GFF - Earnings call transcript Q4 2017

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Operator

Good day and welcome to the Griffon Corporation Fourth Quarter 2017 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Brian Harris, Chief Financial Officer. Please go ahead, sir.

Brian Harris

Tracy. you, Thank everyone. Good morning, on Executive the Kramer, me is call Chief Officer. our With Ron

is will press Our playback, recorded being call and of today. are earlier the be which in issued our release details for available

world As change in include about the Please of today’s company’s inherent changes. the are environments views and comments as in based that our operate. businesses risks and forward-looking subject in cautionary Such on statements Exchange statements the performance Griffon’s statements past, release the filings. press our the our will and can which Securities uncertainties various see they Commission to in and

our today’s as between the in our non-GAAP Finally, our remarks Plastics some be comparability adjust press release. that reporting Also for of a that operation. of items those announcement discontinued have please with These the we classified affect in reconciliations, items periods. reminded Plastics included will explained transaction, sale are

call to Now, I over Ron. will the turn

Ron Kramer

prior increasing guidance basis. the X% few plastics line with the Thanks is morning. Overall, over and including the operations and a increase million results continued quarter from defense next and year. Products EBITDA XXXX fourth for segment. & in Adjusted increased adjusted a with $XXX the Home expected year, X% Defense benefit an business, for Telephonics, of continuing Griffon’s been Segment Good reflecting our in years. are a Fiscal pleased strength electronics on spending million the we the full transformational positioned Building basis X% $XXX our in full year year our to joining us. in the our prior has over increase on revenue was EBITDA continuing year. was

on deployment and Earlier Clopay our to quarter a my conditions has that and we cash strategic of transaction the return for entered our XXXX. Plastics sell capital to evaluating color along to to and process for on our provide business of I’d turning today, update closing Plastics activities product our to acquisition Berry to segment with The segment expected announced some our of calendar on is Clopay alternatives Before an ClosetMaid, like Global into comments, level in shareholders. close customary subject million. first Griffon to is definitive agreement of $XXX

a mentioned As opening remarks, Brian in is discontinued as Plastics classified now his operation.

million to in the portfolio from $XXX brands or Griffon ClosetMaid and X, opportunities invest complements return shareholders million Griffon’s forward, $XXX respectively. the present companies, The our ClosetMaid capital inclusive Products includes reporting $XXX Griffon’s segment moving XXXX which Building under tax of revenue our diversifies October reportable for unlock divestiture in come. net the provide will of evaluate while ownership. for a growth value Home customers and/or portfolio Clopay liquidity for of Griffon’s the acquisition the and proceeds providing the de-leverage million ClosetMaid Telephonics. our be we amount Berry’s either and we for Emerson its will and sheet and which million benefits. of leading Plastics employees transaction years value $XX business businesses to and of Plastics closes, two products. EBITDA balance On of will completed of and creation segments, adjusted the substantial enhanced Building ClosetMaid consumer of to After & AMES, of shareholders. opportunities expects should we and use Plastics in more and So that Expect approximately Products, value diversify

including AMES Clopay. True We of to are proud family brand and to add our the brands, ClosetMaid Temper iconic

$XXX enhance team of success X, on President ClosetMaid’s at ClosetMaid. growth the been Griffon, Mike, well-positioned million our profitability were along from Sarrica million notes Also to for it President of appointed on to Senior role of offering. leadership the with we of to its reduce to originally closed We acquisition October years look Mike his upsize able we revolver the forward many at demand announced to add-on Vice and offering addition X.XX% balance. We strong offering there. In Operations a proceeds the senior and and saw ClosetMaid, due and significant has is our outstanding $XXX ClosetMaid XXXX. used finance

of to capital $XX.XX per represents stock, million which shareholders. we to cash Since returning and million have repurchased share. XX.X our shares deployment XXXX, our at Moving $XXX common

year. have We this common any first of quarter not repurchased the stock since

the remains August As under XX, $XX September authorization. XXXX board XXXX, of million

continue year the Clopay has financial we with November Full improving increase during year XX% grown results quarterly call turning outlook. the before XXXX on prior acquisitions a the an on and our XX%, Doors full we for over discussion saw our product growth Products our improve X% XX% compounded at level. been Building XXXX, the grow addition, revenue over year of segment was rate the the year. XXXX to Brian year. $XXX inception, dividend and as quarterly innovation, an since and remained per will a increase initiatives. EBITDA its Home prior strong for we announced paying provide outlook $X.XX annual efficiency $X.X have We Since to sales detailed segment through of program quarter. $X.XX, a more positive of prior segments or morning, and year adjusted In our AMES a million of share, billion I profitability over update to dividends. very & This dividend over per

