Griffon Updates 2024 Outlook: Now Expects Revenue Of $2.65B (Prior At $2.6B) Vs. Consensus Of $2.634B. Adjusted EBITDA Is Now Expected To Be $555 M (Prior At $525M)
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2024 Outlook
We now expect 2024 revenue of $2.65 billion (prior at $2.6 billion). Adjusted EBITDA is now expected to be $555 million (prior at $525 million), excluding unallocated costs of $59 million (prior $54 million) reflecting increased Employee Stock Ownership Plan expense, charges related to the strategic review and AMES's global sourcing expansion. Our increased revenue and adjusted EBITDA expectations reflect HBP's strong first half results.
Other guidance for 2024 remains unchanged, including amortization of $22 million, depreciation $41 million, interest expense of $103 million, a normalized tax rate of 28% and free cash flow to exceed net income.