charges. The company attributes its guidance to the strength of its HBP segment, which generates approximately 85% of total EBITDA.