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Griffon Corporation,(GFF) a diversified conglomera te, has released its financial statements for the second quarter of 2023. The company reported a net loss of $62.3 million for the quarter, reflecting challenging market conditions and certain impairment charges. Additionally, Griffon's revenue for the three months ended March 31, 2023, decreased to $710.98 million.
As of March 31, 2023, Griffon Corporation reported total assets of $2.66 billion, a decrease from $2.82 billion as of September 30, 2022. The current assets remained relatively stable at $1.21 billion during the same period.
Condensed Consolidated Statement of Shareholders' Equity
During the six months ended March 31, 2023, Griffon Corporation experienced fluctuations in its shareholders' equity. The balance at September 30, 2022, was $477.57 million, and it decreased to $468.31 million at March 31, 2023. Net income and dividends impacted these changes.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
For the three months ended March 31, 2023, Griffon Corporation reported revenue of $710.98 million, representing a decline from $779.62 million during the same period in 2022. The company's gross profit for the quarter was $194.49 million, compared to $260.64 million in the previous year.
Condensed Consolidated Statements of Cash Flows
During the six months ended March 31, 2023, Griffon Corporation generated $161.64 million in net cash from continuing operations. The company's investing activities resulted in a net cash outflow of $2.57 million, while financing activities led to a net cash outflow of $99.63 million.
The financial statements indicate that Griffon Corporation faced challenges during the second quarter of 2023, leading to a net loss. The decrease in revenue contributed to the company's financial performance. Despite the headwinds, Griffon remains committed to addressing market conditions and strengthening its position in the industry.