Griffon Corp Stock Price, News & Analysis

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.

Griffon Corporation (NYSE:GFF) reported second quarter fiscal 2022 results with revenue reaching $779.6 million, up 36% year-over-year. Excluding the Hunter acquisition, revenue increased 23% to $708.8 million. Income from continuing operations surged to $58.6 million, or $1.10 per share. Adjusted EBITDA also rose significantly to $139.6 million, a 113% increase from the prior year. The Company announced plans to sell Telephonics to TTM Technologies for $330 million. Future investments are expected to yield annual savings of $25 million. The Company maintains a robust cash position with $122.3 million in cash and a net debt of $1.84 billion.

The Board of Directors of Griffon Corporation (NYSE: GFF) announced a quarterly cash dividend of $0.09 per share. This dividend will be payable on June 16, 2022 to shareholders on record by the close of business on May 19, 2022. Griffon operates through two segments: Consumer and Professional Products and Home and Building Products, which include well-known brands like Clopay and Hunter. The company aims to diversify and enhance shareholder value through strategic acquisitions.

Griffon Corporation (NYSE: GFF) will release its fiscal second quarter results on April 28, 2022, at 8:30 AM ET. A teleconference will follow, accessible via specific dialing instructions for U.S. and international participants. Replay of the call will start later on the same day, available until May 12, 2022. Griffon operates through two segments: Consumer and Professional Products, and Home and Building Products, with a focus on diverse tool manufacturing and garage door production, respectively.