Press Release
Griffon Corporation Announces Annual and Fourth Quarter Results
Fiscal 2020, revenue totaled
Fiscal 2020, Income from continuing operations totaled
Fiscal 2020 Adjusted EBITDA from continuing operations totaled
Fourth quarter revenue of
Fourth quarter Income from continuing operations totaled
Fourth quarter Adjusted EBITDA from continuing operations totaled
Segment Operating Results
Consumer and Professional Products ("CPP")
CPP revenue in 2020 was
CPP Adjusted EBITDA for 2020 was
CPP revenue in the current quarter was
CPP Adjusted EBITDA in the current quarter was
Strategic Initiative
In
The expanded focus of this initiative leverages the same three key development areas being executed within our
Expanding the roll-out of the new business platform from our
The cost to implement this new business platform, over the duration of the project, will include one-time charges of approximately
In addition to the growth, efficiency and competitive benefits, the
In connection with this initiative, during the year ended
Home and Building Products ("HBP")
HBP revenue in 2020 was
HBP Adjusted EBITDA in 2020 was
HBP revenue in the current quarter was
HBP Adjusted EBITDA in the current quarter was
Defense Electronics ("DE")
DE revenue in 2020 was
DE Adjusted EBITDA for 2020 was
DE revenue in the current quarter totaling
DE Adjusted EBITDA in the current quarter was
Contract backlog was
In
Taxes
The Company reported pretax income from continuing operations for the years ended
Balance Sheet and Capital Expenditures
At
Equity
In
As of
Conference Call Information
The Company will hold a conference call today,
The call can be accessed by dialing 1-877-407-0792 (
A replay of the call will be available starting on
Forward-looking Statements
“Safe Harbor” Statements under the Private Securities Litigation Reform Act of 1995: All statements related to, among other things, income (loss), earnings, cash flows, revenue, changes in operations, operating improvements, industries in which Griffon operates and
About
Griffon conducts its operations through three reportable segments:
-
Consumer and Professional Products conducts its operations through
AMES . Founded in 1774,AMES is the leading North American manufacturer and a global provider of branded consumer and professional tools and products for home storage and organization, landscaping, and enhancing outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including True Temper,AMES , andClosetMaid .
-
Home and
Building Product conducts its operations throughClopay . Founded in 1964,Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors inNorth America . Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughoutNorth America under the brandsClopay , Ideal, andHolmes . Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the CornellCookson brand.
- Defense Electronics conducts its operations through Telephonics, founded in 1933, a globally recognized leading provider of highly sophisticated intelligence, surveillance and communications solutions for defense, aerospace and commercial customers.
For more information on Griffon and its operating subsidiaries, please see the Company’s website at www.griffon.com.
Griffon evaluates performance and allocates resources based on operating results from continuing operations before interest income and expense, income taxes, depreciation and amortization, restructuring charges, loss on debt extinguishment and acquisition related expenses, as well as other items that may affect comparability, as applicable (“Adjusted EBITDA”, a non-GAAP measure). Griffon believes this information is useful to investors.
