格里丰 2024年度报告

I am pleased to report that Griffon had another outstandingyearin fiscal 2024.We delivered strong financialperformance highlighted by our free cash flow generationandoperating profitability,achieved while navigating achallengingmacroeconomicenvironment.ContinuedEBITDA margin performance of greater than 30% from ourHomeand Building Products(HBP)segment was theprincipalfactor driving our results,complemented bysignificantlyimproved profitability at our Consumer andProfessional Products (CPP) segment as we began realizingbenefitsfrom our recently completed global sourcingexpansion initiative. We continue to invest in productivity, technology, andinnovation across our businesses, which will enhance ouroperating margins in the near term and drive additionalgrowthopportunities in the long term.At HBP, we areexpanding Clopay’s Troy, Ohio sectional door manufacturingcapacity and adding advanced manufacturing equipment tosatisfy increased customer demand for premium products.These investments will support the production of some ofour mostexciting new products, and we plan to makefurther investments in capacity expansion and technology in2025. Griffon’s2024 adjusted EBITDA1 before unallocatedexpenses was $574 million, representing a 21.9% EBITDAmargin and a 100 basis point improvement in profitabilityyear-over-year.This profitability drove the generation of$326 million of free cash flow2, which we used to return$310 million to Griffon shareholders in the form of sharerepurchases and dividends. We were able to do this whilemaintaining our year-over-year leverage at 2.6 times net debtto EBITDA3, which is at the low end of our target range. Ourcontinued commitment to returning value toshareholdersis reflected in Griffon’s Total ShareholderReturn, whichhas consistently surpassed the returns ofthe Russell 2000 and S&P 600. The cumulative return chartover the last one, three, and five fiscal years demonstratesthis outperformance. WithinCPP,the successful conclusion of our globalsourcinginitiative and the deployment of our globalbusinessintelligencesystemarealreadypositivelyimpactingCPP’s operating results.We expect to seecontinued improvement over the next several years as thefull benefits of these investments are realized. HOME AND BUILDING PRODUCTS door maximizes overhead space and floods interiors withnatural light. The HBP segment conducts its operations through ClopayCorporation(Clopay),the preeminent manufacturer andmarketer of sectional residential and commercial garagedoors and rolling steel doors in North America. Clopay’sproducts are sold under the Clopay, Cornell, Cookson,IdealDoorand Holmesbrands.Clopay leverages itsextensive design, manufacturing and logistics capabilities,includingits 56 North American distribution centers, toserve a diverse customer portfolio spanning a network ofover 3,000 professional dealers and retail partners. VertiStackAvantewas named the‘‘Hottest NewProduct’’at the International Door Association Expo,recognizedas a Merchandise Vice President’s Top 3Product at The Home Depot’s annual product walk, andearned an Honorable Mention for Architecture MasterPrize™(AMP) and an Architizer A+ Awards Special Mention. Clopay has employed a strategy of building on its legacyresidential garage door models to meet the evolving designpreferences of consumers. This strategy has paid off, suchas with the introduction of ‘‘Canyon Ridge Elements’’ tobroaden the market appeal of the best-selling Canyon Ridgefaux wood composite residential line. Clopay also expandedcolor offerings on the Modern Steel Ultra-Grain Plank door,givinghomeowners more options to complement theirhomes. Despitechallengingresidentialandcommercialconstruction markets, HBP generated fiscal 2024 revenueof $1.6 billion and adjusted EBITDA1of $501 million. Theseresults demonstrate the resilience and strength of Clopay’sbusiness model, the dedication of its team, and the loyaltyof its customers. In the commercial segment, energy efficiency remains acritical factor driving innovation and product development.In line with this shift toward more precise performancestandards, Clopay introduced the Thermiser Max- Low Udoor with a U-factor rating of 0.532, making it the mostenergy-efficient rolling door available on the market today.Driven by their mission to make doors that are easy toservice and maintain, Clopay introduced SmartSync™, areal-time wireless diagnostic tool that improves speed andefficiencywhen trouble-shooting electrical issues withindustrial controls. Innovation Clopay’s commitment to innovation remained a cornerstoneofits success in fiscal 2024,and Clopay’s productdevelopment pipeline continues to expand in exciting newways with a focus on addressing evolving customer needsindesign,functionality,and connectivity.Clopay iscommitted to providing the best products to architects,facilityowners,homeowners,remodelers,andhomebuilders alike. A highlight of the year was the highly anticipated launchof the VertiStack