Welcome to our dedicated page for Griffon news (Ticker: GFF), a resource for investors and traders seeking the latest updates and insights on Griffon stock.
Griffon Corporation (NYSE: GFF) is a diversified management and holding company operating through wholly-owned subsidiaries. With a focus on optimizing operations, Griffon oversees its subsidiaries, allocates resources, and manages their capital structures. The company's core operations include consumer and professional products, and home and building products.
Griffon’s subsidiaries include Ames True Temper (ATT), Clopay Building Products (CBP), Telephonics Corporation, and Clopay Plastic Products Company. ATT and CBP form the Home & Building Products segment, which is the principal revenue driver. Griffon manufactures and markets a variety of products such as residential, commercial, and industrial garage doors, as well as non-powered landscaping tools for both professionals and homeowners.
The company continually seeks new acquisition opportunities to further diversify its portfolio and enhance returns on capital. Recently, Griffon’s subsidiary, AMES, announced the sale of complete wood mills and a series of public auctions aimed at supporting its global expansion strategy. Assets such as sawmill operations, dowel turning equipment, and CNC machinery will be available, presenting a unique opportunity for manufacturers.
Griffon’s financial health is robust, supported by strategic partnerships and a well-diversified product lineup. The company's operations thrive on innovation and market adaptability. For more detailed information about Griffon Corporation and its subsidiaries, visit their official website at www.griffoncorp.com.
Griffon (NYSE:GFF) reported Q3 fiscal 2024 results with revenue of $647.8 million, down 5% year-over-year. Net income was $41.1 million, or $0.84 per share, compared to $49.2 million, or $0.90 per share, in the prior year quarter. Adjusted EBITDA decreased 9% to $125.5 million.
The Home and Building Products (HBP) segment saw a 2% revenue decline, while Consumer and Professional Products (CPP) revenue fell 10%. Despite challenges, CPP's Adjusted EBITDA increased 22%. The company generated strong free cash flow of $120 million, allowing for debt reduction, stock repurchases, and dividend payments.
Griffon maintains its 2024 outlook with expected revenue of $2.65 billion and Adjusted EBITDA of $555 million. The company's global sourcing strategy expansion for CPP remains on track for completion by the end of 2024.
Griffon (NYSE: GFF) has declared a regular quarterly cash dividend of $0.15 per share, payable on September 19, 2024 to shareholders of record as of August 28, 2024. Griffon is a diversified management and holding company operating through two main segments: Home and Building Products and Consumer and Professional Products. The company's subsidiaries include Clopay , North America's largest manufacturer of garage doors and rolling steel doors, and brands such as AMES, Hunter, True Temper, and ClosetMaid in the consumer and professional tools sector.
Griffon (NYSE: GFF) has announced its plans to release fiscal third quarter 2024 results on August 7, 2024, followed by a conference call at 8:30 AM ET. Investors can access the call by dialing 1-877-407-0792 (U.S.) or 1-201-689-8263 (International) with conference ID 13747578. A replay will be available until August 21, 2024.
Griffon is a diversified management and holding company operating through two segments: Home and Building Products (Clopay ) and Consumer and Professional Products (CPP). Clopay is North America's largest manufacturer of garage doors and rolling steel doors, while CPP provides branded consumer and professional tools, fans, and home storage products globally.
Griffon (NYSE: GFF) announced that its subsidiary, The AMES Companies, acquired Pope from The Toro Company. Pope is an Australian provider of residential watering products. This marks AMES's seventh acquisition in Australia since 2013 and expands its product portfolio in the Australian market. Pope is expected to add approximately $25 million in annual revenue and positively impact Griffon's earnings in the first full year. Financial details of the acquisition were not disclosed.
The Toro Company (NYSE: TTC) has announced the sale of its Australia-based residential Pope Products business to The AMES Company, a subsidiary of Griffon (NYSE: GFF). The sold assets, focused on garden watering and irrigation, were exclusively marketed in Australia and New Zealand. This divestiture aligns with Toro's strategy to concentrate on high-growth sectors such as golf, sports fields, and professional contractor markets. Financially, the sale's impact on Toro's fiscal 2024 results is negligible and was already factored into their previous forecasts.
Griffon (NYSE: GFF) has successfully repriced its $459 million Secured Term Loan B, which matures in January 2029. The repricing reduces the spread above the Secured Overnight Financing Rate (SOFR) by 25 basis points and removes the Credit Spread Adjustment (CSA), resulting in an estimated annual savings of $1.8 million in cash interest expenses. The applicable SOFR floor has also been reduced from 50 to 0 basis points. This adjustment reflects Griffon’s strong balance sheet and operational results and aims to lower debt costs. Bank of America acted as the administrative agent for this repricing.
The AMES Companies celebrates its 250th anniversary, marking a significant milestone as a historic U.S. company. Founded in 1774, AMES started by creating America's first metal shovels and has grown into a leading provider of hand-powered landscaping tools. Today, AMES manages over 22 brands worldwide in the cleaning, home organization, lawn and garden, and outdoor living sectors. Headquartered in Orlando, AMES is a wholly-owned subsidiary of Griffon (NYSE:GFF). Notable historical contributions include supplying shovels during the Revolutionary War, the California Gold Rush, the construction of the Union Pacific Railroad, the Panama Canal, and the Empire State Building, among others. President Bill Glusing praises the dedication of AMES team members and their commitment to quality and innovation. Griffon supports AMES through strategic oversight and resource allocation, further enhancing its growth and diversification.
Griffon reported its fiscal 2024 second-quarter results, showing a 5% decrease in revenue to $672.9 million. However, net income improved to $64.1 million, or $1.28 per share, compared to a loss in the prior year quarter. Adjusted net income was $67.5 million, or $1.35 per share. The company raised full-year segment EBITDA guidance to $555 million, repurchased shares, and announced a global sourcing strategy expansion for CPP.
Griffon (NYSE: GFF) declared a regular quarterly cash dividend of $0.15 per share, payable on June 20, 2024. Griffon is a diversified holding company overseeing subsidiaries specializing in home and building products and consumer and professional tools.
Griffon is set to announce its fiscal second-quarter results on May 8, 2024, with a subsequent conference call. Griffon is a diversified management and holding company overseeing its subsidiaries in the Home and Building Products and Consumer and Professional Products segments.
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