The following table provides a reconciliation of Adjusted EBITDA to Income before taxes from continuing operations:
GRIFFON CORPORATION AND SUBSIDIARIES OPERATING HIGHLIGHTS (in thousands) |
|||||||||||||||
|
(Unaudited)
|
|
For the Year Ended
|
||||||||||||
REVENUE |
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Consumer and Professional Products |
$ |
294,316 |
|
|
$ |
222,692 |
|
|
$ |
1,139,233 |
|
|
$ |
1,000,608 |
|
Home and Building Products |
256,939 |
|
|
242,025 |
|
|
927,313 |
|
|
873,640 |
|
||||
Defense Electronics |
109,418 |
|
|
109,447 |
|
|
340,976 |
|
|
335,041 |
|
||||
Total consolidated net sales |
$ |
660,673 |
|
|
$ |
574,164 |
|
|
$ |
2,407,522 |
|
|
$ |
2,209,289 |
|
|
|
|
|
|
|
|
|
||||||||
ADJUSTED EBITDA |
|
|
|
|
|
|
|
||||||||
Consumer and Professional Products |
$ |
19,985 |
|
|
$ |
17,526 |
|
|
$ |
104,053 |
|
|
$ |
90,677 |
|
Home and Building Products |
42,996 |
|
|
34,878 |
|
|
153,631 |
|
|
120,161 |
|
||||
Defense Electronics |
12,383 |
|
|
18,103 |
|
|
25,228 |
|
|
35,104 |
|
||||
Total |
75,364 |
|
|
70,507 |
|
|
282,912 |
|
|
245,942 |
|
||||
Unallocated amounts, excluding depreciation* |
(12,044 |
) |
|
(11,797 |
) |
|
(47,013 |
) |
|
(46,302 |
) |
||||
Adjusted EBITDA |
63,320 |
|
|
58,710 |
|
|
235,899 |
|
|
199,640 |
|
||||
Net interest expense |
(16,695 |
) |
|
(16,537 |
) |
|
(65,791 |
) |
|
(67,260 |
) |
||||
Depreciation and amortization |
(15,342 |
) |
|
(15,676 |
) |
|
(62,409 |
) |
|
(61,848 |
) |
||||
Restructuring charges |
(4,619 |
) |
|
— |
|
|
(15,790 |
) |
|
— |
|
||||
Loss from debt extinguishment |
— |
|
|
— |
|
|
(7,925 |
) |
|
— |
|
||||
Acquisition contingent consideration |
1,733 |
|
|
1,646 |
|
|
1,733 |
|
|
1,646 |
|
||||
Acquisition costs |
— |
|
|
— |
|
|
(2,960 |
) |
|
— |
|
||||
Income before taxes from continuing operations |
$ |
28,397 |
|
|
$ |
28,143 |
|
|
$ |
82,757 |
|
|
$ |
72,178 |
|
* Primarily Corporate Overhead |
|
For the Three Months
|
|
For the Year Ended
|
||||||||||||
DEPRECIATION and AMORTIZATION |
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Segment: |
|
|
|
|
|
|
|
||||||||
Consumer and Professional Products |
$ |
8,138 |
|
|
$ |
8,141 |
|
|
$ |
32,788 |
|
|
$ |
32,289 |
|
Home and Building Products |
4,386 |
|
|
4,651 |
|
|
18,361 |
|
|
18,334 |
|
||||
Defense Electronics |
2,659 |
|
|
2,741 |
|
|
10,645 |
|
|
10,667 |
|
||||
Total segment depreciation and amortization |
15,183 |
|
|
15,533 |
|
|
61,794 |
|
|
61,290 |
|
||||
Corporate |
159 |
|
|
143 |
|
|
615 |
|
|
558 |
|
||||
Total consolidated depreciation and amortization |
$ |
15,342 |
|
|
$ |
15,676 |
|
|
$ |
62,409 |
|
|
$ |
61,848 |
|
GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands, except per share data) |
|||||||||||||||
|
(Unaudited)
|
|
Twelve Months Ended
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Revenue |
$ |
660,673 |
|
|
$ |
574,164 |
|
|
$ |
2,407,522 |
|
|
$ |
2,209,289 |
|
Cost of goods and services |
486,203 |
|
|
415,706 |
|
|
1,766,096 |
|
|
1,625,815 |
|
||||
Gross profit |
174,470 |
|
|
158,458 |
