Griffon Corporation

Good morning and welcome to the Griffin Corporation Fiscal Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Harris, Chief Financial Officer. Please go ahead, sir.

Thank you. Good morning. It's my pleasure to welcome everyone to Griffin Corporation's third quarter 2024 earnings call. Joining me for this morning's call is Ron Kramer, Griffin's Chairman and Chief Executive Officer. Our press release was issued earlier this morning and is available on our website at www.griffin.com. Today's call is being recorded, and the replay instructions are included in our earnings release. Our comments will include forward-looking statements about Griffin's performance. These statements are subject to risks and uncertainties that can change as the world changes. Please see the cautionary statements in today's press release and in our SEC filings. Finally, some of today's remarks will adjust for items that affect comparability between periods, These items are explained in our non-GAAP reconciliations included in our press release. With that, I will turn the call over to Ron.

Good morning, everyone, and thanks for joining us. Our third quarter results were highlighted by strong operating performance from both of our segments, with home and building products generating EBITDA margin of 30.1%, and consumer and professional products improving its EBITDA margin by 230 basis points to 8.8%. With third quarter performance in line with our expectations and both segments performing well as we approach the end of fiscal 2024, we are reiterating our previously provided segment-adjusted EBITDA guidance of $555 million for the full year. Free cash flow in the quarter was also strong at $120 million and continues to support our capital allocation strategy. During the quarter, we paid down $80 million in debt, repurchased $19 million in stock, and paid a $7 million regular quarterly dividend. Yesterday, our board authorized a regular quarterly dividend of 15 cents per share, payable on September 19th to shareholders of record, on August 28th, marking the 52nd consecutive quarterly dividend to shareholders. Our dividend has grown at an annualized compounded rate of 18% since we initiated dividends in 2012. Looking at our share buyback program since April 2023 and through June of this year, we've repurchased 7.9 million shares at an average price of $45.38 a share for a total of $357 million. These repurchases have reduced Griffin's outstanding shares by 13.7% relative to the total shares outstanding at the end of the second quarter of fiscal 2023. These actions underscore our commitment to capital allocation strategy that delivers value to our shareholders. We continue to believe that our stock is a compelling value. I'll turn it over to Brian for a little more financial detail. Brian.