Home & Building Products Segment Performance
For the first 9 months, HBP profitability exceeded expectations with an EBITDA margin of 31.4%. Revenue for Home and Building Products increased 2% from the prior year, driven by favorable price and mix.
Improved EBITDA Margins
Adjusted EBITDA before unallocated amounts increased 5% compared to the prior year quarter, with EBITDA margin before unallocated amounts increasing by 240 basis points.
Successful Stock Repurchase Program
Repurchased $40 million of stock during the third quarter, totaling a reduction of Griffon's outstanding shares by 18.4% relative to the total shares outstanding at the end of the second quarter of fiscal 2023.
Consistent Dividend Growth
Authorized a regular quarterly dividend of $0.18 per share, marking the 56th consecutive quarterly dividend, with dividends growing at an annualized compound rate of more than 18% since 2012.
Strong Balance Sheet and Liquidity
Net debt-to-EBITDA leverage reduced to 2.5x, down from 2.7x at the end of last year's third quarter.