|
|
641,426 |
|
|
583,474 |
|
||||
Selling, general and administrative expenses |
128,624 |
|
|
113,654 |
|
|
486,398 |
|
|
447,163 |
|
||||
Income from continuing operations |
45,846 |
|
|
44,804 |
|
|
155,028 |
|
|
136,311 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense) |
|
|
|
|
|
|
|
||||||||
Interest expense |
(16,737 |
) |
|
(16,732 |
) |
|
(66,544 |
) |
|
(68,066 |
) |
||||
Interest income |
42 |
|
|
195 |
|
|
753 |
|
|
806 |
|
||||
Loss from debt extinguishment, net |
— |
|
|
— |
|
|
(7,925 |
) |
|
— |
|
||||
Other, net |
(754 |
) |
|
(124 |
) |
|
1,445 |
|
|
3,127 |
|
||||
Total other expense, net |
(17,449 |
) |
|
(16,661 |
) |
|
(72,271 |
) |
|
(64,133 |
) |
||||
|
|
|
|
|
|
|
|
||||||||
Income before taxes from continuing operations |
28,397 |
|
|
28,143 |
|
|
82,757 |
|
|
72,178 |
|
||||
Provision for income taxes |
8,306 |
|
|
11,892 |
|
|
29,328 |
|
|
26,556 |
|
||||
Income from continuing operations |
$ |
20,091 |
|
|
$ |
16,251 |
|
|
$ |
53,429 |
|
|
$ |
45,622 |
|
|
|
|
|
|
|
|
|
||||||||
Discontinued operations: |
|
|
|
|
|
|
|
||||||||
Income from operations of discontinued businesses |
— |
|
|
(50 |
) |
|
— |
|
|
(11,050 |
) |
||||
Provision from income taxes |
— |
|
|
106 |
|
|
— |
|
|
(2,715 |
) |
||||
Income (loss) from discontinued operations |
— |
|
|
(156 |
) |
|
— |
|
|
(8,335 |
) |
||||
Net income (loss) |
$ |
20,091 |
|
|
$ |
16,095 |
|
|
$ |
53,429 |
|
|
$ |
37,287 |
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations |
$ |
0.44 |
|
|
$ |
0.40 |
|
|
$ |
1.25 |
|
|
$ |
1.11 |
|
Income (loss) from discontinued operations |
— |
|
|
— |
|
|
— |
|
|
(0.20 |
) |
||||
Basic earnings (loss) per common share |
$ |
0.44 |
|
|
$ |
0.39 |
|
|
$ |
1.25 |
|
|
$ |
0.91 |
|
Weighted-average shares outstanding |
45,903 |
|
|
41,071 |
|
|
42,588 |
|
|
40,934 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations |
$ |
0.41 |
|
|
$ |
0.37 |
|
|
$ |
1.19 |
|
|
$ |
1.06 |
|
Income (loss) from discontinued operations |
— |
|
|
— |
|
|
— |
|
|
(0.20 |
) |
||||
Diluted income (loss) per common share |
$ |
0.41 |
|
|
$ |
0.37 |
|
|
$ |
1.19 |
|
|
$ |
0.87 |
|
Weighted-average shares outstanding |
48,526 |
|
|
43,540 |
|
|
45,015 |
|
|
42,888 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
20,091 |
|
|
$ |
16,095 |
|
|
$ |
53,429 |
|
|
$ |
37,287 |
|
Other comprehensive income (loss), net of taxes: |
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments |
6,094 |
|
|
(4,517 |
) |
|
5,601 |
|
|
(8,460 |
) |
||||
Pension and other post retirement plans |
(14,264 |
) |
|
(23,607 |
) |
|
(11,784 |
) |
|
(23,055 |
) |
||||
Gain (loss) on cash flow hedge |
1,285 |
|
|
(75 |
) |
|
7 |
|
|
(289 |
) |
||||
Total other comprehensive income (loss), net of taxes |
(6,885 |
) |
|
(28,199 |
) |
|
(6,176 |
) |
|
(31,804 |
) |
||||
Comprehensive income (loss), net |
$ |
13,206 |
|
|
$ |
(12,104 |
) |
|
$ |
47,253 |
|
|
$ |
5,483 |
|
GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
|||||||
|
At |
|
At |
||||
CURRENT ASSETS |
|
|
|
||||
Cash and equivalents |
$ |
