Griffon Corp Stock Price, News & Analysis

Griffon Corporation (NYSE:GFF) will unveil its fiscal third quarter results on Thursday, July 29, 2021, at 4:30 PM ET, followed by a conference call. Participants can access the call via 1-855-327-6837 (U.S.) or 1-631-891-4304 (International), using conference ID 10015789. A replay will be available post-call until August 12, 2021. Griffon operates through three segments: Consumer and Professional Products, Home and Building Products, and Defense Electronics, offering a range of products from tools to garage doors and defense solutions.

Griffon Corporation (NYSE:GFF) will present at the CJS Securities 21st Annual 'New Ideas' Summer Conference on July 13, 2021, in a virtual format. The investor presentation will be accessible on Griffon's website during the event. Griffon operates through three main segments: Consumer and Professional Products (CPP), Home and Building Products, and Defense Electronics. CPP includes The AMES Companies, a leader in consumer and professional tools. Clopay Corporation leads in garage door manufacture, while Telephonics Corporation provides advanced solutions for defense and aerospace.

Telephonics Corporation, a subsidiary of Griffon Corporation (NYSE: GFF), announced the successful completion of certification testing for its Mode 5 Operationally Autonomous Surveillance System (M5OAS) by the Department of Defense (DoD). Conducted in Virginia and New York, the system met all required standards and exceeded expectations during tests, including target detection beyond 200 nautical miles. The M5OAS offers a cost-effective solution for situational awareness and can upgrade legacy radar systems, enhancing disaster response capabilities.

Telephonics Corporation, a subsidiary of Griffon Corporation (NYSE: GFF), successfully demonstrated its MOSAIC Active Electronically Scanned Array (AESA) radar system during the U.S. Air Force's Combat Lancer 2020 exercise in September, achieving over 9 hours of operational flight time. This dual-beam technology enhances radar performance for surveillance and imaging tasks. Key stakeholders praised the collaboration and expressed optimism for future growth opportunities with the U.S. Air Force, highlighting the system's advanced capabilities that exceed existing AESA technologies.

Griffon Corporation (NYSE:GFF) announced the retirement of Steven M. Lynch, President of Clopay Corporation, effective at the end of fiscal 2021. He has led Clopay for twelve years, navigating crises and overseeing significant initiatives, including the integration of CornellCookson. Vic L. Weldon, Chief Operating Officer, will succeed him. Ronald J. Kramer, CEO of Griffon, praised Lynch's contributions and emphasized continuity with Weldon's promotion, who brings two decades of industry experience to his new role.

Griffon Corporation (NYSE:GFF) reported a strong performance for Q2 fiscal 2021, with consolidated revenue of $634.8 million, a 12% increase from the prior year. Net income soared to $17.1 million or $0.32 per share, a significant rise from $0.9 million or $0.02 per share year-over-year. Adjusted EBITDA reached $67.8 million, up 41%. The Consumer and Professional Products segment saw a 21% revenue increase, while Defense Electronics revenue dropped 26%. Key strategic initiatives are expected to deliver annual savings of $30-$35 million.

The Board of Directors of Griffon Corporation (NYSE: GFF) has declared a quarterly cash dividend of $0.08 per share, payable on June 17, 2021 to shareholders of record by May 20, 2021. Griffon operates through three main segments: Consumer and Professional Products via AMES, Home and Building Products through Clopay, and Defense Electronics via Telephonics. The company seeks to diversify its operations and enhance returns through acquisitions and growth opportunities.

Griffon Corporation (NYSE:GFF) will release its fiscal second quarter results on April 29, 2021, followed by a conference call at 4:30 PM ET. Participants can access the call by dialing 1-877-407-0792 (U.S.) or 1-201-689-8263 (International), using conference ID 13719101. A replay will be available after the call until May 13, 2021. Griffon operates through three segments: Consumer and Professional Products, Home and Building Products, and Defense Electronics, focusing on acquisitions and growth opportunities.

Griffon Corporation's subsidiary, Telephonics, has secured a $162 million support contract from Lockheed Martin for U.S. Navy MH-60R and MH-60S helicopters. The contract includes a five-year base period, extending to 2025, with an optional two-year extension. Currently, there is a funded backlog of $84 million. This contract is part of the U.S. Navy’s Performance Based Logistics program, aimed at procuring spares, supplying test equipment, and performing critical repairs on advanced radar and communication systems integral to these aircraft.