Griffon Corp Stock Price, News & Analysis

Griffon Corporation (NYSE:GFF) announced a Cooperation Agreement with Voss Capital, which holds 6% of its stock. This agreement includes the appointment of Voss Chief Investment Officer, Travis W. Cocke, to Griffon's Board of Directors, filling a vacancy left by the late Admiral Robert G. Harrison. The agreement aims to enhance cooperation between the two parties as Griffon continues its strategic review process. The Company is working with Goldman Sachs and legal advisors to evaluate strategic alternatives, although no definitive timeline or outcome is guaranteed.

Griffon Corporation (NYSE:GFF) reported a 25% revenue growth, totaling $2.8 billion for fiscal 2022, despite a significant non-cash impairment charge of $454.8 million leading to a net loss of $287.7 million. Adjusted income from continuing operations rose to $219.8 million, representing a substantial increase from the prior year's $89.7 million. The fourth quarter revenue increased by 24% to $709 million, yet it also incurred a net loss of $415.4 million due to the impairment charge. For 2023, Griffon expects a revenue of $2.95 billion and at least $500 million in adjusted EBITDA.

The Board of Directors of Griffon Corporation (NYSE: GFF) declared a quarterly cash dividend of $0.10 per share, payable on December 16, 2022, to shareholders of record by the close of business on November 29, 2022. Griffon operates through subsidiaries across two main segments: Consumer and Professional Products and Home and Building Products. With a focus on tools, fans, storage solutions, and garage doors, Griffon aims for growth through acquisitions and resource management.

Griffon Corporation (NYSE:GFF) is actively pursuing strategic alternatives to maximize shareholder value. An independent committee of the Board is collaborating with Goldman Sachs as their financial advisor. Options being considered include a sale, merger, or recapitalization. The company plans to provide updates regarding this process by the end of November 2022. Additionally, the annual shareholders meeting is postponed to March 15, 2023, allowing a notice period for shareholder business introductions between November 30 and December 30, 2022.

Griffon Corporation (NYSE:GFF) reported a strong fiscal third quarter ending June 30, 2022, with revenue reaching $768.2 million, up 31% from $584.2 million last year. Adjusted income from continuing operations hit a record $66.5 million ($1.23 per share), compared to $20.8 million ($0.39 per share) in the prior year. The company initiated a review of strategic alternatives, including a potential sale. Griffon also prepaid $300 million of its Term Loan B credit facility and declared a special dividend of $2.00 per share in July 2022, contributing to total dividends of $2.36 per share for the fiscal year.

The Board of Directors of Griffon Corporation (NYSE: GFF) declared a quarterly cash dividend of $0.09 per share. This dividend is payable on September 15, 2022, to shareholders recorded as of the close on August 18, 2022. Griffon is a diversified management company operating through wholly-owned subsidiaries, focusing on consumer and professional products and home and building products. Its subsidiaries include recognized brands such as AMES, Hunter, and Clopay.

The Board of Directors of Griffon Corporation (NYSE:GFF) has announced a special cash dividend of $2.00 per share, payable on July 20, 2022, to shareholders of record as of July 8, 2022. Including earlier quarterly dividends, total payouts will reach $2.27 per share for fiscal 2022. Additionally, Griffon has prepaid $300 million of its $800 million Term Loan B credit facility, enhancing its balance sheet. Funding for these actions is sourced from Telephonics' sale and free cash flow.

Griffon Corporation (NYSE:GFF) has successfully completed the sale of Telephonics Corporation to TTM Technologies, Inc. (NASDAQ:TTMI) for $330 million in cash. This significant transaction aims to unlock immediate value for Griffon's shareholders while enhancing the company's balance sheet. Ronald J. Kramer, Chairman and CEO of Griffon, expressed optimism about the future of Telephonics under TTM's ownership, highlighting its long-standing history with Griffon. Lazard and J.P. Morgan acted as financial advisors for the respective companies involved.

Griffon Corporation (NYSE:GFF) has initiated a review of strategic alternatives aimed at maximizing shareholder value, which may include a sale or merger. The Board, confident in its operational performance, highlighted significant profitability increases and cash flow improvements, particularly after acquiring Hunter Fan Company. Adjusted EBITDA guidance for fiscal 2022 has been raised to $475 million, indicating a 34% increase. However, the company acknowledges a disconnect between its share price and intrinsic business value.