GFF - Earnings call transcript Q1 2022

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Operator

Hello and welcome to the Griffon Corporation First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Brian Harris, CFO. ahead. go Please

Brian Harris

Good is Kevin. Officer With on Operating me Bob Thank Kramer, morning our call Officer. Chief and Ron our Executive Chairman the Mehmel, you, President everyone. and and Chief

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

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

affect in periods. items Finally, some of non-GAAP today's our remarks will our between that are These comparability press explained adjust included items reconciliations in for release. reporting those

Ron. the turn over call I'll Now, to

Ron Kramer

XXXX. off increased as quarter. Thanks excellent be start and results and and activity across our challenging we good this fiscal first demand housing a morning with macro-economic robust everyone. to prior year an pleased over Despite healthy the construction consumer remodel very Griffon market, quarter We're products saw and We're to backdrop, demand categories, X% sustained our repair to the Consumer continue and a strong. commercial activity. homeowner revenue

icon track announced United loan we high compelling B chose facility the term by demand, rates. the our B were to loan able term $XX of saw business Hunter with Hunter Hunter broad strong expand will work Fan amount call, Last to Griffon. EBITDA first of extraordinarily I'm in lenders we quarter. channels. our leverage infrastructure strategic by to of accelerate adjusted for exciting of is we continue growth, retailers, and margin cost also flexibility in expected States. XXX-year this progress quarter businesses. to To cost to our ceiling we compression offerings, the global price a second target quarter end with interests, customers we and Consumer team businesses parity indicated will trailed we're say good the reputation on achieving as the augment sales AMES product benefits Hunter our our sourcing with The to rapidly in leverage be reach leading to outsized the innovation, and Hunter now able initiative. for fourth Professional ecommerce through we products compelling our marketing finance normalize facility interest Company, to parity as to key Our we model provide while the to well-earned in with the Because We first opportunities recognized pleased of week, our segment. with our segment a with superior prior fantastic closed that to we year, craftsmanship. fan strength our to realize and we will price acquisition, for Consumer as acquisition wanted from million, this our so across of of brand this on the our finance made cost quality, favorable B Hunter low and the achieving the and initiative our alignment $XXX on Professional our products reduce our quarter suppliers will upsize the term loan but simultaneously news acquisition alignment and demand the product and a of strategic that a two marketplace residential million the the when relationships strong this heritage and the strengthen Hunter is acquisition. The of our with extraordinarily

global reflecting taking and across well as other up transportation, due the the demand our as taken the regarding segments a Volume reflected catch-up were disruptions. shift chain costs. in labor, markets, we we've Let ongoing was we two to increased Consumer all and strength products, as all across international with Professional Telephonics. also was compression been favorable and mix. to and performance retail In provide in some was actions stronger, EBITDA supply ongoing commentary Pricing back the additional we U.S. margin and the down in the of at pricing product CTP of actions geographies. the to saw saw segments me products, our being continued segments but expected

of make expected volume pricing benefits. initiatives Some effects. in international than progress earlier remain timing to offset and We've our along some these increased the the with strategic on-track with terms helped steady actions materialized and continued this of expected and AMES

part end be consolidated into of other and announced Reynosa, center our as business the closing facility, quarter. recently Further from AMES its in our Coast be well third the U.S. Hunter initiative the our expected from will initiative benefit will of and Texas. including that in AMES are will and located distribution Pharr, East As we manufacturing this facilities enterprise These systems. in fulfillment Mexico investments to operations and in be as fiscal facilities, by intelligence West completed ecommerce AMES

quarter Home see strong had forward our continue steel and business our further also to the and international offerings We another rolling door Building pricing. increased to look footprint HVP distribute leveraging and Products as fans. product particular, commercial to in volume Hunter or strong

and residential sales strong labor to chain On lower generate mix, high in strong, year but HBP the HBP would resulted combination level side, resulting be by by what to strong consider Adjusted increased Backlog higher of costs. first which be was over driven EBITDA business continues offset in and prior significantly material volume continues challenges in and substantial in than commercial sales XX%, backlog. be we levels. product the XX% exceeded quarter. year the by to sales continue a order prior increasing activity supply headwinds, normal the to revenue of production price increases by driven order The at

reach underway end actions the to pricing HBP price the allow by parity our cost expect of second quarter. fiscal will We

