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 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 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.
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.
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.