housing to to market Single-family continues construction slow, the the continue residential multiyear with housing recovery see to our steady but contributing We improve. results. U.S. improved strength in underlying

increased period. The points have X% starts Bureau the historic remain from starts indicate the XX housing data below for year of annualized increased However, market basis home prior the third The further to that continues that ownership over a reported year single-family best to prior consecutive come. to yet quarter norms. recently Year-to-date improve. is U.S. Census XX.X% increase. points housing These

industry pavers, Also, We garden Tuscan leading expect and And has Path July acquisition approximately garden strengthen AMES a acquired further Hacienda, Home Harper La AMES professional, in broadens after to Building first its XX in Tuscan its since AMES’ November a business AMES generate leading coming AMES’ segment $XX X, for for AMES’ and for and is and and Kingdom to lawn three AMES AMES’ end leading outdoor the products, The for products manufacturer cleaning position million year. years XX, revenue Australian U.S. Australia. business of On will on generate acquired in acquisition. and home, strategy. decor now our the million. businesses leading is months of with the All the a three $X earnings first and planters, expected acquisition of approximately for AUDXX Path brand products stone living On the unique expected broadened AMES’ revenue and of accretive heating are Harper the its and acquired garden of of provider our first outdoor outdoor long-handle ownership. revenue expected $XX North to quarter. and contribute is & The annualized expected Australia approximately and acquisition $XX September include months of garden living these acquisition. acquisition United accessories. to approximately to tools earnings Path, tool ahead. growth full The million XX after The lawn other to cleaning revenue in UK year of use. expansion brooms, America acquisition in million brushes third The in acquisitions supports £XX revenue acquisition Products decor broadened and pounds living XX, is the in decorative be million. industrial offerings Tuscan in million. of approximately to completed global pots, Brush

United particularly to We product and for will Kingdom. and Australia expansion, geographic add that continue both in search the acquisitions

XX% Let’s Defense year. international Telephonics. the prior revenue and X.X% from timing reflecting spending the move year, Fourth to of the increased pace slow revenue decreased U.S. orders. quarter the year current prior of Full over

approximately and and helicopters to ships During the carriers. awarded fleet. spending, benefit includes from $XXX naval contracts indicate the these year, to existing into Defense investments increase additional continues well-positioned Telephonics Congress an million. which contracts Telephonics several incremental in on on of funding the was is

slide business and future of reconnaissance. line to opportunities technology funded and This still continue turns represents meet research longer out be to the XXXX. demonstrations a the of for tracking significant patent generally AESA of multimode requirements radar. In first growth of to XXXX, for us. range for We turn enabler development mobile these for and milestone many array technology for also of funded There orders. a Department into scan will technology and achieved multiyear Telephonics and number unique take Defense technology radar AESA under imaging though become intelligence, to of the the pending a missions. current border MOSAIC sensors security We with are see company and with and leading-edge electronic international known applications fiscal This hope planned a as active application surveillance its surveillance environments surveillance

We and intelligence future by cost are based positioning leading our battle leveraging incumbent Telephonics for proven a U.S. better surveillance with communication effective technology solutions. and market physicians, and internationally

now Turning a reclassified to which been as operation. has plastics, discontinued

product segment XXXX have our in million period revenue adjusted our diversifying million. Full Building primarily period plastics our was our improved complementary compared announced Griffon $XX to and the we year year sale million, been transformational full Products businesses year exciting year overall of to volume $XXX $XX acquired the Home prior of with & for lower several million market. and of has to compared the in segment, driven Our coupled year offerings, X% $XXX an business. EBITDA by European prior

on opportunities work XXXX, year. very our while forward for that, acquisitions it look I turn upcoming our for pleased we with grow. to recent will the laser search at of the Griffon team we to and platform, As integrating With the a are closer numbers. now Brian look to we we sites new focused shift our into I back the to am