margins business Telephonics, the are The and now is Lazard to by of certain process December on quarter in XX% treating due in we we illegal this of March. program recognition benefited discontinued sale announced led SCG, results. was end the system timing by for better that in the the ongoing of more business to as which the quarter, the XXXX settlement prior however, consistent have in report as to the to sold alternatives due lower work revenue expect the the year as by report in performance. decreased driven of the EBITDA first Turning surveillance operation and year-over-year, September well decreased programs a our by quarter XXth, to [ph]. revenue were on exploration strategic Telephonics revenue, excluding

increased strong margin sales profit the expect and improvement company as fiscal We progresses including through XXXX.

a Brian sheet include our working times benefits details Fan. This me the At expected turning sale and and was XXXX, update, with X.X not Griffon end usage provide from of our capital from in cash or Telephonics the increase call line financial balance build. to guidance Before the and comments and dividends. purchase leverage is for our let few year seasonal the about does over leverage of the Hunter end December

our year, of reduction see second leverage. the strong flow past, and with cash free we'll generation our half the in in As a

deleveraging directly free Our flow past our focus generation acquisition positioned years the in strong which over three-plus the sheet pursue our on support. combined with resulted high confidence strong us the business cash and continued to Hunter strong balance with investors

consecutive program XXXX dividend to quarterly March shareholders, XX, Board of since dividend $X.XX which share XX% dividend per an our started. shareholders compound This authorized a on on record payable yesterday has Finally, the our XXXX. at February annualized XXnd grown XXrd, was marks of rate to

to it guidance. Brian? our detail financial provide more turn me and full to Brian Let year

Brian Harris

million. ago. referenced quarter the $XXX increased you, Thank GAAP by for Adjusted start increased first points a compared million, prior from XX.X%, gross compression profit I'll XX% X% basis. increasing first XXX decrease on to reflecting was X% to $XX points performance to a to highlighting costs few with our in EBITDA XXX a a with quarter margin decreased basis decreasing moments basis year million, continuing Revenue the XX.X%. the Gross to margin Ron. related consolidated basis on $XXX quarter margin Ron

selling, GAAP to $XXX $XXX in quarter and administrative prior million compared the quarter. general, expenses year First million were

XX.X% Excluding impact that items revenue compared in increased expenses or dollars $XXX distribution, were of selling, to the million comparability, or XX.X% million primarily by $XXX cost. transportation, general, with and administrative the and labor driven quarter, prior

compared XX or share. income million operations share $XX per of the $X.XX $X.XX First per million quarter prior to or period was from GAAP continuing

Corporate prior in operations affect and from Excluding was the $XX per from $XX items million income line million periods, to year expenses with adjusted year the that per $XX current quarter, share depreciation quarter or $X.XX excluding quarter. both share prior in continuing million were or of unallocated $X.XX comparability compared

tax that $XX.X million $XX spent expect year $XX spent in plus we the margin, The in to Hunter continue first $XX items capital have $XX.X initiative the Our Depreciation in million affect years and of concludes. the of and $XX totaled -- The rate compared XX% and the the expect $XX be quarter. in on the to was amortization will Capital project. a to continues first business evenly quarter the excluding million million as remaining of to expected effective compared comparability of quarter. prior of expenditures. had the the XX.X% improve we to the was excluding prior initiative compared to impact year million approximately costs invested in over prior the million AMES be amounts plan spending remaining quarter. expected to two $X EBITDA quarter To-date XX.X% million and million

had on of X.X $XXX sheet calculated times debt of XXXX, is leverage December our of liquidity net XX, our and Regarding based we balance debt million covenants. with as

financing over $X.XX commitments basis times Our initial loan $XXX tied was This allowing reductions deal the million and on and with credit of The interest rate Hunter term B attractive Griffon's leverage. was amount rate was future for rate availability an six supported cash subject transaction the certain stepdown Hunter borrowed, both billion. to facility debt interest X.XX% credit outstanding shows $XXX very of and Borrowing million strategy. for equivalents covenants. -- the the of successful market XXX overall point loan were the and and

excludes one-time expenses. from unallocated billion contribution fiscal Hunter-related adjusted for Hunter, operations as the of proxy guidance $XX to initiative, AMES segment million on the approximately and [ph] this Telephonics, acquisition revenue contest to EBITDA of continuing well the excluding but Moving related basis, guidance, on in $XX of contribution the the expect The year, related including $XXX we remainder million and as to EBITDA charges costs XXXX. of of and of million charges a $X.XX

