Griffon Corporation (NYSE:GFF) Q3 2024 Earnings Conference Call August 7, 2024 8:30 AM ET
Company Participants
Brian Harris - Chief Financial Officer
Ron Kramer - Chairman and CEO
Conference Call Participants
Tim Wojs - Baird
Bob Labick - CJS Securities
Sam Darkatsh - Raymond James
Alex Hantman - Sidoti & Company
Justin Bergner - Gabelli Funds
Operator
Ladies and gentlemen, good morning. And welcome to the Griffon 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. [Operator Instructions]
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.
Brian Harris
Thank you. Good morning. It’s my pleasure to welcome everyone to Griffon Corporation’s, excuse me. Good morning. Welcome to Griffon Corporation’s third quarter 2024 earnings call. Joining me for this morning’s call is Ron Kramer, Griffon’s Chairman and Chief Executive Officer.
Our press release was issued earlier this morning and is available on our website at www.griffon.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 Griffon’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, from today’s remarks, we 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.
Ron Kramer
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.