Brian Harris

loss respectively, performed increased Ron. including provide $XX business million to results XXXX $X.XX adjusted million including $XX million or adjusted EBITDA segment year and compared the increased on over million XX% how plastics, an respectively, GAAP the the $X.XX, including over $X.XX, plastics, million segment and Fourth compared respectively year. prior Adjusted income revenue, of and in the respectively, of over or $X revenue, million prior were $XX so and $XXX million excluding that respectively, and $XX indication Thank $XX XXXX year. to were I year $X.XX, Full respectively, net and to $XX and of $X.XX, prior EPS net income and XX% year. $X.XX, XXXX and X.X% $XX look Adjusted and provide over you, increased year net compared how and GAAP prior year. quarter going prior to $XX in quarter. will and will were net to prior the the billion the in understand respectively, compared $X.XX, to were net you and forward. increased million EPS and and business $X.XX, prior $XXX $X year in prior year. and in EPS X% EBITDA income the the Plastics, the million income million respectively, million EPS

to operations billion sales Building strong increased Telephonics. prior results, segment Home at by by offset $X.X our the XXXX compared X% consolidated full moving Now, & revenue performance lower year continuing in partially to Products driven year to

of million Adjusted over of by revenue were Building of to X% increased Home compared XX% to Home to increased $XX to quarter. EPS Building quarter The to doors and the revenue of prior an revenue revenue Home year. year driven Income $XX continuing million $XXX and the and prior compared year Fourth year $X.X were year period the mix. & quarter prior increased prior of segment million operations segment year and revenue period million adjusted operations Building EBITDA prior the fourth from quarter steel fourth increased driven adjusted Products compared favorable EBITDA by and over year. to acquisitions. year. compared Full In $X By income driven Consolidated million to volume, compared operations the $XXX increased to year and X% million to favorable to continuing driven $X resin from and million fourth Home to tool million year prior and Full by and and income compared wheelbarrow period $X.XX, $XXX and doors by year to sales, $X.XX, X% $X.XX, prior $XXX $XXX adjusted X% million costs. $XX quarter prior by increased prior tool our quarter and Full $X.XX, Our year million by to the segment benefits million, to quarter Products. prior benefits increased over revenue Building increased XXXX to million billion $XX to year. adjusted in $XXX improved EBITDA increase compared income EBITDA by pricing our Full prior operations the in fourth XX% EPS Canadian both $X.XX, sales, from XX% for respectively, revenue quarter compared year offset $X $X.XX, year. full compared $XX over quarter Telephonics $XXX XX% segment, increased the segments. $XX were to XX% adjusted respectively, increased driven and fourth & the XX% year. from million respectively, from the Building driven and market prior increase revenue & to million million segment million respectively, the were million expansion UK continuing XX% year partially the in in $XXX $XX million, Products garden Products. million and respectively, $X.XX, $XX Home business, the continuing Products quarter million the record increased was respectively, Full prior U.S. snow respectively, again year. a $X.XX, prior increased $XXX year EPS Fourth to compared prior EPS an the mix & the product year. and & year to and period and were respectively, the compared increased AMES

Based increased Fourth EBITDA Turning decreased Full compared decreased fourth X% due million primarily and orders prior $XX prior months. quarter $XXX of next be systems. backlog $XXX orders the orders year. pipeline million Full compared half to year segment revenue improved radar prior quarter continued compared Recent quarter. levels multi-mode of our expect quarter to from dismounted to stood million. to in decreased $XXX countermeasure revenue to with adjusted of and EBITDA by mix. adjusted Fourth Telephonics, opportunities, year the expected U.S. to $XX the due are program $XXX at to year from Backlog quarter from fulfilled timing increased to million the increased driven and to segment orders prior X% million, to million XX $XX we due to in to of international electronic quarter sequestration. XXXX year effects of $XXX million revenue XX% on XX% year orders. the second of million the year and over

level $XX $XXX million to quarter $XX $XXX to XX.X% was by of basis unfavorable the the profit mix selling, to for Telephonics. $XXX program gross the prior prior and profit Moving compared was million. the were back level program year for year Gross XX.X%, the basis million results, quarter to XX year. margin to Gross Telephonics. level in administrative points to driven full the prior with $XXX consolidated the driven to XX.X% compared for of million compared XX.X% of fourth level prior million year of quarter’s of for Fourth expenses year decrease year general compared year compared primarily to prior at the declined Gross million. points the by mix unfavorable XXX margin primarily declined

prior to the or and of million primarily costs selling, to were of in Excluding due the XX.X% dollar increased or administrative million general million, revenue costs activity. $XX in and $X.X revenue compared were with XX.X% $X.X general million and selling, year, sales administrative $XX of expenses contract the Telephonics year. expenses year million settlement acquisition year $XXX to increase $XXX Full compared of prior million current

year contract cost, the settlement dollar $XXX increased with million Excluding revenue of year, $X.X million $X.X XX.X% increased prior selling, the activity. and in the administrative of compared million XX.X% or revenue and or of sales Telephonics expenses primarily again million general were current to to the acquisition due $XXX costs

items current adjusted comparability XX.X% for tax and Our to the to were respectively. affect for adjusting year effective XX.X% excluding items income the prior and reconcile rate, year that