to provided guidance million initial that The costs Hunter months reflects contribution of adjusted XXXX effects expected of million for the target revenue in $XX incremental of fiscal to and guidance Our we eight our EBITDA, and be the cost. continue of be of unallocated revenue million excludes $XXX of of $XXX acquisition-related billion EBITDA, fourth remaining on segment quarter with accounting. excluding the purchase $X.X and is which

reminder, fiscal ownership, of expect for to of million a year million revenue full and $XXX we the EBITDA. As contribute $XX first Hunter of

approximately Note expect reach and supporting of million we HBP within fiscal million accounting expected half $XX before, of to by are Hunter which is second capital amortization million result million be million XXXX the year Depreciation which for amortization inclusive and expansion $XX the million, second cost These completion amortization. the to depreciation purchase of of for is mentioned $XX to depreciation initiative are expenditures segments analysis. is to Hunter. Ron and the the includes $XX Total of $X the $X CPP year. AMES be of of and in and of impact million, the related parity to $XX margins which the addition quarter, expected price Hunter. in end of on amortization subject As

of for are generate to AMES the expect in free fiscal investments and making we flow cash full investments income, inclusive capital excess net We year. it other of the

cash significant cash prior generation. in a of half, second with half expect pattern similar first As in strong cash followed the usage by a we years, flow,

second a timing in -- price of exceed cash cost the As year, compression historical of result in levels. usage and historical margin the first the parity, will our of expected first quarter exceeded to the reached half be half

selling net approximately for We related XXXX. Telephonics not interest of fiscal This of any Hunter the for of debt financing include expect the inclusive $XX benefit does million expense reduction. and

operations normalized expected continuing tax be Hunter approximately including rate Our will XX%.

rates. geographic may always impact any is mix legislative As on reform matters new tax case, the action, earnings and including guidance

the I'll Ron. to Now, back turn call over

Ron Kramer

Thanks.

like I'd our reporting summarize strengthening our from call, of focus actions broadly interest ESG respect response in shareholders. to wrap-up more we our governance with we've to to and Before the been the taking and

As reach including to discuss practices. we I've mentioned on variety shareholders a institutional of subjects, earlier their out each year, to governance views our

Over diversity evolving the last and to half continue to approximately strategy. and support of our to value expertise we independent company's relevant execute years, Directors, build as the refreshed five our continued have growth shareholders, for on Board our we adding

Our has Certificate of a period, after the amendments effective. Incorporation a Annual submission becomes first our Board immediately amendment at three amendment Board to adopted for will declassify beginning the two XXXX or our transition and over Meeting, shareholders half year the

Meeting. meeting to upon The second become the power voting will of at of XXXX These shareholders Annual reduce effective call approval necessary our special shareholders. will the amendments percentage of our

this that to independent pleased to of Director, She's comes quality XX% us Michelle Board undertaken Board nominate supply new join from who chain operations four Board a Taylor, women year. to by objective skills. an leadership one senior will Trane. management, the and expert Our of had All nominees year's We're also Directors XXXX or be this control, an further management she'll three Turnbull Directors, persons diversify and experience our with and Grabowsky, of Mehmel, on color. Bob has Cheryl to Lou commitment current

independent. Additionally, are three the of four

to this that will fiscal report our In announce inaugural during addition, Griffon pleased be year. I'm publishing we ESG

will taking focus businesses. will that of expect the expect within value. important detailed reporting those corporate refinements align our our to interests will for new governance with Overall, enhancements and practices ESG been and We related further information and to contribute shareholders our more about our the we actions investors our this long-term in our become an we've report shareholder maximizing ESG resource seeking

