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) reported impressive first-quarter results, exceeding analyst expectations, following record fiscal 2021 performance. The company successfully executed the acquisition of Hunter Fan, closed on January 24, 2022, to enhance shareholder value. Despite some proxy advisory firms not fully recognizing this success, Griffon encourages shareholders to vote for its board nominees and charter amendments at the annual meeting set for February 17, 2022. The company aims to enhance governance and ensure continued shareholder value creation.
Griffon Corporation (NYSE:GFF) reported Q1 fiscal 2022 results with revenues of $591.7 million, up 9% year-over-year. Income from continuing operations was $16.9 million or $0.31 per share, down from $25.4 million or $0.48 per share. Adjusted EBITDA decreased 13% to $59.6 million. The acquisition of Hunter Fan Company for approximately $845 million is projected to add $400 million in revenue and $90 million in EBITDA in the first full year. Griffon is also reviewing strategic alternatives for its Telephonics segment, expected to conclude in March 2022.
Griffon Corporation (NYSE: GFF) has declared a quarterly cash dividend of $0.09 per share. This dividend will be payable on March 23, 2022, to shareholders who are on record as of February 23, 2022. Griffon operates through subsidiaries in two segments: Consumer and Professional Products and Home and Building Products, focusing on manufacturing and distributing consumer tools and garage doors in North America.
On January 28, 2022, Voss Capital, a significant shareholder of Griffon Corp. (NYSE: GFF), announced its confirmation of Griffon's involvement in the withdrawal of two director nominees. The Company admitted to contacting the employers of Voss's nominees, leading to the revocation of their approval. Voss asserts that it conducted thorough vetting for its candidates and views Griffon's actions as an attempt to undermine shareholder interests. Voss emphasizes the importance of shareholder votes and promotes its BLUE proxy card for supporting change at Griffon.
Voss Capital, a major shareholder of Griffon Corp. (NYSE: GFF), issued an open letter addressing misleading claims from Griffon's recent investor presentation. Voss criticized the company for failing to recognize the need for change, highlighting issues like low returns on invested capital (ROIC), excessive executive compensation, and poor governance. They argue that Griffon's claims of strategic sales and margin improvements lack credibility, and they emphasize the need for an independent voice on the board to promote shareholder value. Voss proposes a detailed plan to unlock over $50 per share in value for investors.
Griffon Corporation (NYSE: GFF) emphasizes its robust business strategy and the successful acquisition of Hunter Fan Company in a letter to shareholders. The company urges shareholders to vote 'FOR' its four highly qualified director nominees in the upcoming Annual Meeting on February 17, 2022. With a history of value creation and a strong board, Griffon showcases its 11% revenue CAGR and 185% total shareholder return over three years. The letter also criticizes Voss Capital's nominee, asserting a lack of experience and ideas, and highlights governance amendments to enhance shareholder value.
Griffon Corporation (NYSE: GFF) has completed its acquisition of Hunter Fan Company for $845 million, enhancing its product portfolio within the Consumer and Professional Products segment. This acquisition is expected to accelerate Griffon's growth and online market presence. The acquisition was financed through a new $800 million Term Loan B facility and cash reserves. Griffon plans to update its fiscal year 2022 guidance during its upcoming earnings call on February 1, 2022. The deal underscores Griffon's strategy of expanding through pivotal acquisitions.
Voss Capital, a significant shareholder of Griffon Corp. (GFF), has released a presentation titled "Renovating Griffon," which details their engagement history with the company. The presentation addresses ongoing issues regarding Griffon's corporate governance and conglomerate structure, while proposing the addition of a qualified candidate to the Board of Directors to increase shareholder value. Voss emphasizes the importance of voting for this nominee during the upcoming Annual Meeting, urging shareholders to use the BLUE proxy card.
Voss Capital, a significant shareholder of Griffon Corp. (NYSE: GFF), announced the withdrawal of two director nominees from a proxy contest due to unexpected reversals of approval from their employers. Voss claims this pattern of intimidation may be influenced by Griffon executives and calls for an investigation. They emphasize the urgent need for independent oversight on Griffon's Board to prevent self-dealing practices detrimental to shareholders. Voss plans to detail governance failures and a value creation strategy in the coming days and urges shareholders to vote for change using the BLUE proxy card.
Griffon Corporation (NYSE: GFF) has announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired for its acquisition of Hunter Fan Company, expected to close in the week of January 24, 2022. Griffon will also release its fiscal first quarter results on February 1, 2022, followed by a conference call at 8:30 AM ET to update its fiscal 2022 guidance, incorporating Hunter's impact. Investors are encouraged to read the related proxy statement filed with the SEC.