218,089 |
|
|
$ |
72,377 |
|
Accounts receivable, net of allowances of |
348,124 |
|
|
264,450 |
|
||
Contract assets, net of progress payments of |
84,426 |
|
|
105,111 |
|
||
Inventories |
413,825 |
|
|
442,121 |
|
||
Prepaid and other current assets |
46,897 |
|
|
40,799 |
|
||
Assets of discontinued operations |
2,091 |
|
|
321 |
|
||
Total Current Assets |
1,113,452 |
|
|
925,179 |
|
||
PROPERTY, PLANT AND EQUIPMENT, net |
343,964 |
|
|
337,326 |
|
||
OPERATING LEASE RIGHT-OF-USE ASSETS |
161,627 |
|
|
— |
|
||
|
442,643 |
|
|
437,067 |
|
||
INTANGIBLE ASSETS, net |
355,028 |
|
|
356,639 |
|
||
OTHER ASSETS |
32,897 |
|
|
15,840 |
|
||
ASSETS OF DISCONTINUED OPERATIONS |
6,406 |
|
|
2,888 |
|
||
Total Assets |
$ |
2,456,017 |
|
|
$ |
2,074,939 |
|
CURRENT LIABILITIES |
|
|
|
||||
Notes payable and current portion of long-term debt |
$ |
9,922 |
|
|
$ |
10,525 |
|
Accounts payable |
232,107 |
|
|
250,576 |
|
||
Accrued liabilities |
171,572 |
|
|
124,665 |
|
||
Current portion of operating lease liabilities |
31,848 |
|
|
— |
|
||
Liabilities of discontinued operations |
3,797 |
|
|
4,333 |
|
||
Total Current Liabilities |
449,246 |
|
|
390,099 |
|
||
LONG-TERM DEBT, net |
1,037,042 |
|
|
1,093,749 |
|
||
LONG-TERM OPERATING LEASE LIABILITIES |
136,054 |
|
|
— |
|
||
OTHER LIABILITIES |
126,510 |
|
|
109,997 |
|
||
LIABILITIES OF DISCONTINUED OPERATIONS |
7,014 |
|
|
3,331 |
|
||
Total Liabilities |
1,755,866 |
|
|
1,597,176 |
|
||
COMMITMENTS AND CONTINGENCIES - See Note 14 |
|
|
|
||||
SHAREHOLDERS’ EQUITY |
|
|
|
||||
Preferred stock, par value |
— |
|
|
— |
|
||
Common stock, par value |
20,935 |
|
|
20,694 |
|
||
Capital in excess of par value |
583,008 |
|
|
519,017 |
|
||
Retained earnings |
607,518 |
|
|
568,516 |
|
||
|
(413,493 |
) |
|
(536,308 |
) |
||
Accumulated other comprehensive loss |
(72,092 |
) |
|
(65,916 |
) |
||
Deferred compensation |
(25,725 |
) |
|
(28,240 |
) |
||
Total Shareholders’ Equity |
700,151 |
|
|
477,763 |
|
||
Total Liabilities and Shareholders’ Equity |
$ |
2,456,017 |
|
|
$ |
2,074,939 |
|
GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
|||||||||||
|
Years Ended |
||||||||||
|
2020 |
|
2019 |
|
2018 |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES - CONTINUING OPERATIONS: |
|
|
|
|
|
||||||
Net income |
$ |
53,429 |
|
|
$ |
37,287 |
|
|
$ |
125,678 |
|
Net (income) loss from discontinued operations |
— |
|
|
8,335 |
|
|
(92,423 |
) |
|||
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: |
|
|
|
|
|
||||||
Depreciation and amortization |
62,409 |
|
|
61,848 |
|
|
55,803 |
|
|||
Stock-based compensation |
17,580 |
|
|
15,914 |
|
|
19,610 |
|
|||
Asset impairment charges - restructuring |
4,692 |
|
|
— |
|
|
— |
|
|||
Provision for losses on accounts receivable |
1,332 |
|
|
535 |
|
|
96 |
|
|||
Amortization of deferred financing costs and debt discounts |
3,661 |
|
|
5,393 |
|
|
5,219 |
|
|||
Loss from debt extinguishment |
7,925 |
|
|
— |
|
|
— |
|
|||
Deferred income tax |
2,095 |
|
|
(2,222 |
) |
|
(17,633 |
) |
|||
