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) generates a steady flow of news through its role as a diversified management and holding company with two primary segments: Home and Building Products (HBP) and Consumer and Professional Products (CPP). Public announcements frequently cover segment performance, capital allocation decisions and updates on its portfolio of brands.
On this page, readers can follow GFF news related to quarterly and annual financial results, including revenue, net income, adjusted net income and adjusted EBITDA for both HBP and CPP. Earnings releases often highlight the performance of Clopay Corporation in garage doors and rolling steel doors, as well as CPP’s global activities in branded tools, fans, and home storage and organization products.
Griffon also issues news about its capital allocation strategy, such as free cash flow generation, share repurchase activity, leverage metrics like net debt to EBITDA and regular quarterly cash dividends. Dividend declarations, changes in dividend rates and Board-authorized share repurchase program updates are recurring topics in its press releases.
Investors and analysts tracking GFF can expect coverage of conference call schedules and replays for each reporting period, along with management commentary on segment margins, demand trends in regions such as North America, the United Kingdom and Australia, and the impact of initiatives like the CPP global sourcing expansion. Bookmark this page to access a consolidated view of Griffon Corporation news, from financial updates to segment-level developments across its Home and Building Products and Consumer and Professional Products businesses.
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
Griffon Corporation (NYSE: GFF) will release its fiscal second quarter results on
Griffon Corporation (NYSE:GFF) has agreed to sell Telephonics Corporation to TTM Technologies, Inc. (NASDAQ:TTMI) for $330 million in cash. This transaction aims to enhance long-term shareholder value by strengthening Griffon's balance sheet and refocusing its resources on core businesses. The deal is expected to close in the second calendar quarter of 2022, pending regulatory approvals. Lazard and J.P. Morgan are serving as financial advisors for Griffon and TTM, respectively.
Griffon Corporation (NYSE: GFF) reported strong ongoing momentum following its acquisition of Hunter Fan Company, contributing to record revenues and adjusted EBITDA in Fiscal 2021. The company is on track to finalize a strategic review of its Telephonics business by March 2022. Shareholders recently elected four board members and approved governance enhancements, including changes to the board structure. Despite this progress, an advisory vote on executive compensation was not approved. The overall outlook remains positive for Fiscal 2022, focusing on margin expansion and shareholder value.
Griffon Corporation (NYSE: GFF) emphasizes the importance of shareholder voting for its board nominees in a press release urging support for its WHITE proxy card ahead of the Annual Meeting on February 17, 2022. The company refutes claims made by Voss Capital regarding nominee Charles Diao, questioning his current affiliations and alignment with Griffon's health and safety commitments. Griffon highlights its successful repositioning, improved performance, and strong shareholder returns, particularly following the acquisition of Hunter Fan Company. Shareholders are encouraged to vote electronically by February 16, 2022.
Voss Capital, a major shareholder of Griffon Corp. (GFF), emphasizes the need for shareholders to vote their proxies ahead of the Annual Meeting on February 17. Voss argues that under the current management, Griffon has consistently underperformed with a Total Shareholder Return lagging behind peer companies by 61% over five years. They highlight inefficiencies in the conglomerate structure costing shareholders nearly $50 million annually and question the independence of the Board. Voss advocates for the election of independent candidate Charlie Diao to drive meaningful changes and improve shareholder value.
Griffon Corporation (NYSE: GFF) urges shareholders to vote the WHITE proxy card for its highly qualified director nominees ahead of the Annual Meeting on February 17, 2022. The Board emphasizes the importance of each vote and reassures investors of the positive reception of its recent acquisition of Hunter Fan Company. Shareholders of record as of December 28, 2021 are encouraged to participate in the voting process. The proxy statement and crucial information are available online.