pivotal another in history. marks period company's our quarter This

The will timing under XXXX, time we've and what our and great and the benefits will for Hunter this the the as which Professional response enables take recently During repositioned B our to The the Griffon the and of now and response is have size January AMES reflect capital next level. profitability. the worthwhile as to the Fan investors acquisition XX. completed AMES been one home accomplished businesses since us believe overwhelmingly the largest into strong organization take efforts. on transaction the acquisition We today by resources these to Consumer our quarter, It's improve and and has closed is the we a well ownership exciting we customers. alignment and operating Hunter and satisfying AMES extraordinarily our essential announced most and challenge initiative, intensive we to Griffon We from past, that positive our reallocated products divesting with would our back evidence with logical strengthened our grow to regarding towards to are our in realize continue customers, strategic transaction. with and our a suppliers our will our company forward. complete and through which the when facility the knew saw able business strengthening marketing on further partnering leading the ClosetMaid, is term resources. be in improve plastics Hunter Hunter-Fitz-Griffon's and [ph] into model, business the strong Griffon and our our of acquisition we of owner be natural on Hunter moment to that products, portfolio products philosophy business. to portfolio key grow desire loan and of lenders broadened our storage given the our steps we our slipstream focus brands

leveraging a residential doors. the Clopay commercial The to new do allowed operational CornellCookson, and job additional commercial the products realization rolling team doors of and added During also with steel poised which Clopay generation of sales that as able Clopay sectional the net to flow and is focus years. we cash business with and a now Griffon's to in by to gave three leadership leverage a improving Clopay or acquisitions reduction the business and expand foundation in acquisition us critical array were gain on continues diversify, and execute fantastic on to turns just resulted strong leader. explore of time, and market leverage That repositioning positions, continue its Hunter. reduction improvements, After three opportunity position profitability, to to the full market of team our portfolio transformational we both the

increase and business our ultimately, another for actions. process reduce Telephonics we When with value is continued create announced completed, strategic compelling to resources more this of in value. Griffon's will realize and to focus Our able sale step be leverage to our shareholder optionality the important

XXXX before better. fiscal over, will I've challenges trends, is supply our us. chain of shortages certainly said guidance, and not it's I'll reiterate Regarding all COVID labor inflationary what for disruptions, remain

the demand and the like show take competitive have global stubbornly challenging the our to to perseverance strength recognize consumer our you the of work and importance working Fan workforce, results. our forward our close, new However, outlook. I'd order continues circumstances. from any looking appreciate confidence of strength to Griffon. brands, see together. their Also, us to this with and differentiation to To in Hunter that great dedication welcome We're with we our gives under global to We products we like our company I'd in questions. of growing deliver exceptional of which team members the Operator, excellent our we'll

Operator

is CJS [Operator now Instructions] Our Labick coming first Certainly. from Securities. today question-and-answer session. be question We'll conducting Bob a from

now Your is alive. line

Bob Labick

a on XXXX. morning. Congratulations start Good fiscal to great

Ron Kramer

Thanks Bob.

Brian Harris

morning. Good you. Thank

Bob Labick

Absolutely. Good morning.

yes, price color segment. of on the for kind thanks versus by So, volume

like in chain, the case that's been to related a stuff like volume for and we've it labor, number sounds from of that a logistics, And the helpful. headwinds lot I you. mostly quarter supply think seeing really companies, and it's of

question think take So, demand, that does impacting my bottlenecks the to given there's you subside? what volume? you do the gauge long that do that takes? to is, underlying get it are bottlenecks how And How these

Brian Harris

Sure, Bob it's Brian How this you doing? morning.

Bob Labick

well. Very

Brian Harris

from we customers. to Overall, strong see continue our demand

the that bottlenecks as in bit, continue labor it of to has as far we end to by cash done more year. the be transportation our that, As our flow half more bottlenecks, with line into our little the we saw brings second better expect actions to -- to started our of we'll supply along significant in and seeing second the and what we see related first normalized get margins expect year and a in half. second for us half get normalize half half the see and quarter, our chain ease of XXXX that second of second it pricing in with to we XXXX. the the of generation With fiscal fiscal And already we

Bob Labick

the enough the order how going you price all go across to offset impacting -- -- want product-by-product? to margin not them it it. about to price bit And And raw brands you're leading increases? have do increases Obviously, everyone's -- you that you my as talk how to got unique Or you're second it, get do half? price material, about back kind how in it the but Is Okay, blanket is you're how you the is in a who pass gauge margin maybe of little but And increasing is to demand? Griffon about where prices, just then through inflation not to about thinking dealing follow-up. with able segments?