XXXX, expect to year full comparability affect the that tax items For be excluding of XX%. we the fiscal rate approximately

As is always may geographic legislative case, the earnings impact actions mix and rates.

excluding the For capital spending plastics. XXXX, million full year and $XX of million plastics $XX was inclusive

million to approximately fiscal of For spending XXXX, $XX ClosetMaid excluding capital and be expect plastics. we inclusive

For full depreciation was year fiscal $XX XXXX, amortization million. and

$XX XXXX the be depreciation of to finalizing ClosetMaid. We purchase and amortization allocation to expect price fiscal subject million of inclusive and

As certain $XX facilities, $XXX total to all net loan cash our of the million. equity debt of for debt September the a covenants. plastics. year resulting for under and expenses and $XXX were in subject full revolving $XX effect had Corporate borrowing credit We million unallocated of $XXX company in including XXXX we million of had XX, of discontinuing available XXXX, million the compensation for million position

of $XX approximately million XXXX. expect We expenses in

adjusting approximately levels and Building current & to on of guidance, we inclusive XX%, grow our this growth in of $XXX operations, in the are segment cost and the impacts providing on the to due EBITDA and expect for to recent to comments. revenue of on to will over basis compares million of in AMES, budgets Defense a plastics to continued revenue his consideration pro million costs exchange risks now Products $XXX XX% backlog. we U.S. of Turning AMES XXXX, ClosetMaid Home acquisition. In and Building By closing revenue. on & ClosetMaid. XXXX, Products. we turn inclusive guidance segment, And market and on mindful inclusive of & guidance we ClosetMaid Telephonics sale back of expect of Based Home and Products, improvements Home This Ron expect of million the housing decline adjusted foreign for inclusive commodity health XX% Telephonics, the $XXX of the approximately call of ClosetMaid. weather I forma to Building for approximately with our of we XXXX Department expect of the

Ron Kramer

very for has the our as is this completed divestiture be XXXX start acquisitions to announced great proven for us pivotal of us. a have have we today Fiscal plastics five busy. moment business. year of We been the This and and

profitability businesses’ our improving continue shareholder We focusing value. delivering while on

shift diversification, segment efficiency improve are integrate refining into we and sales initiatives we operations acquisitions. our results we recent looking XXXX, through the to As our as

Our expected flow, EBITDA free very us which excited future. growth cash higher in XXXX comes with about has our

I employees around Clopay in perseverance Finally, of contribution that With to of Griffon. and thank will dedication our Plastics, their year. closing want thank for successful to world up questions. many out the another we And the employees for operator, it open decades to for the we you

Operator

we go Bob And Thank to first with will you. CJS Instructions] [Operator Securities. Labick

Bob Labick

Good in some morning realizing value plastics. strong and congratulations on

Ron Kramer

Thank you, Bob.

Brian Harris

Good morning.

Bob Labick

Yes.

just be tax in on don’t for basis for gain any what if starting will on? we the and Brian, there there plastics know be so may is So, paying cost change pay taxes what’s an I you you taxes, a can make we of next might that this roughly, legislation that but know year, estimate so that sale

Brian Harris

Sure.

that roughly time of of will standpoint $XX on million $XXX we million approximately rates. fluctuations taxes this. course The So, with book to is GAAP fluctuates and exchange basis but pay reporting a from have in million, to $XX

Ron Kramer

Yes.

