Griffon Corporation

Greetings and welcome to the Griffin Corporation fiscal second quarter 2026 earnings call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I'll now turn the conference over to your host, Brian Harris, CFO. Please go ahead, sir.

Thank you. Good morning and welcome to Griffin Corporation's second quarter fiscal 2026 earnings call. Joining me for this morning's call is Ron Kramer, Griffin's chairman and chief executive officer. A press release was issued earlier this morning and is available on our website at www.griffin.com. Today's call has been 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 to items that affect comparability between periods. These items are explained in our non-GAAP reconciliations included in our press release. With that, I'll turn the call over to Ron.

Thanks, Brian. Good morning, everyone. Thanks for joining us. On February 5th, we announced a series of strategic actions to focus Griffin into a pure-play North American building products company. These actions included the formation of a joint venture involving our Ames North America businesses and the strategic review of our Ames Australia and Ames United Kingdom businesses. As a result of these actions, starting with our second quarter earnings released today, our continuing operations from financial perspective performance is presented as a single segment. The Global AIMS businesses are now reported as discontinued operations. We're very pleased with our financial results at the halfway point of our fiscal year. Our team's performance has been solid, showing resiliency, managing through uncertain global economic conditions. We continue to perform well in soft U.S. housing and commercial construction markets. I'm proud to report Clopay continues to assert its position as the leading garage door provider with best-in-class product innovation. This year, Clopay was recognized for the second year in a row as one of the best in show for its pioneering innovation at the International Builder Show. As a reminder, last year, Clopay was recognized as the best of IBS across the entire building products industry. for its groundbreaking Vertistack Avante garage door, an innovative system that replaces traditional overhead tracks with a compact vertical stacking design, resulting in a cleaner aesthetic and open ceiling space. This year, Clopay won a Best of IBS award in the window and door category for its Avante door with C-Power enabled click-to-conceal panels. The patented C-Power technology delivers electrical power directly to the garage door panels, opening up a new world of potential for these doors. The first products to use C-Power is Cloquet's Clip to Conceal panels, which allows the door to instantly transition its windows from clear to opaque. This is an ideal solution for homeowners who use their garage as flexible living space or design forward commercial spaces like restaurants and automotive showrooms, offering daylight and outdoor views when desired and privacy and security when needed. We're excited about the bright future we see for powering the garage door panels and the C-Power product. We congratulate our Clopay team for this remarkable achievement of receiving prestigious recognition from the international builder products industry for two years in a row. Even beyond VertiStack and CPower, we have a deep pipeline of future product innovations to maintain our position as a leader of mission-critical door solutions. Okay, let's go to strategic actions. We continue to expect to close our joint venture with ONCAP, which will include our AIMS U.S. and Canadian businesses, by the end of June 2026. Griffin will receive $100 million of cash proceeds when the joint venture formation is completed, as well as $161 million second-lane paid-in-kind notes from the joint venture. Griffin will also own 43% and will have representation on the joint venture's board of directors. The strategic process for AIMS Australia is active and ongoing, and we'll update you when we have more to report. With respect to the Ames United Kingdom business, after careful consideration of our available options, we've made the difficult decision to exit the business because of persistent economic challenges. We expect all of these strategic actions to be completed by the end of the calendar year. Let's go to capital allocation. During the second quarter, we repurchased 33 million of stock of 422,000 shares. at an average of $78.03 per share. At March 31, $247 million remained under the repurchase authorization. We continue to believe that our stock is a compelling value. Since April 2023 and through March, we've repurchased $611 million worth of stock, 11.5 million shares at an average price of $53.21. These repurchases have reduced Griffin's outstanding by 20% relative to the total shares outstanding at the end of the second quarter of fiscal 23. Also yesterday, the Griffin's board authorized a regularly quarterly dividend of 22 cents per share, payable on June 17th to shareholders of record on May 29th, marking the 59th consecutive quarterly dividend to shareholders, Our dividend has grown at an annualized compounded rate of more than 19% since we initiated dividends in 2012. These actions reflect the strength and resiliency of our business, as well as our continued confidence in our strategic plan and outlook. I'll turn it over to Brian for a bit more financial detail. All right, you're on.