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REPORTABLE SEGMENTS | 6 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS Griffon reports its operations through two reportable segments, as follows: •Home and Building Products ("HBP") conducts its operations through Clopay. Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the Cornell and Cookson brands. •Consumer and Professional Products (“CPP”) is a global provider of branded consumer and professional tools; residential, industrial and commercial fans; home storage and organization products; and products that enhance indoor and outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including AMES, since 1774, Hunter, since 1886, True Temper, and ClosetMaid. Information on Griffon’s reportable segments is as follows:
| For the Three Months Ended March 31, |  | For the Six Months Ended March 31,
REVENUE | 2025 |  | 2024 |  | 2025 |  | 2024
Home and Building Products | $ | 368,248 |  |  | $ | 392,062 |  |  | $ | 763,649 |  |  | $ | 787,853 |
Consumer and Professional Products | 243,498 |  |  | 280,818 |  |  | 480,468 |  |  | 528,180 |
Total revenue | $ | 611,746 |  |  | $ | 672,880 |  |  | $ | 1,244,117 |  |  | $ | 1,316,033 |
Disaggregation of Revenue Revenue from contracts with customers is disaggregated by end markets, segments and geographic location, as it more accurately depicts the nature and amount of the Company’s revenue. The following table presents revenue disaggregated by end market and segment:
| Three Months Ended March 31, | Six Months Ended March 31, |  |
| 2025 |  | 2024 | 2025 |  | 2024 |  |
Residential repair and remodel | $ | 174,312 |  |  | $ | 188,529 |  | $ | 368,994 |  |  | $ | 375,070 |  |  |
Commercial | 162,355 |  |  | 170,740 |  | 329,222 |  |  | 347,733 |  |  |
Residential new construction | 31,581 |  |  | 32,793 |  | 65,433 |  |  | 65,050 |  |  |
Total Home and Building Products | 368,248 |  |  | 392,062 |  | 763,649 |  |  | 787,853 |  |  |
Residential repair and remodel | 78,338 |  |  | 97,044 |  | 148,597 |  |  | 173,108 |  |  |
Retail | 52,518 |  |  | 73,511 |  | 99,781 |  |  | 142,789 |  |  |
Residential new construction | 12,498 |  |  | 13,676 |  | 26,879 |  |  | 27,681 |  |  |
Industrial | 17,562 |  |  | 16,372 |  | 31,416 |  |  | 31,149 |  |  |
International excluding North America | 82,582 |  |  | 80,215 |  | 173,795 |  |  | 153,453 |  |  |
Total Consumer and Professional Products | 243,498 |  |  | 280,818 |  | 480,468 |  |  | 528,180 |  |  |
Total Consolidated Revenue | $ | 611,746 |  |  | $ | 672,880 |  | $ | 1,244,117 |  |  | $ | 1,316,033 |  |  |
The following tables present revenue disaggregated by geography based on the location of the Company's customer:
| For the Three Months Ended March 31,
| 2025 |  | 2024
| HBP | CPP |  | Total |  | HBP | CPP |  | Total
United States | $ | 354,444 |  | $ | 144,118 |  |  | $ | 498,562 |  |  | $ | 375,326 |  | $ | 183,142 |  |  | $ | 558,468 |
Europe | — |  | 12,533 |  |  | 12,533 |  |  | 1 |  | 18,353 |  |  | 18,354 |
Canada | 12,037 |  | 16,306 |  |  | 28,343 |  |  | 14,413 |  | 16,363 |  |  | 30,776 |
Australia | — |  | 65,240 |  |  | 65,240 |  |  | — |  | 57,030 |  |  | 57,030 |
All other countries | 1,767 |  | 5,301 |  |  | 7,068 |  |  | 2,322 |  | 5,930 |  |  | 8,252 |
Consolidated revenue | $ | 368,248 |  | $ | 243,498 |  |  | $ | 611,746 |  |  | $ | 392,062 |  | $ | 280,818 |  |  | $ | 672,880 |
| For the Six Months Ended March 31,
| 2025 |  | 2024
| HBP | CPP | Total |  | HBP | CPP | Total
United States | $ | 732,702 |  | $ | 272,941 |  | $ | 1,005,643 |  |  | $ | 754,954 |  | $ | 334,314 |  | $ | 1,089,268 |
Europe | — |  | 17,073 |  | 17,073 |  |  | 109 |  | 23,598 |  | 23,707 |
Canada | 26,153 |  | 32,310 |  | 58,463 |  |  | 29,181 |  | 37,391 |  | 66,572 |
Australia | — |  | 148,371 |  | 148,371 |  |  | — |  | 121,901 |  | 121,901 |
All other countries | 4,794 |  | 9,773 |  | 14,567 |  |  | 3,609 |  | 10,976 |  | 14,585 |
Consolidated revenue | $ | 763,649 |  | $ | 480,468 |  | $ | 1,244,117 |  |  | $ | 787,853 |  | $ | 528,180 |  | $ | 1,316,033 |