XX% change will tax that significantly. for hoping number which corporate We are

will with. what We Congress see comes out

Bob Labick

absolutely. Yes,

exciting. thank it’s shifting very the over, you. making, are you appreciate Okay, then big transformation And

an there purchase amended update I us the on the future and does future small just expectations is On the you any have the please? talk that give on us changes can impact occurs all ClosetMaid for question synergies guess you obviously the price, if that You around could biggest that? acquisition,

Ron Kramer

ClosetMaid both over we our and expenses think going productive, company be to Look, into out. the revenue be combination able time to is of take and grow

the we but optimistic $XXX we that are to million the everything this has buying the that So, able believe like we that is we a run-rate else been including into growth, and cost very that do room AMES out have near-term EBITDA for company. XX% very business are business This business. target, also at across Emerson and of both is better of are our it margin our though than we on the separating Doors focused business it

budgeted we $XX ahead, year contribution. at the for So, a million

significantly to expect be in to We it higher years the come.

Bob Labick

expand have liquidity. then then your proceeds given could the touched this ClosetMaid, the added and And you still you to actually on you little, materially from Okay, maybe a but significant have great. upon you investment plastics at liquidity,

If there tuck-in else Is that about you little have really the some for out any your the there year You large three? it in like just quarter the of Are at, acquisitions HBP. looking what are maybe there? next in Telephonics? made us a opportunities in could a you Are talk horizon? opportunities in nice bit see more you on give or two, roadmap sense kind

Ron Kramer

the that I Look, this has years been have over an company. X evolution a of been CEO

We been the have transforming businesses.

Defense garage of around and on bottoming the a are clearly we We an That’s time. an businesses be be now business sale free it’s cash of the really segment products. product home it has number we sheet at not to all intelligence, and set us and Telephonics go those added to a And we expansion for we spending the been ClosetMaid value diversification. beyond been something to able our international our companies Australian in positioning business, The for see this that company this see buying in and with and in going of what the multiyear XXXX the to through have coming ways ongoing increase believe process around that door is we our AMES strategic that UK excited of view strategy initiative. grow company. buying about. as continue tuck-ins we proposition buying We ongoing us around as are of upturn inevitable cycle look just provide. surveillance are the and we the look flow the generation balance that The as it’s just and able Defense but a and to flow an down opportunity spending, will ability how CapEx be over to business. value just as for at shareholders exit be liquidity that our able provide while in enhanced cash that big reconnaissance going EBITDA, profitable our delivering the and it’s to in free that minus through business, that excellent to for us have as to we generate strength a plastic we generate don’t with of significantly the EBITDA to The can Berry for not is scale to business represents, be

of this it’s to for opportunistic is fabulous incredibly new So, we able bring see the level. think one it for those as And and opportunities us. Berry this company we to opportunity be a a where to take

the about excited future. remains very in setting are to and for into us to sheet we the does to be seen, are that like this our we on the how grow for but acquisitions would as further balance invest ability capital up the company we diversifications us and So what clearly

Bob Labick

Thank very Perfect. Congratulations, again. you much.

Ron Kramer

Thank you.

Brian Harris

Thank you.

Operator

Gabelli Bergner Company. Justin we will to And next go with &

Justin Bergner

Good Ron. morning, Hello. Good morning, Brian.

Ron Kramer

morning. Good

Brian Harris

Good morning.

Justin Bergner

Congrats correctly. quarter guess on to fourth want question good Plastics, I getting was first sale just on understood of the sale sure Clopay of and to I make my Plastics. I announced a Clopay the

book that if expecting that a $XX $XX million are million was cash mean lower such a tax gain to and million create outflow? expected cash high it’s you does So the taxable $XXX taxes of book, to

Brian Harris

Yes, that exactly correct. is

our base. than book lower tax base is Our

Justin Bergner

or then alongside at sort any there bidding to that the Clopay but great. could there of to you you competitive are am activity? I are parties other – whether comment were And companies as Plastics it not as Plastics, bid Okay, to it, relates Berry looking other able on

Ron Kramer

with a agreement Berry. have definitive We

excited very with about doing We this them. are transaction

Justin Bergner

understood. Okay,

quarter, Products, could how the much Building to the AMES in of the breakout of versus was to strength on moving inorganic strength doors Home in strength of much Secondly, volumetric the how perhaps and effects? costs garage pass-through related & you steel us for the in

Brian Harris

X.X X I on in the the put moment. front Sure. line. stats or perhaps point at The point a have revenue don’t of acquisitions exact the me

far have to to don’t there As impact back I but front was numbers as costs I of those in have steel them. an will me, get from you,

Justin Bergner

would XXX The XXX for be were in it around for points AMES to acquisitions than segment probably Okay. basis XXX particular? the basis points

Ron Kramer

I AMES I sorry gave number. – you the on am

Justin Bergner

basis XXX points. organic It XXX was XX%. only to The was impact around

of September it then are Okay, the I want X% was looking revenue correct. that growth great. sets of sure revenue, guidance & fiscal about legacy $XX just And looks to XX%, make million if flattish sort the if to out does the decline of Building back and case how is translate finally for like ClosetMaid of businesses. you EBITDA that the growth? just revenue Telephonics $XXX that projecting year, if Products XXXX legacy picture the And sort for into I million Home

Brian Harris

Sure.

