Griffon Continues To Expect FY23 Revenue Of $2.70B, Vs 2.72B Consensus; Sees Adjusted EBITDA In FY23 Of $550M (Prior View: at least $525M)
Portfolio Pulse from Benzinga Newsdesk
Griffon Corporation (NYSE:GFF) has updated its FY23 revenue forecast to $2.70B, slightly below the consensus of $2.72B. The company also raised its adjusted EBITDA outlook for FY23 to $550M from at least $525M. Additionally, Griffon now expects depreciation to be $45 million (down from $50 million) and capital expenditures to be $40 million (down from $50 million).
August 04, 2023 | 11:08 am
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Griffon's revised FY23 revenue forecast is slightly below consensus, which may negatively impact the stock. However, the increase in adjusted EBITDA outlook and decrease in depreciation and capital expenditures could be seen as positive signals.
While the lower revenue forecast could be a concern for investors, the increase in EBITDA outlook indicates improved profitability. The decrease in depreciation and capital expenditures suggests better cost management, which could offset the potential negative impact of the lower revenue forecast.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100