Brian Harris

so far we demand. demand, strong as see continue as our products to Sure, under

someone Professional have whether will a the and Our price planning affected $X do, on a increases products than they Consumer. that still buy shovel, so were buying more has to store that a expected, they not to they they're the or and demand. project expensive perhaps they shovel it's goes If are

to our and and we've Professional increases So, to we the to whether -- products really consumer, continued meet remains have strong. demand costs been Consumer pass has or our they that ultimate not customers, able understand through have price regular increased we the

Bob Labick

much. very get Thank instructed. super. as I'll you right, in back All queue

Operator

Thank coming Chan Baird. question is you Next Josh from from

line now live is Your

Josh Chan

quarter. Good everyone. Good morning,

Ron Kramer

Thank you.

Brian Harris

Thanks. Good morning.

Josh Chan

Good morning.

is wondering Just volume business. on but the metric I constraints some the if that a demand? could give on trend, I facing gauge question was you're that my retail us could that -- sale of bit you point been told on us it like underlying what I CPP? little volume guess about color CPP the have you a in guess more the a wasn't could us guess give I declined, for little

Ron Kramer

Sure.

our demand other customer to with orders able So because been of as and I course, customers to to in customers. we've we hard we our say to to that continues are mentioned, sell to have exactly strong from retailers what what It's have. line be supply

expect to see However, supply good else anyone our economy point consumer. our in to that sale year. continues at that the for be of sell-through remains into improve strong and chain the working in housing us at as we the we I the as repair mentioned, of strong. within remains get open to issues better to market to continue we model half change for to customers The similar the see remain to And as be expect second and we And the spaces. don't year

Josh Chan

of you weeks. might if from do guess, price? All to happen I for down would benefits happen helpful. you'd Or started what in have lower the to recent what costs what right. prices talk you And declines expect just continue? the kind That's the about my they follow-up Could see deal to hold when spots and come then steel

Ron Kramer

a is with timing cost cost structure. there's more start portion just through in lag would I But a going our steel structure. of the of steel Sure, our importantly, overall

free health seen increased costs, see but with see labor, insurance generally, costs we to costs, costs. little, continue silver have the increased we down generally transportation, a We

our component our see the the that been we as complete through our work putting improvement. and of second it's to we that price end one backlog or continue half In we prices year quarter any case, or our by margin through put have expect costs. second of again, of So, the

Operator

you. Thank

& coming from Sidoti Julio is Romero today question from Company. next Our

Julio, is on line your now is mute. phone live. Your perhaps

Julio Romero

you me now? hear Can

Operator

There ahead. Please go you go.

Ron Kramer

morning. Good

Julio Romero

Yes, everyone. good morning

is, see to margin at question HBP, it first my guess, modeling. much I do was in seems like you did I as compression what So, not least relative

know, my expectations was XX% you also outperformed of growth better earlier and it Can about out than mix call pricing any You HBP? that how in an a right what's pricing. two expected? talk expected? in and you factors just Maybe talk going just actions about mix materializing there. Is matter much than rank the about way contributing talk there I any then to Is helping HBP? order additional

Ron Kramer

Sure, on ahead things -- good it's -- Brian.

Brian Harris

Sorry.

things. more a our And the and couple margin revenue and So, a a originally very very faster really, helps of anticipated. demand One, international sales we we and quarter. strong mix. saw good than which little for occurred lastly, importantly, overall saw we Pricing bit

So, in brands products the the continues -- to selling of play the benefit the that good, and strength better, and we're best of continuum better best our us.

Ron Kramer

and demand long-term grow. saw and that add planned the even and expect business as it And continues this us back we going set commodity of be acquisition. trends, the difficult a for had in is that growth Commercial avenue to commercial yet more we an side being that, example to strategic for of I just the to We continue has to inflationary to grown business that of the CornellCookson one

Julio Romero

maybe the seeing trending seasonality? into follow-up, there? weaker trend weakest least but we at of how what's see guess Got for Now, better into How may it. than as head pricing typically HBP, segment? that quarter expect do That's mix helpful. because for seasonally quarter I margins historically. you your and my And perhaps, be a given margins heading expected for do you're sequentially you you Maybe

Ron Kramer

had. company's into the the we backlog Well, with quarter I'll with, start this biggest ever go

has this very And visibility market visibility a got continued is housing so off growth that backlog, I market, business. we've greater it is the the on Brian? commercial good coming our think in But continued strong some historically. than far been and of

Brian Harris

We to year did start the was anticipated. I Yes, off just add than there that.