(Gain)/ loss on sale/disposal of assets and investments |
(287 |
) |
|
(179 |
) |
|
290 |
|
|||
Change in assets and liabilities, net of assets and liabilities acquired: |
|
|
|
|
|
||||||
(Increase) decrease in accounts receivable and contract assets |
(62,366 |
) |
|
8,279 |
|
|
2,681 |
|
|||
(Increase) decrease in inventories |
34,080 |
|
|
(24,938 |
) |
|
(52,122 |
) |
|||
Increase in prepaid and other assets |
(13,582 |
) |
|
(4,285 |
) |
|
(2,285 |
) |
|||
Increase in accounts payable, accrued liabilities and income taxes payable |
25,044 |
|
|
7,638 |
|
|
11,078 |
|
|||
Other changes, net |
1,017 |
|
|
353 |
|
|
2,200 |
|
|||
Net cash provided by operating activities - continuing operations |
137,029 |
|
|
113,958 |
|
|
58,192 |
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES - CONTINUING OPERATIONS: |
|
|
|
|
|
||||||
Acquisition of property, plant and equipment |
(48,998 |
) |
|
(45,361 |
) |
|
(50,138 |
) |
|||
Acquired business, net of cash acquired |
(10,531 |
) |
|
(9,219 |
) |
|
(430,932 |
) |
|||
Investment purchases |
(130 |
) |
|
(149 |
) |
|
— |
|
|||
Proceeds (payments) from sale of business |
— |
|
|
(9,500 |
) |
|
474,727 |
|
|||
Insurance proceeds (payments) |
— |
|
|
(10,604 |
) |
|
8,254 |
|
|||
Proceeds from sale of property, plant and equipment |
352 |
|
|
280 |
|
|
663 |
|
|||
Net cash provided by (used in) investing activities - continuing operations |
(59,307 |
) |
|
(74,553 |
) |
|
2,574 |
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES - CONTINUING OPERATIONS: |
|
|
|
|
|
||||||
Proceeds from issuance of common stock |
178,165 |
|
|
— |
|
|
— |
|
|||
Dividends paid |
(14,529 |
) |
|
(13,676 |
) |
|
(49,797 |
) |
|||
Purchase of shares for treasury |
(7,479 |
) |
|
(1,478 |
) |
|
(45,605 |
) |
|||
Proceeds from long-term debt |
1,240,080 |
|
|
201,748 |
|
|
443,058 |
|
|||
Payments of long-term debt |
(1,308,915 |
) |
|
(218,248 |
) |
|
(300,993 |
) |
|||
Change in short-term borrowings |
— |
|
|
(366 |
) |
|
144 |
|
|||
Financing costs |
(17,384 |
) |
|
(1,090 |
) |
|
(7,793 |
) |
|||
Contingent consideration for acquired businesses |
(1,733 |
) |
|
(1,686 |
) |
|
— |
|
|||
Other, net |
(15 |
) |
|
(180 |
) |
|
51 |
|
|||
Net cash provided by (used) in financing activities - continuing operations |
68,190 |
|
|
(34,976 |
) |
|
39,065 |
|
|||
CASH FLOWS FROM DISCONTINUED OPERATIONS: |
|
|
|
|
|
||||||
Net cash used in operating activities |
(3,021 |
) |
|
(2,123 |
) |
|
(45,624 |
) |
|||
Net cash provided by (used in) investing activities |
444 |
|
|
— |
|
|
(10,762 |
) |
|||
Net cash used in financing activities |
— |
|
|
— |
|
|
(22,541 |
) |
|||
Net cash used in discontinued operations |
(2,577 |
) |
|
(2,123 |
) |
|
(78,927 |
) |
|||
Effect of exchange rate changes on cash and equivalents |
2,377 |
|
|
313 |
|
|
1,173 |
|
|||
NET INCREASE IN CASH AND EQUIVALENTS |
145,712 |
|
|
2,619 |
|
|
22,077 |
|
|||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD |
72,377 |
|
|
69,758 |
|
|
47,681 |
|
|||
CASH AND EQUIVALENTS AT END OF PERIOD |
$ |
218,089 |
|
|
$ |