Griffon evaluates performance and allocates resources based on segment adjusted EBITDA and adjusted EBITDA, non-GAAP measures, which are defined as income before taxes, excluding interest income and expense, depreciation and amortization, strategic review charges, non-cash impairment charges, restructuring charges, gain/loss from debt extinguishment and acquisition related expenses, as well as other items that may affect comparability, as applicable. Segment adjusted EBITDA also excludes unallocated amounts, mainly corporate overhead. Griffon believes this information is useful to investors for the same reason. The following table provides a reconciliation of segment adjusted EBITDA and adjusted EBITDA to income before taxes:
| For the Three Months Ended March 31, |  | For the Six Months Ended March 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Segment adjusted EBITDA: |  |  |  |  |  |  |
Home and Building Products | $ | 109,434 |  |  | $ | 128,924 |  |  | $ | 236,476 |  |  | $ | 253,643 |
Consumer and Professional Products | 23,726 |  |  | 20,121 |  |  | 41,918 |  |  | 25,660 |
Segment adjusted EBITDA | 133,160 |  |  | 149,045 |  |  | 278,394 |  |  | 279,303 |
Unallocated amounts, excluding depreciation * | (14,635) |  |  | (14,814) |  |  | (28,677) |  |  | (28,721) |
Adjusted EBITDA | 118,525 |  |  | 134,231 |  |  | 249,717 |  |  | 250,582 |
Net interest expense | (23,222) |  |  | (25,512) |  |  | (47,703) |  |  | (50,387) |
Depreciation and amortization | (15,650) |  |  | (15,080) |  |  | (31,264) |  |  | (29,903) |
Restructuring charges | — |  |  | (2,401) |  |  | — |  |  | (14,801) |
Gain on sale of real estate | 183 |  |  | 11 |  |  | 8,157 |  |  | 558 |
Strategic review - retention and other | (1,199) |  |  | (2,676) |  |  | (2,850) |  |  | (7,334) |
Income before taxes | $ | 78,637 |  |  | $ | 88,573 |  |  | $ | 176,057 |  |  | $ | 148,715 |
* Unallocated amounts typically include general corporate expenses not attributable to a reportable segment.
| For the Three Months Ended March 31, |  | For the Six Months Ended March 31,
DEPRECIATION and AMORTIZATION | 2025 |  | 2024 |  | 2025 |  | 2024
Segment: |  |  |  |  |  |  |
Home and Building Products | $ | 4,334 |  |  | $ | 3,772 |  |  | $ | 8,609 |  |  | $ | 7,405 |
Consumer and Professional Products | 11,178 |  |  | 11,171 |  |  | 22,396 |  |  | 22,228 |
Total segment depreciation and amortization | 15,512 |  |  | 14,943 |  |  | 31,005 |  |  | 29,633 |
Corporate | 138 |  |  | 137 |  |  | 259 |  |  | 270 |
Total consolidated depreciation and amortization | $ | 15,650 |  |  | $ | 15,080 |  |  | $ | 31,264 |  |  | $ | 29,903 |
| For the Three Months Ended March 31, |  | For the Six Months Ended March 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
CAPITAL EXPENDITURES |  |  |  |  |  |  |
Segment: |  |  |  |  |  |  |
Home and Building Products | $ | 9,359 |  |  | $ | 12,525 |  |  | $ | 18,190 |  |  | $ | 23,033 |
Consumer and Professional Products | 4,101 |  |  | 6,368 |  |  | 8,462 |  |  | 10,117 |
Total segment | 13,460 |  |  | 18,893 |  |  | 26,652 |  |  | 33,150 |
Corporate | 258 |  |  | 66 |  |  | 4,522 |  |  | 139 |
Total consolidated capital expenditures | $ | 13,718 |  |  | $ | 18,959 |  |  | $ | 31,174 |  |  | $ | 33,289 |
ASSETS | At March 31, 2025 |  | At September 30, 2024
Segment assets: |  |  |
Home and Building Products | $ | 744,673 |  |  | $ | 737,992 |
Consumer and Professional Products(1) | 1,438,250 |  |  | 1,495,489 |
Total segment assets | 2,182,923 |  |  | 2,233,481 |
Corporate | 155,433 |  |  | 133,408 |
Total assets | 2,338,356 |  |  | 2,366,889 |
Discontinued operations | 5,585 |  |  | 4,065 |
Consolidated total | $ | 2,343,941 |  |  | $ | 2,370,954 |
___________________ (1) In connection with the expansion of CPP's global sourcing strategy, certain owned manufacturing locations which ceased operations have met the criteria to be classified as held for sale. The net book value of these properties as of March 31, 2025 and September 30, 2024 totaled $5,450 and $14,532, respectively.

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