Omicron our chain but a continue, line that the ongoing issues better stated. expect what we So, that offset our first remains anticipated, second with certainly half in the to we we little guidance supply that'll in half than expect originally with and be

Operator

Thank you.

from is Our from coming Justin next question Bergner today Gabelli Funds.

line is now live. Your

Justin Bergner

Good morning, Brian. morning, Good Ron.

Ron Kramer

Justin. morning, Good

Justin Bergner

about in guidance. and really I within want there, revenue and volume question question a types we've it that increase the into my had there's the seen suggest? your some notes then markets don't update from a as like gone CapEx prior were bit assume more you And correct, not -- it, front, other should your up? prior and supply thought competitors little sure little realize One I guide bit One price/mix it to your that guidance guide seemed maybe did unchanged if but less I'm on

Brian Harris

Sure.

So, with I'll of up, Yes, When X% $X which acquisition, it the the to added their around went revenue. we CapEx. Hunter related runs start million

So, to yes, it went up that.

CPP be segment, we As continue know, far the year's volume to about below we as volume, and to call expect see you yeah, as we in spoke even at volume. quarter's last last

half. of half be spoken is labor, supply the with disruptions, this the the first below things going The to about, last first first we've the year half all transportation, year's

business, it's have normalization table. in second the and of expect record our labor, matter we with chain of to We improvement and we commercial still expect the particularly Ron to see is volume in side HBP continue And Demand supply volume. good, transportation. as there, half to a in backlog the be mentioned,

Brian Harris

Great. Thank you.

quarter the through mentioned its some your Hunter of as and into sales last ecommerce related that work that some diversifying of So, those that well the you the customers? suppliers. other market fans, does play fan way for Is major are question a to customers

Brian Harris

as chain of So, roughly issues has supply And had to, not Hunter were in Fan their back then been a able disruptions the year actually supplying said ahead to ago supply their they customers, customers. now. I

point we the strength ongoing. be end is about the an lower is manufacturing of And any process see market. opening and seen that allow not and will play have the best products. are advantage to us referring our What to -- Ultimately, change you're price or and Hunter that have for items capability of what lower expect stated So, there higher our our to in regarding we Fan. we continue strengthen diversification brands ultimately, -- products, we better Professional Consumer us -- logistics to the

Operator

Our you. is from Merkousko Thank coming Noah Stephens. next [Operator from question Instructions]

line Your is now live.

Noah Merkousko

All for good congrats right, my good quarter. morning. Thanks a on and question taking

Ron Kramer

very Thank much. you

Noah Merkousko

acquisition, I in have you're And the raising and in look but doing a So, first, prices inflation, cetera? Hunter, seeing dig labor like maybe material on the like supply business, issues same clearly affecting the for to does transportation, Hunter businesses? been little also are chain bit that et your they legacy what legacy raw are wanted they

Ron Kramer

they has Hunter customers. seen the increase are cost. chain seen. yes, they that and ago ecommerce-based everyone certainly less ahead impact price so costs before, to remain offset passed has inventory transportation else sales had in a year and I mentioned their have of position a increases in through starting Yes, to have they They from And good A of as supply got supply it also their lot as

Brian Harris

XX%.

Ron Kramer

significant Right, sales that we in business. their any fulfillment don't XX% and in remains and of of see are ecommerce, issues days the couple space place, ecommerce

Noah Merkousko

backlog that ever that my that makes the that with to queue season model? here backlog through Is than all you take this I then highest flow you've Great, How for is into follow-up, mentioned think HBP. backlog? to that in work sense. does had that or And you're realize the longer to through going heading

Ron Kramer

are year longer in all take Yes, -- guide. our it. through considerations this And we it's expect would than work that to to

Operator

like our for back turn floor Thank session. any end Ron further to comments. We've over I'd of closing the to you. the reached question-and-answer

Ron Kramer

what build excited the be everyone. exemplifies the quarter of well management you value. shareholder businesses Thank of proud our team. resilience This of about and we've We're to strength operating our done long-term continuing and

Operator

Thank conclude teleconference. you. That does today's

You a today. participation day. your time this may thank wonderful We line for your you and at disconnect have

Griffon (GFF) 1 Feb 222022 Q1 Earnings call transcript