Griffon Corporation

Greetings and welcome to Griffin Corporation's fiscal third quarter 2025 earnings conference call. At this time all participants are in listen-only mode. The question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star then zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to Griffin Corporation's CFO, Brian Harris. Please go ahead, sir.

Thank you. Good morning and welcome to Griffin Corporation's third quarter fiscal 2025 earnings call. Joining me for this morning's call is Ron Kramer, Griffin's chairman and she's executive officer. A press release was issued earlier this morning and is available on our website at .grippan.com. Today's call is being recorded and 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 or the world changes. Please see the cautionary statements in today's press release and in our SEC filing. Finally, some of today's remarks will be adjusted for items that affect comparability between areas. These items are explained in our -GAP-less affiliations included in our press release. With that, I will turn the call over to Ron.

Thanks, Brian. Good morning, everyone, and thanks for joining us. During the third quarter, our home building product segment continued its strong performance. For the first nine months, HBP profitability exceeded our expectations with an EBITDA margin of .4% driven by a favorable price and mix. In the third quarter, our consumer and professional product segment was significantly impacted by weak demand coupled with increased tariffs disrupting historical customer ordering patterns, particularly at Hunter fans. Notwithstanding the decrease in sales volume, for the first nine months, CPP EBITDA margin has improved 270 basis points year over year. This profitability improvement reflects the hard work of our AIMS-UF team who successfully transitioned our manufacturing operations to an asset-like business model, thus increasing our flexibility and reducing our operating costs through leveraging our global sourcing capabilities. We've also seen solid performance from our team in Australia, including the contribution from our acquisition of POPE in July of 2024. Given our overall -to-date performance, we're reaffirming full-year EBITDA guidance of $575 million to $600 million, while reducing our revenue expectations by $100 million to $2.5 million as a result of the ongoing consumer weakness at CPP. Turning now to capital allocation, during the third quarter, we repurchased $40 million of our stock for 581,000 shares, and that was priced at $69.28 per share. At June 30, $320 million remained outstanding under the repurchase authorization. Since April 2023 and through June, we've repurchased $538 million of stock, or 10.5 million shares, at an average price of $51.15. These repurchases have reduced Griffin's outstanding shares by 18.4 percent, relative to the total shares outstanding at the end of the second quarter of fiscal 2023. Also yesterday, the Griffin Board authorized a regular quarterly dividend of $0.18 per share, payable on September 16 to shareholders of record on August 29. This is our 56th consecutive quarterly dividend to shareholders. Our dividend has grown at an annualized compound rate of more than 18 percent since we initiated dividends in 2012. These actions reflect the strength and resiliency of our businesses, as well as our continued confidence in our strategic plan outlook. I'll turn it over to Brian for more details of the financial results. Thank you, Ron.