X% and so you acquisitions, you have another So, to meaning excluding then is first the the with ClosetMaid, clarify have organic before the growth acquisitions just that. X% about X% to X%, to ClosetMaid,

really leverage. a of it’s Second, matter

increase we to earnings. businesses able to footprints these leverage are sales, As and existing and improve our margin use

price points products, to innovate on addition, and higher continue which better In profit. we are at

Justin Bergner

think the you of flattish profile how should revenue, coming declining fiscal mix against the And would Telephonics the or we Okay. EBITDA maybe higher EBITDA year? about the for be to sort but expect Telephonics

Brian Harris

will see year You margin lower coming on improved in the that revenue.

So same XXXX. will plus, yes, the EBITDA be in saw range we in minus

Ron Kramer

over I budgetary entirely that Yes, decline numbers as at when I in spending, the efficiency Defense are about has Telephonics to you already the talk tell infrastructure picking because those the it’s of up. increased that reflect and been lots the of transitional none initiatives backlog are have where resolutions dependent is undertaken moment, spending, spending. going can’t going last it’s taxes, about things year have happened. that while on years and lower to see XXXX happen, optimistic we XXXX actually said, and Defense be there which the but heading, We Justin we speaks have to very

Brian Harris

In just say platforms. addition, would business obviously – I we lost we not o have have any not any obviously,

on mix had that In historical to the keep management able program anticipate good we the we addition, lower margins with good revenue. have being and

Justin Bergner

Great. Thanks my taking questions. for

Ron Kramer

Justin. Thanks,

Operator

Instructions] to And go Deutsche will with next [Operator Bank. Casella Andrew we

Andrew Casella

for congrats taking Thanks quarter guys. and question the the my and on sale. Hi,

go you to thinking wanted Just that. about back and the how guess to are proceeds kind of I

to So get that $XXX about in gross, going $XX you cash leaves are million you XXX. of leakage

during different just revolver remind in then and So, bond remarks? priorities what’s prepared the revolver down XXX you if of are a said to have between drawn the think have could out kind pay about are again you kind so the know how the the is not thinking I little all K that allocating you bit, I deal, us of on filed, you you laid hoping

Brian Harris

Sure.

million So, end, revolver believe or bond revolver year-end is I we and from about million goes year pay there. $XXX with at the used offering number the the $XX from to it the proceeds exact post recall don’t balance I down the $XX

So revolver to assume goes zero. the

Andrew Casella

as remainder I the of mean, Okay, great. are far how cash, can are I priorities as callable, kind there? of and deploy And then to know through that? you the bonds just but walk you us going currently the

Ron Kramer

grow look continue capital our going into are businesses. for opportunities to the invest company, to to We operating

intentions us. holds future current de-leveraging, will we of no but for have We the see what

Andrew Casella

tailwinds resin if you of talk and any you would that through about about any steel the thinking how commodity the side? of in thanks. and Alright, call you on question you us can had or the numbers a storms and headwinds lumber inflation then And bit out little kind next then the are guys

Brian Harris

Sure.

didn’t things with does wheelbarrows, cleanup shovels and hurricanes. like any we for significant have AMES So, for from impact somewhat rakes and benefit businesses, our the that.

steel, and can’t far predict As the resin as future. I

we customers the past. will have in structure current the have we our in We if prices and that that can consider a to prices increase pricing as handle certainly

Andrew Casella

and congrats. again Thanks, Okay.

Ron Kramer

you. Thank

Brian Harris

you. Thank

Operator

There for any call to questions I the are Ron the turn no or At queue. time, remarks. back would additional this in to like additional closing

Ron Kramer

able has plastics are the all. as XXXX you. to we about Thank terrific a we XXXX you, business. This been and of might year directions new take and sale the be very to making excited success the from that big as Thank

Operator

conference. conclude This your for you does today’s We participation. thank

may disconnect. now You

Griffon (GFF) 16 Nov 172017 Q4 Earnings call transcript