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Griffon Corporation reports recurring developments for a building products business that manufactures and markets residential and commercial garage doors, rolling steel doors and grille products, and ceiling fans. Its brands include Clopay, IDEAL and Holmes for garage doors; Clopay, Cornell and Cookson for rolling steel products; and Hunter, Casablanca and Jan Fan for fans.
Company news commonly covers fiscal results, pricing and volume trends in residential and commercial channels, material and labor cost effects, dividends, share repurchases, balance sheet management, and portfolio actions tied to Griffon’s building products focus.
Griffon (NYSE: GFF) has scheduled its fiscal fourth quarter 2024 financial results release for Wednesday, November 13, 2024, followed by a conference call at 8:30 AM ET. Griffon operates through two main segments: Home and Building Products via Clopay , North America's largest manufacturer of garage doors and rolling steel doors, and Consumer and Professional Products (CPP), which provides branded tools, fans, and home storage solutions through brands like AMES, Hunter, True Temper, and ClosetMaid.
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.