Griffon Slips To Loss In Q2, Revenue Misses Estimates; Cuts FY23 Revenue View

(RTTNews) - Griffon Corp. (GFF) Wednesday reported net loss for the second quarter compared to profit last year. Revenues were down 9 percent from the previous year.

Quarterly loss for the quarter was $62.26 million or $1.17 per share, compared to profit of $65.69 million $1.09 per share last year. The results included a provision for income taxes of $27.90 million, while the prior year included benefits of $24.64 million in the previous year.

Excluding items, adjusted income from continuing operations was $66.9 million, or $1.21 per share. On average, 5 analysts polled by Thomson Reuters expected the company to earn $0.65 per share. Analysts' estimates usually exclude special items.

Revenue for the quarter increased to $710.98 million from $779.62 million a year ago. Wall Street expected revenue of $719.04 million.

Looking ahead to the full year 2023 the company expects revenue of $2.7 billion, while its previous outlook was $2.95 billion. Street estimates were $2.9 billion.

In another release, the company declared a quarterly cash dividend of $0.125 per share, payable on June 15, to shareholders on record May 25, 2023.