72,377 |
|
|
$ |
69,758 |
|
Supplemental Disclosure of Cash Flow Information: |
|
|
|
|
|
||||||
Cash paid for interest |
$ |
63,139 |
|
|
$ |
63,334 |
|
|
$ |
59,793 |
|
Cash paid for taxes |
21,016 |
|
|
25,339 |
|
|
32,140 |
|
Griffon evaluates performance based on Earnings per share and Net income excluding restructuring charges, loss on debt extinguishment, acquisition related expenses, discrete and certain other tax items, as well other items that may affect comparability, as applicable. Griffon believes this information is useful to investors. The following tables provides a reconciliation of Income from continuing operations to Adjusted income from continuing operations and Earnings per common share from continuing operations to Adjusted earnings per common share from continuing operations:
GRIFFON CORPORATION AND SUBSIDIARIES RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS TO ADJUSTED INCOME FROM CONTINUING OPERATIONS (in thousands, except per share data) |
|||||||||||||||
|
For the Three Months
|
|
For the Twelve Months
|
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Income from continuing operations |
$ |
20,091 |
|
|
$ |
16,251 |
|
|
$ |
53,429 |
|
|
$ |
45,622 |
|
Adjusting items: |
|
|
|
|
|
|
|
||||||||
Restructuring charges |
4,619 |
|
|
— |
|
|
15,790 |
|
|
— |
|
||||
Loss from debt extinguishment |
— |
|
|
— |
|
|
7,925 |
|
|
— |
|
||||
Acquisition costs |
— |
|
|
— |
|
|
2,960 |
|
|
— |
|
||||
Acquisition contingent consideration |
(1,733 |
) |
|
(1,646 |
) |
|
(1,733 |
) |
|
(1,646 |
) |
||||
Tax impact of above items |
(840 |
) |
|
313 |
|
|
(5,984 |
) |
|
313 |
|
||||
Discrete and other certain tax (benefits) provisions |
(594 |
) |
|
2,334 |
|
|
654 |
|
|
2,035 |
|
||||
Adjusted income from continuing operations |
$ |
21,543 |
|
|
$ |
17,252 |
|
|
$ |
73,041 |
|
|
$ |
46,324 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share from continuing operations |
$ |
0.41 |
|
|
$ |
0.37 |
|
|
$ |
1.19 |
|
|
$ |
1.06 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusting items, net of tax: |
|
|
|
|
|
|
|
||||||||
Restructuring charges |
0.07 |
|
|
— |
|
|
0.26 |
|
|
— |
|
||||
Loss from debt extinguishment |
— |
|
|
— |
|
|
0.14 |
|
|
— |
|
||||
Acquisition costs |
— |
|
|
— |
|
|
0.05 |
|
|
— |
|
||||
Acquisition contingent consideration |
(0.03 |
) |
|
(0.03 |
) |
|
(0.03 |
) |
|
(0.03 |
) |
||||
Discrete and other certain tax (benefits) provisions |
(0.01 |
) |
|
0.05 |
|
|
0.01 |
|
|
0.05 |
|
||||
Adjusted earnings per share from continuing operations |
$ |
0.44 |
|
|
$ |
0.40 |
|
|
$ |
1.62 |
|
|
$ |
1.08 |
|
Weighted-average shares outstanding (in thousands) |
48,526 |
|
|
43,540 |
|
|
45,015 |
|
|
42,888 |
|
Note: Due to rounding, the sum of earnings per common share and adjusting items, net of tax, may not equal adjusted earnings per common share. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20201112006067/en/
Company Contact:
SVP & Chief Financial Officer
(212) 957-5000
Investor Relations Contact:
Managing Director
(203) 682-8311
Source: