Griffon Corporation (GFF)

Clopay® Introduces Switchable Glass Technology, Transforming Garage Doors into a Smart Architectural FeatureMay 14, 2026 11:27 AM
PR Newswire (US) Innovative clear-to-opaque window panels offer privacy on-demand for residential and commercial spacesMASON, Ohio, May 14, 2026 /PRNewswire/ -- Clopay Corporation, a wholly-owned subsidiary of Griffon Corporation (NYSE: GFF) and North America's largest manufacturer of residential and commercial garage doors, has introduced C-Power™ enabled Click-to-Conceal™ Panels on its aluminum and glass Avante® and Avante® Sleek doors as well as commercial Models 904 and 906. Garage door features glass panels that switch from clear to opaque, adapting to user needs for daylight or privacy.C-Power enabled doors use proprietary technology that continuously delivers power directly to the garage door sections, enabling the Click-to-Conceal Panels to switch from clear to opaque using a wireless remote.Designed for both luxury homes and commercial environments, C-Power enabled Click-to-Conceal Panels transform the garage door into a responsive design element that adapts to the user's changing needs throughout the day, offering daylight and outdoor views when desired and privacy and security when needed.The Ultimate Flex: Light, Privacy, and ControlFor residential design, the door opens up new ways to use the garage as a flexible, light-filled extension of the home such as an office, gym or entertaining area. For builders and architects, it delivers an innovative, future-focused solution that elevates both the visual and functional appeal of a home."As garages continue to evolve into multi-use spaces, the door itself is becoming part of the design conversation. Traditional glass doors are a popular design choice because of their ability to connect indoor and outdoor spaces, yet they can raise concerns about visibility and security," said Heather Bender, Clopay's Senior Director of Product Marketing. "C-Power enabled Click-to-Conceal Panels provide a two-in-one solution previously unavailable on exterior-rated garage doors. Clients get the modern, open look they want, with built-in privacy control."Performance-Driven Solutions for Commercial ProjectsThe same Click-to-Conceal Panels support a wide range of applications in commercial environments.Automotive showrooms can display vehicles during business hours and obscure them after closing. Retailers can showcase merchandise while maintaining the option to conceal products to reduce theft risk. In restaurants, hospitality venues, event spaces and schools, the glass panels balance daylight, glare and safety, to satisfy both visual and functional design requirements."The ability to shift between clear and opaque adds operational flexibility without installing separate shading systems or curtains that can impede sight lines and require ongoing maintenance," Bender said.The benefits don't stop at aesthetics. Energy efficiency and smart design are at the core of this product. When the glass is clear, it floods the space with natural light, reducing the need for artificial lighting during the day. Opaque panels block UV rays and limit heat gain to help regulate indoor temperatures and protect interiors from fading.For added security, the panels automatically default to opaque when the power is off, keeping what's inside out of sight, and change to clear when activated.Engineered for Durability and Clean DesignC-Power enabled Click-to-Conceal Panels are housed in a durable, weather-resistant 2-1/8" thick aluminum frame with a fully integrated power system. The wiring is concealed within the door sections for a clean appearance and simple installation.The residential Avante and commercial Model 904 doors have a rectangular grid pattern while the Avante Sleek and Model 906 doors feature long, narrow horizontal panels with minimal stiles for wider, unobstructed views. The frames are available with or without insulation in multiple colors, including anodized finishes. Built-in WindCode® reinforcement is offered.Glazing options include Clear/White Opaque and Gray Clear/Gray Opaque laminated or insulated tempered glass.A Platform for Architects and BuildersWith C-Power enabling technology, Clopay has expanded the role of the garage door in residential and commercial architecture. By combining dynamic glass, durable materials, and trusted performance, the Avante and Avante Sleek residential doors and commercial Models 904 and 906 offer a cohesive solution for projects that demand flexibility, privacy, and clean design."Clopay full-view garage doors with C-Power enabled Click-to-Conceal Panels offer the perfect blend of modern style and functionality," added Bender. "This is responsive architecture -- technology that enhances both form and function. It's a signature element that elevates any project."For more information, visit www.clopaydoor.com.About Clopay CorporationFounded in 1964, Clopay Corporation ("Clopay") is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. The company sells residential and commercial overhead sectional doors through leading home center retail chains and a network of over 3,000 independent professional dealers under the brands Clopay®, Ideal Door®, and Holmes Garage Door Company®. Rolling steel doors and grilles for commercial, industrial, institutional, and retail use are sold under the Cornell®, Cookson®, and Clopay® brands.Clopay is headquartered in Mason, Ohio, and operates four manufacturing facilities and 57 distribution centers. For more information, visit www.clopaydoor.com.About Griffon Corporation Griffon Corporation?is a leading provider of residential and commercial building products. The Company is the largest North American manufacturer and marketer of garage doors under the?Clopay, IDEAL and Holmes brands, and rolling steel door and grille products under the?Clopay, Cornell, and Cookson brands. The Company is also a leading provider of residential, industrial, and commercial ceiling fans sold under the Hunter,?Casablanca, and Jan Fan brands. The AMES North America,?Australia, and?United Kingdom?businesses are classified as discontinued operations. For more information on Griffon, please see the Company's website at? www.griffon.com.Forward-Looking Statements "Safe Harbor" Statements under the Private Securities Litigation Reform Act of 1995: All statements related to, among other things, income (loss), earnings, cash flows, revenue, changes in operations, operating improvements, industries in which Griffon Corporation (the "Company" or "Griffon") operates and the United States and global economies that are not historical are hereby identified as "forward-looking statements," and may be indicated by words or phrases such as "anticipates," "supports," "plans," "projects," "expects," "believes," "achieves", "should," "would," "could," "hope," "forecast," "management is of the opinion," "may," "will," "estimates," "intends," "explores," "opportunities," the negative of these expressions, use of the future tense and similar words or phrases. Such forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statements. These risks and uncertainties include, among others: current economic conditions and uncertainties in the housing, credit and capital markets; Griffon's ability to achieve expected savings and improved operational results from cost control, restructuring, integration and disposal initiatives (including the expanded CPP global outsourcing strategy announced in May 2023); the ability to identify and successfully consummate, and integrate, value-adding acquisition opportunities; increasing competition and pricing pressures in the markets served by Griffon's operating companies; the ability of Griffon's operating companies to expand into new geographic and product markets, and to anticipate and meet customer demands for new products and product enhancements and innovations; increases in the cost or lack of availability of raw materials such as steel, resin and wood, components or purchased finished goods, including any potential impact on costs or availability resulting from tariffs; changes in customer demand or loss of a material customer at one of Griffon's operating companies; the potential impact of seasonal variations and uncertain weather patterns on certain of Griffon's businesses; political events or military conflicts that could impact the worldwide economy; a downgrade in Griffon's credit ratings; changes in international economic conditions including inflation, interest rate and currency exchange fluctuations; the reliance by certain of Griffon's businesses on particular third party suppliers and manufacturers to meet customer demands; the relative mix of products and services offered by Griffon's businesses, which impacts margins and operating efficiencies; short-term capacity constraints or prolonged excess capacity; unforeseen developments in contingencies, such as litigation, regulatory and environmental matters; Griffon's ability to adequately protect and maintain the validity of patent and other intellectual property rights; the cyclical nature of the businesses of certain of Griffon's operating companies; possible terrorist threats and actions and their impact on the global economy; effects of possible IT system failures, data breaches or cyber-attacks; the impact of pandemics, such as COVID-19, on the U.S. and the global economy, including business disruptions, reductions in employment and an increase in business and operating facility failures, specifically among our customers and suppliers; Griffon's ability to service and refinance its debt; and the impact of recent and future legislative and regulatory changes, including, without limitation, changes in tax laws. Such statements reflect the views of the Company with respect to future events and are subject to these and other risks, as previously disclosed in the Company's Securities and Exchange Commission filings. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date made. Griffon undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.  View original content to download multimedia:https://www.prnewswire.com/news-releases/clopay-introduces-switchable-glass-technology-transforming-garage-doors-into-a-smart-architectural-feature-302772580.htmlSOURCE Clopay Corporation Original: Clopay® Introduces Switchable Glass Technology, Transforming Garage Doors into a Smart Architectural Feature

Griffon Corporation Declares Quarterly DividendMay 7, 2026 7:30 AM
Business Wire The Board of Directors of Griffon Corporation (NYSE: GFF) (the “Company” or “Griffon”) yesterday declared a regular quarterly cash dividend of $0.22 per share. The dividend is payable on June 17, 2026 to shareholders of record as of the close of business on May 29, 2026. About Griffon Corporation Griffon Corporation is a leading provider of residential and commercial building products. The Company is the largest North American manufacturer and marketer of garage doors under the Clopay, IDEAL and Holmes brands, and rolling steel door and grille products under the Clopay, Cornell, and Cookson brands. The Company is also a leading provider of residential, industrial, and commercial ceiling fans sold under the Hunter, Casablanca, and Jan Fan brands. The AMES North America, Australia, and United Kingdom businesses are classified as discontinued operations. For more information on Griffon, please see the Company’s website at www.griffon.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506640930/en/ Company Contact:
Brian G. Harris
EVP & Chief Financial Officer
Griffon Corporation
(212) 957-5000
IR@griffon.com Investor Relations Contact:
Tom Cook
Managing Director
ICR Inc.
(203) 682-8250 Original: Griffon Corporation Declares Quarterly Dividend

Griffon Corporation Announces Second Quarter ResultsMay 7, 2026 7:32 AM
Business Wire Griffon Corporation (“Griffon” or the “Company”) (NYSE:GFF) today reported results for the fiscal 2026 second quarter ended March 31, 2026. Revenue for the second quarter totaled $421.9 million, a 1% decrease compared to $426.7 million in the prior year quarter, due to decreased volume of 6% primarily driven by residential, partially offset by favorable price and mix of 5% driven by both residential and commercial. Income from continuing operations totaled $46.9 million, or $1.03 per share, compared to $49.8 million, or $1.06 per share, in the prior year quarter. Excluding all items that affect comparability from both periods, adjusted income from continuing operations (a non-GAAP measure) was $48.1 million, or $1.05 per share, in the current year quarter compared to $49.5 million, or $1.05 per share, in the prior year quarter. For a reconciliation of income from continuing operations to adjusted income from continuing operations (a non-GAAP measure), and earnings per share from continuing operations to adjusted earnings per share from continuing operations (a non-GAAP measure), see the attached table. Adjusted EBITDA from continuing operations for the second quarter was $97.8 million, a 4% decrease from the prior year quarter of $101.7 million, driven by the decreased revenue noted above, the unfavorable impact of decreased volume on overhead absorption, and increased material costs. For a definition of adjusted EBITDA and a reconciliation of net income to adjusted EBITDA (a non-GAAP measure), see the attached table. “Our team delivered solid performance this quarter, and Griffon is on track for another strong year," said Ronald J. Kramer, Chairman and CEO of Griffon. "The strategic actions we announced in the quarter to streamline our business into a pure-play building products company are progressing well. Given our first half results, and continued confidence in our outlook, we are maintaining our financial guidance for the fiscal year." "During our first half, we returned $72 million to shareholders through dividends and share repurchases while maintaining our net debt to EBITDA leverage," continued Mr. Kramer. "We will continue to follow our balanced capital allocation strategy to maintain our strong balance sheet while returning value to our shareholders." Taxes The Company reported pre-tax income from continuing operations for the quarters ended March 31, 2026 and 2025, and recognized effective tax rates of 27.8% and 26.3%, respectively. Excluding all items that affect comparability, the effective tax rates for the quarters ended March 31, 2026 and 2025 were 27.7% and 27.8%, respectively. Balance Sheet and Capital Expenditures As of March 31, 2026, the Company had cash and equivalents of $109.7 million and total debt outstanding of $1.4 billion, resulting in net debt of $1.3 billion. Leverage, as calculated in accordance with our credit agreement (see the attached table), was 2.4x net debt to EBITDA as of March 31, 2026 compared to 2.6x as of March 31, 2025 and 2.4x as of September 30, 2025. Free cash flow from continuing operations was $100.7 million and capital expenditures, net, were $17.6 million for the six month period ended March 31, 2026. At March 31, 2026, borrowing availability under the revolving credit facility was $436.8 million, subject to certain loan covenants. For a reconciliation and definition of free cash flow from continuing operations (a non-GAAP measure), to net cash provided by operating activities from continuing operations, see the attached table. Share Repurchases Share repurchases during the quarter ended March 31, 2026 totaled 0.4 million shares of common stock, for a total of $32.9 million, or an average of $78.03 per share. As of March 31, 2026, $247.0 million remained under the Board authorized share repurchase program. Since April 2023 and through March 31, 2026, the Company purchased 11.5 million shares of common stock or 20.1% of the outstanding shares, for a total of $610.9 million or an average of $53.21 per share. Strategic Actions Update On February 5, 2026, Griffon announced entering into a definitive agreement with ONCAP, the mid-market private equity platform of Onex Corporation (TSX:ONEX), to form a joint venture which will include the AMES U.S. and Canada businesses. In addition, Griffon announced the exploration of strategic alternatives for the AMES Australia and United Kingdom businesses, and the combination of Hunter Fan with the Home and Building Products (HBP) segment. Griffon expects to close the joint venture with ONCAP by the end of June 2026. The strategic process for AMES Australia is active and ongoing, and Griffon is in the process of exiting the United Kingdom. Griffon expects these strategic actions to be completed by the end of the calendar year. Starting with Griffon’s fiscal second quarter, AMES U.S., Canada, Australia, and UK are reported as discontinued operations, and Griffon reports the financial results of its continuing operations as a single segment. 2026 Outlook Griffon's fiscal year 2026 outlook is unchanged from the first quarter, and is consistent with the expected contributions from the legacy HBP segment and Hunter Fan as included within Griffon’s guidance provided in November 2025. Griffon expects fiscal 2026 revenue from continuing operations to be $1.8 billion. Adjusted EBITDA, presented to reflect Griffon's new reporting structure, is expected to be $458 million, excluding certain charges that affect comparability. Free cash flow from continuing operations, including capital expenditures of $50 million, is expected to exceed net income from continuing operations, with depreciation of $27 million and amortization of $15 million. Fiscal year 2026 interest expense is expected to be $93 million, excluding any interest income from the anticipated AMES joint venture. Griffon’s normalized tax rate is expected to be 28%. Conference Call Information The Company will hold a conference call today, May 7, 2026, at 8:30 AM ET. The call can be accessed by dialing 1-877-407-0792 (U.S. participants) or 1-201-689-8263 (International participants). Callers should ask to be connected to the Griffon Corporation teleconference or provide conference ID number 13759508. Participants are encouraged to dial-in at least 10 minutes before the scheduled start time. A replay of the call will be available starting on Thursday, May 7, 2026, at 11:30 AM ET by dialing 1-844-512-2921 (U.S.) or 1-412-317-6671 (International) and entering the conference ID number: 13759508. The replay will be available through Thursday, May 21, 2026, at 11:59 PM ET. Forward-looking Statements “Safe Harbor” Statements under the Private Securities Litigation Reform Act of 1995: All statements related to, among other things, income (loss), earnings, cash flows, revenue, changes in operations, operating improvements, the industries in which Griffon Corporation (the “Company” or “Griffon”) operates that are not historical are hereby identified as “forward-looking statements” and may be indicated by words or phrases such as “anticipates,” “supports,” “plans,” “projects,” “expects,” “believes,” "achieves,” “should,” “would,” “could,” “hope,” “forecast,” “management is of the opinion,” “may,” “will,” “estimates,” “intends,” “explores,” “opportunities,” the negative of these expressions, use of the future tense and similar words or phrases. Such forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statements. These risks and uncertainties include, among others: current economic conditions and uncertainties in the housing, credit and capital markets; Griffon’s ability to achieve expected savings and improved operational results from cost control, restructuring, integration and disposal initiatives; the ability to identify and successfully consummate, and integrate, value-adding acquisition opportunities; increasing competition and pricing pressures in the markets served by Griffon; the ability of Griffon to expand into new geographic and/or product markets, and to anticipate and meet customer demands for new products and product enhancements and innovations; increases in the cost or lack of availability of raw materials such as steel, resin and wood, components or purchased finished goods, including any potential impact on costs or availability resulting from tariffs; changes in customer demand or loss of a material customer at Griffon; the potential impact of seasonal variations and uncertain weather patterns; political events or military conflicts that could impact the worldwide economy; a downgrade in Griffon’s credit ratings; changes in economic conditions in the United States ("U.S.") or internationally including inflation, interest rate and currency exchange fluctuations; the reliance on particular third party suppliers and manufacturers to meet customer demands; the relative mix of products and services, which impacts margins and operating efficiencies; short-term capacity constraints or prolonged excess capacity; unforeseen developments in contingencies, such as litigation, regulatory and environmental matters; Griffon’s ability to adequately protect and maintain the validity of patent and other intellectual property rights; the cyclical nature of certain products; possible terrorist threats and actions and their impact on the global economy; effects of possible IT system failures, data breaches or cyber-attacks; the impact of pandemics on the U.S. and the global economy, including business disruptions, reductions in employment and an increase in business and operating facility failures, specifically among our customers and suppliers; Griffon’s ability to service and refinance its debt; and the impact of recent and future legislative and regulatory changes, including, without limitation, changes in tax laws. Such statements reflect the views of the Company with respect to future events and are subject to these and other risks, as previously disclosed in the Company’s Securities and Exchange Commission filings. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date made. Griffon undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. About Griffon Corporation Griffon Corporation is a leading provider of residential and commercial building products. The Company is the largest North American manufacturer and marketer of garage doors under the Clopay, IDEAL and Holmes brands, and rolling steel door and grille products under the Clopay, Cornell, and Cookson brands. The Company is also a leading provider of residential, industrial, and commercial ceiling fans sold under the Hunter, Casablanca, and Jan Fan brands. The AMES North America, Australia, and United Kingdom businesses are classified as discontinued operations. For more information on Griffon, please see the Company’s website at www.griffon.com. GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in thousands, except per share data) (Unaudited)   Three Months Ended March 31,   Six Months Ended March 31,     2026       2025       2026       2025   Revenue $ 421,860     $ 426,684     $ 876,120     $ 870,137   Cost of goods and services   229,871       228,337       475,398       460,403   Gross profit   191,989       198,347       400,722       409,734                   Selling, general and administrative expenses   104,643       107,461       213,963       214,507   Income from continuing operations   87,346       90,886       186,759       195,227                   Other income (expense)               Interest expense   (21,137 )     (23,857 )     (43,130 )     (48,695 ) Interest income   4       241       241       339   Loss from debt extinguishment   —       —       (556 )     —   Other, net   (1,238 )     317       (2,616 )     586   Total other expense, net   (22,371 )     (23,299 )     (46,061 )     (47,770 )                 Income before taxes from continuing operations   64,975       67,587       140,698       147,457   Provision for income taxes from continuing operations   18,038       17,782       38,189       38,516   Income from continuing operations $ 46,937     $ 49,805     $ 102,509     $ 108,941                   Discontinued operations:               Income (loss) from operations of discontinued operations $ (37,770 )   $ 11,050     $ (23,527 )   $ 28,600   Provision (benefit) for income taxes   (10,151 )     4,093     (4,723 )     9,928 Income (loss) from discontinued operations   (27,619 )     6,957       (18,804 )     18,672   Net income $ 19,318     $ 56,762     $ 83,705     $ 127,613                   Basic earnings per common share:               Income from continuing operations $ 1.05     $ 1.09     $ 2.30     $ 2.39   Income (loss) from discontinued operations   (0.62 )     0.15       (0.42 )     0.41   Basic earnings per common share $ 0.43     $ 1.24     $ 1.88     $ 2.80                   Basic weighted-average shares outstanding   44,616       45,658       44,636       45,598                   Diluted earnings per common share:               Income from continuing operations $ 1.03     $ 1.06     $ 2.24     $ 2.31   Income (loss) from discontinued operations   (0.60 )     0.15       (0.41 )     0.40   Diluted earnings per common share $ 0.42     $ 1.21     $ 1.83     $ 2.70                   Diluted weighted-average shares outstanding   45,690       46,900       45,727       47,226                   Dividends paid per common share $ 0.22     $ 0.18     $ 0.44     $ 0.36                   Net income $ 19,318     $ 56,762     $ 83,705     $ 127,613   Other comprehensive income (loss), net of taxes:               Foreign currency translation adjustments   1,020       2,970       4,621       (17,048 ) Pension and other post retirement plans   1,927       541       3,855       596   Change in cash flow hedges   (773 )     (1,094 )     (1,750 )     1,170   Total other comprehensive income (loss), net of taxes   2,174       2,417       6,726       (15,282 ) Comprehensive income, net $ 21,492     $ 59,179     $ 90,431     $ 112,331   GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)   (Unaudited)       March 31,
2026   September 30,
2025 CURRENT ASSETS       Cash and equivalents $ 109,672   $ 99,045 Accounts receivable, net of allowances of $5,999 and $5,641   200,906     196,957 Inventories   184,163     171,747 Prepaid and other current assets   39,308     42,079 Assets of discontinued operations held for sale   695,755     735,816 Total Current Assets   1,229,804     1,245,644 PROPERTY, PLANT AND EQUIPMENT, net   202,637     195,950 OPERATING LEASE RIGHT-OF-USE ASSETS   68,355     53,041 GOODWILL   191,253     191,253 INTANGIBLE ASSETS, net   349,975     363,955 OTHER ASSETS   24,249     26,191 Total Assets $ 2,066,273   $ 2,076,034         CURRENT LIABILITIES       Notes payable and current portion of long-term debt $ 8,018   $ 8,033 Accounts payable   84,805     57,663 Accrued liabilities   92,643     114,628 Current portion of operating lease liabilities   17,232     15,473 Liabilities of discontinued operations held for sale   226,923     250,390 Total Current Liabilities   429,621     446,187 LONG-TERM DEBT, net   1,394,836     1,404,276 LONG-TERM OPERATING LEASE LIABILITIES   55,201     40,453 OTHER LIABILITIES   92,168     111,146 Total Liabilities   1,971,826     2,002,062 COMMITMENTS AND CONTINGENCIES       SHAREHOLDERS’ EQUITY       Total Shareholders’ Equity   94,447     73,972 Total Liabilities and Shareholders’ Equity $ 2,066,273   $ 2,076,034 GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)   Six Months Ended March 31,     2026       2025   CASH FLOWS FROM OPERATING ACTIVITIES - CONTINUING OPERATIONS:       Net income $ 83,705     $ 127,613   Net (income) loss from discontinued operations   18,804       (18,672 ) Income from continuing operations   102,509       108,941   Adjustments to reconcile net income to net cash provided by operating activities - continuing operations:       Depreciation and amortization   19,581       19,091   Stock-based compensation   13,758       11,262   Provision (recovery) for losses on accounts receivable   216       (309 ) Amortization of debt discounts and issuance costs   2,008       2,053   Loss from debt extinguishment   556       —   Pension and other post-retirement non-cash charges   3,940       570   Deferred income tax provision (benefit)   (124 )     —   Change in assets and liabilities:       Increase in accounts receivable   (1,984 )     (5,757 ) Increase in inventories   (12,537 )     (11,096 ) Decrease in prepaid and other assets   797       6,463   Increase (decrease) in accounts payable, accrued liabilities and other liabilities   (9,899 )     9,434   Other changes   (507 )     (955 ) Net cash provided by operating activities - continuing operations   118,314       139,697   CASH FLOWS FROM INVESTING ACTIVITIES - CONTINUING OPERATIONS:       Acquisition of property, plant and equipment   (17,652 )     (25,938 ) Other, net   —       137   Net cash used in investing activities - continuing operations   (17,652 )     (25,801 ) CASH FLOWS FROM FINANCING ACTIVITIES - CONTINUING OPERATIONS:       Dividends paid   (21,218 )     (23,441 ) Purchase of shares for treasury   (64,459 )     (121,453 ) Proceeds from long-term debt   50,000       63,000   Payments of long-term debt   (62,012 )     (52,011 ) Other, net   (69 )     (27 ) Net cash used in financing activities - continuing operations   (97,758 )     (133,932 ) CASH FLOWS FROM DISCONTINUED OPERATIONS:       Net cash provided by operating activities   10,913       19,437   Net cash provided by (used in) investing activities   (2,148 )     12,341   Net cash used in financing activities   (60 )     (68 ) Net cash provided by discontinued operations   8,705       31,710   Effect of exchange rate changes on cash and equivalents   (982 )     1,709   NET INCREASE IN CASH AND EQUIVALENTS   10,627       13,383   CASH AND EQUIVALENTS AT BEGINNING OF PERIOD   99,045       114,438   CASH AND EQUIVALENTS AT END OF PERIOD $ 109,672     $ 127,821   Supplemental Disclosure of Non-Cash Flow Information:       Capital expenditures in accounts payable $ 2,035     $ 1,150   Griffon uses adjusted income from continuing operations, and the related adjusted earnings per share from continuing operations as key metrics in evaluating performance. These key metrics are non-GAAP measures that exclude the impact of retirement plan events, non-cash impairment charges, loss from debt extinguishment, acquisition related expenses and discrete and certain other tax items, as well as other items that may affect comparability, as applicable. Griffon believes this information is useful to investors. The following table provides a reconciliation of net income to income from continuing operations, to adjusted income from continuing operations and earnings per share from continuing operations, to adjusted earnings per share from continuing operations:   For the Three Months Ended
March 31,   For the Six Months Ended
March 31,     2026       2025       2026       2025   (in thousands, except per share data) (Unaudited)   Net income $ 19,318     $ 56,762     $ 83,705     $ 127,613   Less: Income (loss) from discontinued operations   (27,619 )     6,957       (18,804 )     18,672   Income from continuing operations   46,937       49,805       102,509       108,941                         Adjusting items:                     Impact of retirement plan events(1)   1,609       —       3,218       —   Loss from debt extinguishment   —       —       556       —   Strategic review - retention and other   —       889       —       1,778   Tax impact of above items(2)   (384 )     (219 )     (900 )     (439 ) Discrete and certain other tax provisions (benefits), net(3)   (14 )     (1,006 )     215       (1,134 )                       Adjusted income from continuing operations $ 48,148     $ 49,469     $ 105,598     $ 109,146                         Earnings per common share from continuing operations $ 1.03     $ 1.06     $ 2.24     $ 2.31                         Adjusting items, net of tax:                     Impact of retirement plan events(1)   0.03       —       0.05       —   Loss from debt extinguishment   —       —       0.01       —   Strategic review - retention and other   —       0.01       —       0.03   Discrete and certain other tax provisions (benefits), net(3)   —       (0.02 )     —       (0.02 )                       Adjusted earnings per common share from continuing operations $ 1.05     $ 1.05     $ 2.31     $ 2.31                         Diluted weighted-average shares outstanding   45,690       46,900       45,727       47,226   Note: Due to rounding, the sum of earnings per common share and adjusting items, net of tax, may not equal adjusted earnings per common share. (1) For the three and six months ended March 31, 2026, the impact of retirement plan events relates to non-cash charges of $1.6 million and $3.2 million included in Other, net associated with the establishment of a retiree medical plan. The Company will recognize a non-cash charge related to such plan of $5.4 million ratably over the first 10 months of fiscal 2026.   (2) The tax impact for the above reconciling adjustments from GAAP net income to non-GAAP adjusted income from continuing operations, and the related adjusted EPS from continuing operations, is determined by comparing the Company's tax provision, including the reconciling adjustments, to the tax provision excluding such adjustments.   (3) Discrete and certain other tax provisions (benefits) primarily relate to the impact of a rate differential between the statutory and annual effective tax rates on items impacting the quarter. Griffon uses adjusted EBITDA as a key metric in evaluating performance. Adjusted EBITDA, a non-GAAP measure, is defined as income before taxes from continuing operations, excluding interest income and expense, depreciation and amortization, strategic review charges, and non-cash impairment charges, as well as other items that may affect comparability, as applicable. Griffon believes this information is useful to investors. The following tables provides a reconciliation of net income to adjusted EBITDA:   For the Three Months Ended March 31,   For the Six Months Ended March 31, (in thousands)    2026       2025     2026       2025 Net income $ 19,318     $ 56,762   $ 83,705     $ 127,613 Less: Income (loss) from discontinued operations   (27,619 )     6,957     (18,804 )     18,672 Income from continuing operations   46,937       49,805     102,509       108,941 Net interest expense   21,133       23,616     42,889       48,356 Depreciation and amortization   10,063       9,593     19,581       19,091 Provision for income taxes   18,038       17,782     38,189       38,516 Impact of retirement plan events   1,609       —     3,218       — Loss from debt extinguishment   —       —     556       — Strategic review - retention and other   —       889     —       1,778 Adjusted EBITDA, continuing operations $ 97,780     $ 101,685   $ 206,942     $ 216,682 Griffon believes free cash flow ("FCF", a non-GAAP measure) from continuing operations is a useful measure for investors because it demonstrates the Company's ability to generate cash from operations for purposes such as repaying debt, funding acquisitions and paying dividends. FCF from continuing operations is defined as net cash provided by operating activities from continuing operations less capital expenditures, net of proceeds. The following table provides a reconciliation of net cash provided by operating activities from continuing operations to FCF from continuing operations:   For the Six Months Ended March 31, (in thousands)   2026       2025   Net cash provided by operating activities - continuing operations $ 118,314     $ 139,697   Acquisition of property, plant and equipment   (17,652 )     (25,938 ) FCF - continuing operations $ 100,662     $ 113,759   Net debt to EBITDA (Leverage ratio), a non-GAAP measure, is a key financial measure that is used by management to assess the borrowing capacity of the Company. The Company has defined its net debt to EBITDA leverage ratio as net debt (total principal debt outstanding net of cash and equivalents) divided by the sum of trailing twelve-month (“TTM”) adjusted EBITDA (as defined above) and TTM stock-based compensation expense. The following table provides a calculation of our net debt to EBITDA leverage ratio as calculated per our credit agreement: (in thousands)   March 31,
2026   Cash and equivalents   $ 109,672   Notes payable and current portion of long-term debt   $ 8,018   Long-term debt, net of current maturities     1,394,836   Debt discount/premium and issuance costs     8,939   Total gross debt - continuing basis     1,411,793   Discontinued operations     332   Total gross debt including discontinued operations   $ 1,412,125   Debt, net of cash and equivalents   $ 1,302,453           TTM adjusted EBITDA   $ 519,677   TTM stock-based compensation, including discontinued operations     27,828   TTM EBITDA, per debt compliance(1)   $ 547,505           Leverage ratio   2.4x   ______________________________  (1) Griffon defines EBITDA per bank compliance as operating results including discontinued operations and excluding interest income and expense, income taxes, depreciation and amortization, restructuring charges, debt extinguishment, net and acquisition related expenses, as well as other items that may affect comparability, as applicable, plus stock based compensation. See following table for calculation of TTM EBITDA, per debt compliance for the six months ended March 31, 2026. For the six months ended March 31, 2025 and year ended September 30, 2025, see the Company's previously reported earnings releases on Form 8-K furnished to the SEC. The following table provides a reconciliation of adjusted EBITDA including stock-based compensation to TTM EBITDA, per debt compliance:   Year ended September 30,   For the Six Months Ended March 31,   TTM March 31,     2025(1)     2026(2)     2025(1)     2026 (in thousands)                               Adjusted EBITDA $ 522,293     $ 247,101     $ 249,717     $ 519,677 Add: Stock-based compensation expense   25,483       14,238       11,893       27,828 EBITDA, per debt compliance $ 547,776     $ 261,339     $ 261,610     $ 547,505                 ______________________________ (1) As previously reported in the Company's earnings release on Form 8-K furnished to the SEC.
(2) The following table provides a reconciliation of adjusted EBITDA from continuing operations, including stock compensation to EBITDA, per debt compliance for the six months ended March 31, 2026:     For the Six Months Ended March 31, (in thousands)   2026 Adjusted EBITDA:     Continuing operations   $ 206,942 Discontinued operations     40,159 Total   $ 247,101       Stock-based Compensation:     Continuing operations     13,758 Discontinued operations     480 Total     14,238       EBITDA, per debt compliance   $ 261,339       The following tables provide a reconciliation of selling, general and administrative expenses for items that affect comparability for the three and six months ended March 31, 2026 and 2025: For the Three Months Ended March 31.   For the Six Months Ended March 31, (in thousands)   2026       2025       2026       2025   Selling, general and administrative expenses, as reported $ 104,643     $ 107,461     $ 213,963     $ 214,507   % of revenue   24.8 %     25.2 %     24.4 %     24.7 % Adjusting items:               Strategic review - retention and other   —       (889 )     —       (1,778 ) Selling, general and administrative expenses, as adjusted $ 104,643     $ 106,572     $ 213,963     $ 212,729   % of revenue   24.8 %     25.0 %     24.4 %     24.4 %                   View source version on businesswire.com: https://www.businesswire.com/news/home/20260506928131/en/ Company Contact
Brian G. Harris
EVP & Chief Financial Officer
Griffon Corporation
(212) 957-5000
IR@griffon.com Investor Relations Contact
Tom Cook
Managing Director
ICR Inc.
(203) 682-8250 Original: Griffon Corporation Announces Second Quarter Results

Griffon Corporation Schedules Conference Call To Discuss Second Quarter 2026 Financial ResultsApril 30, 2026 4:05 PM
Business Wire
Griffon Corporation (“Griffon” or the “Company”) (NYSE: GFF) today announced it will release the Company’s fiscal second quarter results on Thursday, May 7, 2026, followed by a conference call at 8:30 AM ET.


The call can be accessed by dialing 1-877-407-0792 (U.S. participants) or 1-201-689-8263 (International participants). Callers should ask to be connected to the Griffon Corporation teleconference or provide conference ID number 13759508. Participants are encouraged to dial-in at least 10 minutes before the scheduled start time.


A replay of the call will be available starting on Thursday, May 7, 2026, at 11:30 AM ET by dialing 1-844-512-2921 (U.S.) or 1-412-317-6671 (International) and entering the conference ID number: 13759508. The replay will be available through Thursday, May 21, 2026, at 11:59 PM ET.


About Griffon Corporation


Griffon is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as divestitures. As long-term investors, we intend to continue to grow and strengthen our existing businesses, and to diversify further through investments in our businesses and acquisitions.


Griffon conducts its operations through two reportable segments:



Home and Building Products conducts its operations through Clopay Corporation (“Clopay”). Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the Clopay, Cornell and Cookson brands.



Consumer and Professional Products (“CPP”) is a global provider of branded consumer and professional tools; residential, industrial and commercial fans; home storage and organization products; and products that enhance indoor and outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including AMES, since 1774, Hunter, since 1886, True Temper, and ClosetMaid.



For more information on Griffon and its operating subsidiaries, please see the Company’s website at www.griffon.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260430368795/en/
Company Contact:

Brian G. Harris

EVP & Chief Financial Officer

Griffon Corporation

(212) 957-5000


Investor Relations Contact:

Tom Cook

Managing Director

ICR Inc.

(203) 682-8250


Original: Griffon Corporation Schedules Conference Call To Discuss Second Quarter 2026 Financial Results

Clopay® Wins Best of IBS™ Award at 2026 International Builders' ShowMarch 12, 2026 3:00 PM
PR Newswire (US)

MASON, Ohio, March 12, 2026 /PRNewswire/ -- Clopay Corporation, a wholly-owned subsidiary of Griffon Corporation (NYSE: GFF) and North America's largest manufacturer of residential and commercial garage doors, earned a Best of IBS™ Award at the 2026 NAHB International Builders' Show in Orlando.



The company's Avante® door with C-Power™ enabled Click-to-Conceal™ Panels received top honors in the Window & Door category, recognized for advancing design, technology and functionality in residential building products.Selected from more than 300 entries and judged by a panel of 42 independent industry and media professionals, the Best of IBS Awards spotlight products that meaningfully move the industry forward. This year, Clopay didn't just add a new feature; it introduced a new way of thinking about what a garage door can be.A First for the Garage Door Industry: Power to the PanelsWith C-Power, Clopay is introducing a patented technology platform that delivers power directly to the garage door panels, unlocking functionality previously unavailable on an exterior-rated moving door.The first application, Click-to-Conceal Panels, allows the glass to transition from clear to opaque using a wireless remote. It's a smart solution for homeowners using their garage as flexible living space, offering daylight and outdoor views when desired, and privacy and security when needed.The glass is housed in a weather-resistant, 2-1/8-inch-thick commercial-grade aluminum frame with a fully integrated power system. All wiring is concealed within the door sections for a clean appearance and simple installation.In addition to the visual impact, C-Power enabled Click-to-Conceal Panels provide many performance benefits. Clear glass reduces the need for artificial lighting during the day. When opaque, the panels help block UV rays and limit heat gain, supporting year-round comfort while protecting interiors, finishes, artwork and vehicles from fading.Transforming the Garage into Living SpaceC-Power technology opens new design possibilities for architects and residential builders. Full-view glass garage doors can now be specified without committing homeowners to permanent transparency. Customers get the modern, light-filled aesthetic they want, with built-in control.By eliminating the traditional trade-off between openness and privacy, C-Power expands how garages are integrated into home elevations, indoor-outdoor transitions and overall design strategy.A space once reserved for parking and storage can function as a home gym, workshop, entertainment area or a showcase vehicle gallery filled with natural light. At night, or anytime privacy is desired, the garage can be secured with the touch of a button.The door's architectural versatility is already on display at The New American Home (TNAH), the official showcase home of IBS 2026, where it contributes to the home's seamless indoor-outdoor living experience and modern curb appeal.Building the Future of the CategoryAs one of the largest and most influential trade shows in residential construction, the International Builders' Show sets the tone for where the industry is headed. With its second Best of IBS win in two years, Clopay signals that the future of garage doors isn't incremental, it's transformational."This award is incredibly meaningful because it recognizes not just a product, but a platform for the future," said Victor Weldon, President and CEO of Clopay Corporation. "Bringing power directly to the panels opens the garage door to innovations our industry has never seen before. Click-to-Conceal Panels is just the beginning. We're excited about the new possibilities this creates for homeowners, architects and builders alike."In 2025, Clopay took home Best in Show for its VertiStack® Avante® door, an innovative system that replaces traditional overhead tracks with a compact vertical stacking design, resulting in a cleaner aesthetic and open ceiling space. That added clearance can be used for lighting, fans, storage, or accommodating taller vehicles and car lifts."As flexible living and indoor-outdoor entertaining take priority, garage doors are emerging as a smart, design-forward solution," added Weldon. "Clopay is driven to continue investing in new products to help customers transform spaces at home and at work."The residential Avante door with C-Power enabled Click-to-Conceal Panels, as well as a commercial version of the door, will be available in Spring 2026. Visit clopaydoor.com for more information.About Clopay CorporationFounded in 1964, Clopay Corporation ("Clopay") is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. The company sells residential and commercial overhead sectional doors through leading home center retail chains and a network of over 3,000 independent professional dealers under the brands Clopay®, Ideal Door®, and Holmes Garage Door Company®. Rolling steel doors and grilles for commercial, industrial, institutional, and retail use are sold under the Cornell®, Cookson®, and Clopay® brands.Clopay is headquartered in Mason, Ohio, and operates four manufacturing facilities and 57 distribution centers. For more information, visit www.clopaydoor.com.About Griffon Corporation Griffon Corporation is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as divestitures. In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital. Griffon conducts its operations through two reportable segments:Home and Building Products ("HBP") conducts its operations through Clopay. Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay®, Ideal Door®, and Holmes Garage Door Company®. Rolling steel doors and grilles for commercial, industrial, institutional, and retail use are sold under the Cornell® and Cookson® brands.Consumer and Professional Products ("CPP") is a global provider of branded consumer and professional tools; residential, industrial and commercial fans; home storage and organization products; and products that enhance indoor and outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including AMES, since 1774, Hunter, since 1886, True Temper, and ClosetMaid.For more information on Griffon and its subsidiaries, visit www.griffon.com.Forward-Looking Statements"Safe Harbor" Statements under the Private Securities Litigation Reform Act of 1995: All statements related to, among other things, income (loss), earnings, cash flows, revenue, changes in operations, operating improvements, industries in which Griffon Corporation (the "Company" or "Griffon") operates and the United States and global economies that are not historical are hereby identified as "forward-looking statements," and may be indicated by words or phrases such as "anticipates," "supports," "plans," "projects," "expects," "believes," "achieves", "should," "would," "could," "hope," "forecast," "management is of the opinion," "may," "will," "estimates," "intends," "explores," "opportunities," the negative of these expressions, use of the future tense and similar words or phrases. Such forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statements. These risks and uncertainties include, among others: current economic conditions and uncertainties in the housing, credit and capital markets; Griffon's ability to achieve expected savings and improved operational results from cost control, restructuring, integration and disposal initiatives (including the expanded CPP global outsourcing strategy announced in May 2023); the ability to identify and successfully consummate, and integrate, value-adding acquisition opportunities; increasing competition and pricing pressures in the markets served by Griffon's operating companies; the ability of Griffon's operating companies to expand into new geographic and product markets, and to anticipate and meet customer demands for new products and product enhancements and innovations; increases in the cost or lack of availability of raw materials such as steel, resin and wood, components or purchased finished goods, including any potential impact on costs or availability resulting from tariffs; changes in customer demand or loss of a material customer at one of Griffon's operating companies; the potential impact of seasonal variations and uncertain weather patterns on certain of Griffon's businesses; political events or military conflicts that could impact the worldwide economy; a downgrade in Griffon's credit ratings; changes in international economic conditions including inflation, interest rate and currency exchange fluctuations; the reliance by certain of Griffon's businesses on particular third party suppliers and manufacturers to meet customer demands; the relative mix of products and services offered by Griffon's businesses, which impacts margins and operating efficiencies; short-term capacity constraints or prolonged excess capacity; unforeseen developments in contingencies, such as litigation, regulatory and environmental matters; Griffon's ability to adequately protect and maintain the validity of patent and other intellectual property rights; the cyclical nature of the businesses of certain of Griffon's operating companies; possible terrorist threats and actions and their impact on the global economy; effects of possible IT system failures, data breaches or cyber-attacks; the impact of pandemics, such as COVID-19, on the U.S. and the global economy, including business disruptions, reductions in employment and an increase in business and operating facility failures, specifically among our customers and suppliers; Griffon's ability to service and refinance its debt; and the impact of recent and future legislative and regulatory changes, including, without limitation, changes in tax laws. Such statements reflect the views of the Company with respect to future events and are subject to these and other risks, as previously disclosed in the Company's Securities and Exchange Commission filings. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date made. Griffon undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 
















View original content to download multimedia:https://www.prnewswire.com/news-releases/clopay-wins-best-of-ibs-award-at-2026-international-builders-show-302712686.htmlSOURCE Clopay Corporation

Original: Clopay® Wins Best of IBS™ Award at 2026 International Builders' Show

ONCAP and Griffon Corporation to Form Professional and Consumer Products Joint VentureFebruary 5, 2026 7:31 AM
Business Wire
ONCAP, the lower mid-market private equity platform of Onex Corporation (TSX:ONEX), and Griffon Corporation (NYSE: GFF) (“Griffon”) announced today they have entered into a definitive agreement to form a joint venture creating a leading global provider of hand tools, home organization solutions, and lawn and garden products for professionals and consumers.


The joint venture will combine Bellota Tools, Corona, and Burgon & Ball, which are currently subsidiaries of the Venanpri Group (“Venanpri”), ONCAP’s majority-owned portfolio company, and Griffon’s AMES Companies (“AMES”) businesses in North America, which are currently part of Griffon’s Consumer and Professional Products (“CPP”) segment. The Venanpri companies within the joint venture are leading global providers of professional and consumer tools, and the AMES companies within the joint venture are leading providers of branded consumer and professional tools, home storage and organization solutions, and lawn and garden products in North America.


“This transaction brings together global leaders in professional and consumer tools, home storage and organization solutions, and lawn and garden products,” said Michael Lay, Executive Chair at ONCAP. “The combination of Venanpri and AMES will allow us to leverage the strengths of both organizations while streamlining operations and capturing the benefits of economies of scale. We are excited to work with our partners at Griffon to realize this vision.”


The joint venture will be comprised of leading professional and consumer brands including AMES, Bellota, Burgon & Ball, ClosetMaid, Corona, Garant, Razor-Back, and True Temper, serving customers in North, Central and South America, and Europe and with major operating facilities located in the United States, Spain, Canada, Mexico, and Colombia.


The joint venture will be managed as a subsidiary of Venanpri, which, together with other affiliates of ONCAP, will hold a 57% equity interest. Griffon will participate in the governance and oversight of the joint venture as a 43% equity holder. Venanpri’s Agrisolutions business, including the Bellota Agrisolutions and Ingersoll brands, are not part of this joint venture and will continue to be wholly owned by Venanpri.


“Over the years, Griffon has built upon AMES’s 250-year legacy to create a portfolio of trusted, iconic brands that are sought after by consumers and professionals. Many of these brands have legacies of a century or more, and are highly respected within their home regions,” said Ronald J. Kramer, Chairman and CEO of Griffon. “The combination of the Venanpri Tools and AMES businesses creates a leading provider of professional and consumer tools, home storage and organization solutions, and lawn and garden products with critical scale and global reach.”


Griffon will be issuing a separate press release this morning regarding the joint venture and certain actions to be taken relating to its Consumer and Professional Products segment.


Canaccord Genuity LLC is acting as financial advisor and Torys LLP is acting as legal counsel to ONCAP and Venanpri. Goldman Sachs & Co. LLC is acting as financial advisor and Dechert LLP is acting as legal counsel to Griffon Corporation. This transaction is subject to customary closing conditions and is expected to close by the end of June 2026.


Forward Looking Statements


This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance, or results to be materially different from those indicated in these forward-looking statements.


About ONCAP


Founded in 2000, ONCAP is the dedicated lower mid-market private equity platform of Onex Corporation, committed to investing in and partnering with North American headquartered businesses and their management teams in our core sectors of emphasis. Today, ONCAP operates with a team of 35 employees managing $3.6 billion in assets across offices in Toronto and New York. For more information on ONCAP and Onex, visit www.oncap.com and www.onex.com.


About ONEX


Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $57.2 billion in assets under management, of which $8.5 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.


Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedarplus.ca.


Onex Contacts:

Jill Homenuk

Managing Director – Shareholder Relations and Communications

(416) 362-7711


Zev Korman

Vice President, Shareholder Relations and Communications

(416) 362-7711


About Griffon Corporation


Griffon is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as divestitures. As long-term investors, we intend to continue to grow and strengthen our existing businesses, and to diversify further through investments in our businesses and acquisitions.


Griffon conducts its operations through two reportable segments:



Home and Building Products (“HBP”) conducts its operations through Clopay Corporation (“Clopay”). Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the Clopay, Cornell and Cookson brands.



Consumer and Professional Products (“CPP”) is a global provider of branded consumer and professional tools; residential, industrial and commercial fans; home storage and organization products; and products that enhance indoor and outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including AMES, since 1774, Hunter, since 1886, True Temper, and ClosetMaid.



For more information on Griffon and its operating subsidiaries, please see the Company’s website at www.griffon.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260204697614/en/
Company Contact:

Brian G. Harris

EVP & Chief Financial Officer

Griffon Corporation

(212) 957-5000

IR@griffon.com
Investor Relations Contact:

Tom Cook

Managing Director

ICR Inc.

(203) 682-8250


Original: ONCAP and Griffon Corporation to Form Professional and Consumer Products Joint Venture

Griffon Corporation Taking Strategic Actions to Maximize Shareholder ValueFebruary 5, 2026 7:32 AM
Business Wire

Griffon’s AMES North America and ONCAP’s Venanpri Tools to form professional and consumer products joint venture, providing immediate financial benefits



Company announces strategic alternatives process for AMES Australia and UK



Hunter Fan to be combined with Home and Building Products segment



Griffon Corporation (NYSE: GFF) (the “Company” or “Griffon”) today announced a set of strategic actions to streamline the company’s portfolio and enhance shareholder value. When these actions are completed, Griffon will be a pure-play, residential and commercial, North American building products company with leading positions in residential garage doors, commercial sectional doors, rolling steel doors and grille products, and residential and commercial ceiling fans.


In a joint release issued earlier today, Griffon and ONCAP, a subsidiary of Onex Corporation (TSX:ONEX), announced they have entered into a definitive agreement to form a joint venture creating a leading global provider of hand tools, home organization solutions, and lawn and garden products for professionals and consumers. The joint venture will include Griffon’s AMES Companies (“AMES”) United States and Canada businesses, which are currently part of Griffon’s Consumer and Professional Products (“CPP”) segment, and ONCAP’s Venanpri Tools, a global professional and consumer tool provider including the Bellota, Corona, and Burgon & Ball businesses.


Under the terms of a master transaction agreement, the joint venture will purchase the AMES U.S. and Canada businesses from Griffon, and the Bellota, Corona, and Burgon & Ball businesses from ONCAP. The joint venture will be managed as a subsidiary of a portfolio company of ONCAP which, together with other affiliates, will hold a 57% equity interest. Griffon will receive $100 million in cash proceeds as well as $161 million in second lien debt from the joint venture, and will hold a 43% equity interest.


“We are confident the combination of Venanpri Tools and AMES will create substantial value as a global platform with the strength and diversity to thrive in the evolving global landscape,” said Ronald J. Kramer, Chairman and CEO of Griffon. “We are looking forward to working with our partners at ONCAP to make this joint venture a success.”


Also today, Griffon announced the initiation of a comprehensive review of strategic alternatives for CPP’s AMES Australia operations.


“AMES Australia has grown from a small business acquired as part of AMES in 2010 into a category leader in Australia and New Zealand,” said Mr. Kramer. “We will identify opportunities for our exceptional team in Australia to take the business to the next level while creating value for our shareholders.”


AMES Australia is expected to generate approximately $40 million of adjusted EBITDA in fiscal 2026.


Griffon has also initiated a review of strategic alternatives for CPP’s AMES United Kingdom operations.


Today, Griffon also announced the Hunter Fan Company (“Hunter”), currently within the CPP segment, will be combined with the Home and Building Products segment.


“Our strategic actions, taken together, will result in a fundamental refocusing of our businesses into a pure-play building products company,” added Mr. Kramer. “In North America, we are the largest provider of residential garage doors and commercial sectional doors, rolling steel doors, and grille products, as well as a leading brand of residential and commercial ceiling fans. Our brands maintain exceptional leadership positions and are led by strong, collaborative teams. We will continue to focus on growing our businesses organically, while prioritizing returning value to our shareholders.”


As a result of these actions, beginning with Griffon’s second quarter 2026 reporting, AMES U.S., Canada, Australia, and UK will be reported as discontinued operations.


The joint venture will be financed through committed debt financing as well as the Griffon second-lien debt. This transaction is subject to customary closing conditions, and is expected to be completed by the end of June 2026.


Goldman Sachs & Co. LLC is acting as financial advisor to Griffon for the formation of the joint venture with ONCAP and has been retained as financial advisor for the strategic alternatives process in Australia. Dechert LLP is acting as legal counsel to Griffon for the joint venture transaction.


Forward-looking Statements


“Safe Harbor” Statements under the Private Securities Litigation Reform Act of 1995: All statements related to, among other things, income (loss), earnings, cash flows, revenue, changes in operations, operating improvements, the industries in which Griffon Corporation (the “Company” or “Griffon”) operates and the United States and global economies that are not historical are hereby identified as “forward-looking statements” and may be indicated by words or phrases such as “anticipates,” “supports,” “plans,” “projects,” “expects,” “believes,” "achieves,” “should,” “would,” “could,” “hope,” “forecast,” “management is of the opinion,” “may,” “will,” “estimates,” “intends,” “explores,” “opportunities,” the negative of these expressions, use of the future tense and similar words or phrases. Such forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statements. These risks and uncertainties include, among others: current economic conditions and uncertainties in the housing, credit and capital markets; Griffon’s ability to achieve expected savings and improved operational results from cost control, restructuring, integration and disposal initiatives; the ability to identify and successfully consummate, and integrate, value-adding acquisition opportunities; increasing competition and pricing pressures in the markets served by Griffon’s operating companies; the ability of Griffon’s operating companies to expand into new geographic and product markets, and to anticipate and meet customer demands for new products and product enhancements and innovations; increases in the cost or lack of availability of raw materials such as steel, resin and wood, components or purchased finished goods, including any potential impact on costs or availability resulting from tariffs; changes in customer demand or loss of a material customer at one of Griffon’s operating companies; the potential impact of seasonal variations and uncertain weather patterns on certain of Griffon’s businesses; political events or military conflicts that could impact the worldwide economy; a downgrade in Griffon’s credit ratings; changes in international economic conditions including inflation, interest rate and currency exchange fluctuations; the reliance by certain of Griffon’s businesses on particular third party suppliers and manufacturers to meet customer demands; the relative mix of products and services offered by Griffon’s businesses, which impacts margins and operating efficiencies; short-term capacity constraints or prolonged excess capacity; unforeseen developments in contingencies, such as litigation, regulatory and environmental matters; Griffon’s ability to adequately protect and maintain the validity of patent and other intellectual property rights; the cyclical nature of the businesses of certain of Griffon’s operating companies; possible terrorist threats and actions and their impact on the global economy; effects of possible IT system failures, data breaches or cyber-attacks; the impact of pandemics on the U.S. and the global economy, including business disruptions, reductions in employment and an increase in business and operating facility failures, specifically among our customers and suppliers; Griffon’s ability to service and refinance its debt; and the impact of recent and future legislative and regulatory changes, including, without limitation, changes in tax laws. Such statements reflect the views of the Company with respect to future events and are subject to these and other risks, as previously disclosed in the Company’s Securities and Exchange Commission filings. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date made. Griffon undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.


About Griffon Corporation


Griffon is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as divestitures. As long-term investors, we intend to continue to grow and strengthen our existing businesses, and to diversify further through investments in our businesses and acquisitions.


Griffon conducts its operations through two reportable segments:



Home and Building Products (“HBP”) conducts its operations through Clopay Corporation (“Clopay”). Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the Clopay, Cornell and Cookson brands.



Consumer and Professional Products (“CPP”) is a global provider of branded consumer and professional tools; residential, industrial and commercial fans; home storage and organization products; and products that enhance indoor and outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including AMES, since 1774, Hunter, since 1886, True Temper, and ClosetMaid.



For more information on Griffon and its operating subsidiaries, please see the Company’s website at www.griffon.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260204436784/en/
Company:

Brian G. Harris

EVP & Chief Financial Officer

Griffon Corporation

(212) 957-5000

IR@griffon.com
Investor Relations:

Tom Cook

Managing Director

ICR Inc.

(203) 682-8250


Original: Griffon Corporation Taking Strategic Actions to Maximize Shareholder Value

Griffon Corporation Announces First Quarter ResultsFebruary 5, 2026 7:33 AM
Business Wire
Griffon Corporation (“Griffon” or the “Company”) (NYSE:GFF) today reported results for the fiscal 2026 first quarter ended December 31, 2025.


Revenue for the first quarter totaled $649.1 million, a 3% increase compared to $632.4 million in the prior year quarter.


Net income totaled $64.4 million, or $1.41 per share, compared to $70.9 million, or $1.49 per share, in the prior year quarter. Excluding all items that affect comparability from both periods, adjusted net income (a non-GAAP measure) was $66.3 million, or $1.45 per share, in the current year quarter compared to $65.9 million, or $1.39 per share, in the prior year quarter. For a reconciliation of net income to adjusted net income (a non-GAAP measure), and earnings per share to adjusted earnings per share (a non-GAAP measure), see the attached table.


Adjusted EBITDA for the first quarter was $129.6 million, a 1% decrease from the prior year quarter of $131.2 million. Adjusted EBITDA, excluding unallocated amounts (primarily corporate overhead) of $15.0 million in the current quarter and $14.0 million in the prior year quarter, totaled $144.6 million in the current quarter compared to the prior year of $145.2 million. For a reconciliation and definition of adjusted EBITDA (a non-GAAP measure), to income before taxes, see the attached table.


“We are pleased with our first quarter performance, highlighted by free cash flow of $99 million, continued solid operating performance at Home and Building Products, and improved profitability at Consumer and Professional Products,” said Ronald J. Kramer, Chairman and Chief Executive Officer. “We are on track to meet our updated financial targets for the year.”


Segment Operating Results


Home and Building Products ("HBP")


HBP's first quarter revenue of $408.0 million increased 3% from $395.4 million in the prior year quarter primarily due to favorable pricing and mix of 7% for both residential and commercial, partially offset by reduced volume of 4% driven by residential.


Adjusted EBITDA of $122.8 million decreased 3% from $127.0 million in the prior year quarter resulting from increased material costs, labor costs and operating expenses and the impact of reduced volume on absorption, partially offset by the increased revenue noted above.


Consumer and Professional Products ("CPP")


CPP's first quarter revenue of $241.1 million increased 2% compared to the prior year quarter, primarily driven by price and mix with increased volume in Australia and Canada, offset by decreased volume in the United States.


Adjusted EBITDA of $21.7 million increased 19% compared to the prior year quarter, primarily due to the net increase in revenue noted above.


Taxes


The Company reported pre-tax income for the quarters ended December 31, 2025 and December 31, 2024, and recognized effective tax rates of 28.4% and 27.3%, respectively. Excluding all items that affect comparability, the effective tax rates for the quarters ended December 31, 2025 and 2024 were 28.0% and 27.7%, respectively.


Balance Sheet and Capital Expenditures


As of December 31, 2025, the Company had cash and equivalents of $95.3 million and total debt outstanding of $1.35 billion, resulting in net debt of $1.26 billion. During the quarter, debt was reduced by approximately $60.0 million. Leverage, as calculated in accordance with our credit agreement (see the attached table), was 2.3x net debt to EBITDA as of December 31, 2025 compared to 2.4x as of both December 31, 2024 and September 30, 2025. Free cash flow was $99.3 million for the three month period ended December 31, 2025. Capital expenditures, net, were $7.7 million for the quarter ended December 31, 2025. At December 31, 2025, borrowing availability under the revolving credit facility was $485.7 million, subject to certain loan covenants. For a reconciliation and definition of free cash flow (a non-GAAP measure), to net cash provided by operating activities, see the attached table.


Share Repurchases


Share repurchases during the quarter ended December 31, 2025 totaled 0.2 million shares of common stock, for a total of $18.1 million, or an average of $73.21 per share. As of December 31, 2025, $280.0 million remained under the Board authorized share repurchase program. Since April 2023 and through December 31, 2025, the Company purchased 11.1 million shares of common stock or 19.3% of the outstanding shares, for a total of $578.0 million or an average of $52.27 per share.


Strategic Actions


Earlier today, Griffon announced it has entered into a definitive agreement with ONCAP, the mid-market private equity platform of Onex Corporation (TSX:ONEX), to form a joint venture which will include CPP’s AMES U.S. and Canada businesses. In addition, Griffon announced the exploration of strategic alternatives for CPP’s AMES Australia and UK businesses, and the combination of Hunter Fan with the HBP segment.


Starting with Griffon’s fiscal second quarter, AMES U.S., Canada, Australia, and UK will be reported as discontinued operations.


Updated 2026 Outlook


As a result of the strategic actions noted above, Griffon now expects fiscal 2026 revenue from continuing operations to be $1.8 billion and Adjusted EBITDA to be $520 million, excluding unallocated costs of $62 million. Free cash flow from continuing operations, including capital expenditures of $50 million, is expected to exceed net income, with depreciation of $27 million and amortization of $15 million. Fiscal year 2026 interest expense is expected to be $93 million, and Griffon’s normalized tax rate is expected to be 28%.


This fiscal year 2026 outlook is consistent with the contributions from both the legacy HBP segment and Hunter Fan included within Griffon’s guidance provided in November 2025.


Conference Call Information


The Company will hold a conference call today, February 5, 2026, at 8:30 AM ET.


The call can be accessed by dialing 1-877-407-0792 (U.S. participants) or 1-201-689-8263 (International participants). Callers should ask to be connected to the Griffon Corporation teleconference or provide conference ID number 13757658. Participants are encouraged to dial-in at least 10 minutes before the scheduled start time.


A replay of the call will be available starting on Thursday, February 6, 2026, at 11:30 AM ET by dialing 1-844-512-2921 (U.S.) or 1-412-317-6671 (International) and entering the conference ID number: 13757658. The replay will be available through Thursday, February 19, 2026, at 11:59 PM ET.


Forward-looking Statements


“Safe Harbor” Statements under the Private Securities Litigation Reform Act of 1995: All statements related to, among other things, income (loss), earnings, cash flows, revenue, changes in operations, operating improvements, the industries in which Griffon Corporation (the “Company” or “Griffon”) operates and the United States and global economies that are not historical are hereby identified as “forward-looking statements” and may be indicated by words or phrases such as “anticipates,” “supports,” “plans,” “projects,” “expects,” “believes,” "achieves,” “should,” “would,” “could,” “hope,” “forecast,” “management is of the opinion,” “may,” “will,” “estimates,” “intends,” “explores,” “opportunities,” the negative of these expressions, use of the future tense and similar words or phrases. Such forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statements. These risks and uncertainties include, among others: current economic conditions and uncertainties in the housing, credit and capital markets; Griffon’s ability to achieve expected savings and improved operational results from cost control, restructuring, integration and disposal initiatives; the ability to identify and successfully consummate, and integrate, value-adding acquisition opportunities; increasing competition and pricing pressures in the markets served by Griffon’s operating companies; the ability of Griffon’s operating companies to expand into new geographic and product markets, and to anticipate and meet customer demands for new products and product enhancements and innovations; increases in the cost or lack of availability of raw materials such as steel, resin and wood, components or purchased finished goods, including any potential impact on costs or availability resulting from tariffs; changes in customer demand or loss of a material customer at one of Griffon’s operating companies; the potential impact of seasonal variations and uncertain weather patterns on certain of Griffon’s businesses; political events or military conflicts that could impact the worldwide economy; a downgrade in Griffon’s credit ratings; changes in international economic conditions including inflation, interest rate and currency exchange fluctuations; the reliance by certain of Griffon’s businesses on particular third party suppliers and manufacturers to meet customer demands; the relative mix of products and services offered by Griffon’s businesses, which impacts margins and operating efficiencies; short-term capacity constraints or prolonged excess capacity; unforeseen developments in contingencies, such as litigation, regulatory and environmental matters; Griffon’s ability to adequately protect and maintain the validity of patent and other intellectual property rights; the cyclical nature of the businesses of certain of Griffon’s operating companies; possible terrorist threats and actions and their impact on the global economy; effects of possible IT system failures, data breaches or cyber-attacks; the impact of pandemics on the U.S. and the global economy, including business disruptions, reductions in employment and an increase in business and operating facility failures, specifically among our customers and suppliers; Griffon’s ability to service and refinance its debt; and the impact of recent and future legislative and regulatory changes, including, without limitation, changes in tax laws. Such statements reflect the views of the Company with respect to future events and are subject to these and other risks, as previously disclosed in the Company’s Securities and Exchange Commission filings. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date made. Griffon undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.


About Griffon Corporation


Griffon Corporation is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as divestitures. As long-term investors, we intend to continue to grow and strengthen our existing businesses, and to diversify further through investments in our businesses and acquisitions.


Griffon conducts its operations through two reportable segments:



Home and Building Products ("HBP") conducts its operations through Clopay Corporation. Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the Clopay, Cornell and Cookson brands.



Consumer and Professional Products (“CPP”) is a global provider of branded consumer and professional tools; residential, industrial and commercial fans; home storage and organization products; and products that enhance indoor and outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including AMES, since 1774, Hunter, since 1886, True Temper, and ClosetMaid.



For more information on Griffon and its operating subsidiaries, please see the Company’s website at www.griffon.com.


Griffon evaluates performance and allocates resources based on segment adjusted EBITDA and adjusted EBITDA, non-GAAP measures, which are defined as income before taxes, excluding interest income and expense, depreciation and amortization, strategic review charges, non-cash impairment charges, restructuring charges, gain/loss from debt extinguishment and acquisition related expenses, as well as other items that may affect comparability, as applicable. Segment adjusted EBITDA also excludes unallocated amounts, mainly corporate overhead. Griffon believes this information is useful to investors.


The following tables provide operating highlights and a reconciliation of segment adjusted EBITDA and adjusted EBITDA to income before taxes:




(in thousands)






 






For the Three Months Ended December 31,








REVENUE






 






2025






 






2024








 






 






 






 






 








Home and Building Products






 






$






408,004






 






$






395,401








Consumer and Professional Products






 






 






241,084






 






 






236,970








Total revenue






 






$






649,088






 






$






632,371









 






For the Three Months Ended December 31,








(in thousands)






2025






 






2024








ADJUSTED EBITDA:






 






 






 








Home and Building Products






$






122,835






 






 






$






127,042






 








Consumer and Professional Products






 






21,730






 






 






 






18,192






 








Segment adjusted EBITDA






 






144,565






 






 






 






145,234






 








Unallocated amounts, excluding depreciation*






 






(14,984






)






 






 






(14,042






)








Adjusted EBITDA






 






129,581






 






 






 






131,192






 








Net interest expense






 






(21,747






)






 






 






(24,481






)








Depreciation and amortization






 






(15,703






)






 






 






(15,614






)








Impact of retirement plan events






 






(1,609






)






 






 






—






 








Loss from debt extinguishment






 






(556






)






 






 






—






 








Gain on sale of real estate






 






—






 






 






 






7,974






 








Strategic review - retention and other






 






—






 






 






 






(1,651






)








Income before taxes






$






89,966






 






 






$






97,420






 








* Primarily Corporate Overhead
















(in thousands)






 






For the Three Months Ended December 31,








DEPRECIATION and AMORTIZATION






 






2025






 






2024








Segment:






 






 






 






 








Home and Building Products






 






$






4,401






 






$






4,275








Consumer and Professional Products






 






 






11,129






 






 






11,218








Total segment depreciation and amortization






 






 






15,530






 






 






15,493








Corporate






 






 






173






 






 






121








Total consolidated depreciation and amortization






 






$






15,703






 






$






15,614







Griffon believes free cash flow ("FCF", a non-GAAP measure) is a useful measure for investors because it demonstrates the Company's ability to generate cash from operations for purposes such as repaying debt, funding acquisitions and paying dividends. FCF is defined as net cash provided by operating activities less capital expenditures, net of proceeds.


The following table provides a reconciliation of net cash provided by operating activities to FCF:




 






For the Three Months Ended December 31,








(in thousands)






2025






 






2024








Net provided by operating activities






$






106,992






 






 






$






142,922






 








Acquisition of property, plant and equipment






 






(7,662






)






 






 






(17,456






)








Proceeds from the sale of property, plant and equipment






 






—






 






 






 






17,220






 








FCF






$






99,330






 






 






$






142,686






 







Net debt to EBITDA (Leverage ratio), a non-GAAP measure, is a key financial measure that is used by management to assess the borrowing capacity of the Company. The Company has defined its net debt to EBITDA leverage ratio as net debt (total principal debt outstanding net of cash and equivalents) divided by the sum of trailing twelve-month (“TTM”) adjusted EBITDA (as defined above) and TTM stock-based compensation expense. The following table provides a calculation of our net debt to EBITDA leverage ratio as calculated per our credit agreement:




(in thousands)






 






December 31,

2025






 






September 30,

2025






December 31,

2024








Cash and equivalents






 






$






95,280






 






$






99,045






$






151,952








Notes payable and current portion of long-term debt






 






 






8,119






 






 






8,103







8,143








Long-term debt, net of current maturities






 






 






1,346,110






 






 






1,404,387






 






1,466,889








Debt discount/premium and issuance costs






 






 






9,930






 






 






11,536






 






14,604








Total gross debt






 






 






1,364,159






 






 






1,424,026






 






1,489,636








Debt, net of cash and equivalents






 






$






1,268,879






 






$






1,324,981






$






1,337,684








 






 






 






 






 






 








TTM adjusted EBITDA(1)






 






$






520,682






 






$






522,293






$






528,442








TTM stock based compensation






 






 






26,532






 






 






25,483






 






25,799








TTM adjusted EBITDA






 






$






547,214






 






$






547,776






$






554,241








 






 






 






 






 






 








Leverage ratio






 






2.3x






 






2.4x






2.4x








 






 






 






 






 






 








1. Griffon defines adjusted EBITDA as operating results before interest income and expense, income taxes, depreciation and amortization, restructuring charges, debt extinguishment, net and acquisition related expenses, as well as other items that may affect comparability, as applicable.







The following tables provide a reconciliation of selling, general and administrative expenses for items that affect comparability for the three months ended December 31, 2025 and 2024:




 






For the Three Months Ended December 31,








(in thousands)






2025






 






2024








Selling, general and administrative expenses, as reported






$






153,406






 






 






$






152,181






 








% of revenue






 






23.6






%






 






 






24.1






%








Adjusting items:






 






 






 








Strategic review - retention and other






 






—






 






 






 






(1,651






)








Selling, general and administrative expenses, as adjusted






$






153,406






 






 






$






150,530






 








% of revenue






 






23.6






%






 






 






23.8






%








 






 






 






 









GRIFFON CORPORATION AND SUBSIDIARIES








CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)








(in thousands, except per share data)








(Unaudited)









 



 






 






Three Months Ended December 31,








 






 






2025






 






2024








Revenue






 






$






649,088






 






 






$






632,371






 








Cost of goods and services






 






 






382,323






 






 






 






368,095






 








Gross profit






 






 






266,765






 






 






 






264,276






 








Selling, general and administrative expenses






 






 






153,406






 






 






 






152,181






 








Income from operations






 






 






113,359






 






 






 






112,095






 








Other income (expense)






 






 






 






 








Interest expense






 






 






(22,104






)






 






 






(24,887






)








Interest income






 






 






357






 






 






 






406






 








Gain on sale of real estate






 






 






—






 






 






 






7,974






 








Loss from debt extinguishment






 






 






(556






)






 






 






—






 








Other, net






 






 






(1,090






)






 






 






1,832






 








Total other expense, net






 






 






(23,393






)






 






 






(14,675






)








Income before taxes






 






 






89,966






 






 






 






97,420






 








Provision for income taxes






 






 






25,579






 






 






 






26,569






 








Net income






 






$






64,387






 






 






$






70,851






 








Basic earnings per common share






 






$






1.44






 






 






$






1.56






 








Basic weighted-average shares outstanding






 






 






44,655






 






 






 






45,538






 








Diluted earnings per common share






 






$






1.41






 






 






$






1.49






 








Diluted weighted-average shares outstanding






 






 






45,765






 






 






 






47,541






 








Dividends paid per common share






 






$






0.22






 






 






$






0.18






 








Net income






 






$






64,387






 






 






$






70,851






 








Other comprehensive income (loss), net of taxes:






 






 






 






 








Foreign currency translation adjustments






 






 






3,601






 






 






 






(20,018






)








Pension and other post retirement plans






 






 






1,928






 






 






 






55






 








Change in cash flow hedges






 






 






(977






)






 






 






2,264






 








Total other comprehensive income (loss), net of taxes






 






 






4,552






 






 






 






(17,699






)








Comprehensive income, net






 






$






68,939






 






 






$






53,152






 









GRIFFON CORPORATION AND SUBSIDIARIES








CONDENSED CONSOLIDATED BALANCE SHEETS








(in thousands)








 






(Unaudited)






 






 








 






December 31,

2025






 






September 30,

2025








CURRENT ASSETS






 






 






 








Cash and equivalents






$






95,280






 






$






99,045








Accounts receivable, net of allowances of $11,354 and $10,086






 






273,955






 






 






290,807








Inventories






 






440,320






 






 






440,772








Prepaid and other current assets






 






56,996






 






 






53,059








Assets held for sale






 






5,534






 






 






5,609








Assets of discontinued operations






 






1,300






 






 






1,302








Total Current Assets






 






873,385






 






 






890,594








PROPERTY, PLANT AND EQUIPMENT, net






 






293,095






 






 






293,528








OPERATING LEASE RIGHT-OF-USE ASSETS






 






181,170






 






 






167,829








GOODWILL






 






192,917






 






 






192,917








INTANGIBLE ASSETS, net






 






483,344






 






 






488,114








OTHER ASSETS






 






26,203






 






 






25,956








ASSETS OF DISCONTINUED OPERATIONS






 






4,688






 






 






4,699








Total Assets






$






2,054,802






 






$






2,063,637








 






 






 






 








CURRENT LIABILITIES






 






 






 








Notes payable and current portion of long-term debt






$






8,119






 






$






8,103








Accounts payable






 






138,835






 






 






137,484








Accrued liabilities






 






157,279






 






 






152,707








Current portion of operating lease liabilities






 






34,370






 






 






32,307








Liabilities of discontinued operations






 






3,241






 






 






3,956








Total Current Liabilities






 






341,844






 






 






334,557








LONG-TERM DEBT, net






 






1,346,110






 






 






1,404,387








LONG-TERM OPERATING LEASE LIABILITIES






 






159,299






 






 






147,203








OTHER LIABILITIES






 






93,903






 






 






98,748








LIABILITIES OF DISCONTINUED OPERATIONS






 






4,743






 






 






4,770








Total Liabilities






 






1,945,899






 






 






1,989,665








COMMITMENTS AND CONTINGENCIES






 






 






 








SHAREHOLDERS’ EQUITY






 






 






 








Total Shareholders’ Equity






 






108,903






 






 






73,972








Total Liabilities and Shareholders’ Equity






$






2,054,802






 






$






2,063,637









 






Three Months Ended December 31,








 






2025






 






2024








CASH FLOWS FROM OPERATING ACTIVITIES:






 






 






 








Net income






$






64,387






 






 






$






70,851






 








Adjustments to reconcile net income to net cash provided by operating activities:






 






 






 








Depreciation and amortization






 






15,703






 






 






 






15,614






 








Stock-based compensation






 






6,427






 






 






 






5,378






 








Provision for losses on accounts receivable






 






1,862






 






 






 






1,182






 








Amortization of debt discounts and issuance costs






 






1,052






 






 






 






1,029






 








Pension and other post-retirement non-cash charges






 






2,310






 






 






 






636






 








Loss from debt extinguishment






 






556






 






 






 






—






 








Loss on sale of assets and investments






 






—






 






 






 






168






 








Gain on sale of real estate






 






—






 






 






 






(7,974






)








Change in assets and liabilities:






 






 






 








Decrease in accounts receivable






 






15,826






 






 






 






35,445






 








(Increase) decrease in inventories






 






1,939






 






 






 






(393






)








Increase in prepaid and other assets






 






(3,510






)






 






 






(5,066






)








Increase in accounts payable, accrued liabilities, income taxes payable and operating lease liabilities






 






286






 






 






 






25,941






 








Other changes, net






 






154






 






 






 






111






 








Net cash provided by operating activities






 






106,992






 






 






 






142,922






 








CASH FLOWS FROM INVESTING ACTIVITIES:






 






 






 








Acquisition of property, plant and equipment






 






(7,662






)






 






 






(17,456






)








Proceeds from the sale of property, plant and equipment






 






—






 






 






 






17,220






 








Net cash used in investing activities






 






(7,662






)






 






 






(236






)








CASH FLOWS FROM FINANCING ACTIVITIES:






 






 






 








Dividends paid






 






(11,196






)






 






 






(9,037






)








Purchase of shares for treasury






 






(30,308






)






 






 






(49,083






)








Payments of long-term debt






 






(60,000






)






 






 






(50,000






)








Financing costs






 






(38






)






 






 






(42






)








Other, net






 






(12






)






 






 






41






 








Net cash used in financing activities






 






(101,554






)






 






 






(108,121






)








CASH FLOWS FROM DISCONTINUED OPERATIONS:






 






 






 








Net cash used in operating activities






 






(730






)






 






 






(180






)








Net cash used in discontinued operations






 






(730






)






 






 






(180






)








Effect of exchange rate changes on cash and equivalents






 






(811






)






 






 






3,129






 








NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS






 






(3,765






)






 






 






37,514






 








CASH AND EQUIVALENTS AT BEGINNING OF PERIOD






 






99,045






 






 






 






114,438






 








CASH AND EQUIVALENTS AT END OF PERIOD






$






95,280






 






 






$






151,952






 








Supplemental Disclosure of Non-Cash Flow Information:






 






 






 








Capital expenditures in accounts payable






$






1,559






 






 






$






2,064






 







Griffon evaluates performance based on adjusted net income and the related adjusted earnings per share, which excludes the impact of retirement plan events, gain/loss from debt extinguishment, acquisition related expenses, discrete and certain other tax items, as well other items that may affect comparability, as applicable, non-GAAP measures. Griffon believes this information is useful to investors. The following table provides a reconciliation of net income to adjusted net income and earnings per common share to adjusted earnings per common share:




 






 






For the Three Months Ended December 31,








 






 






2025






 






2024








 






(Unaudited)








 






 






 






 






 








Net income






 






$






64,387






 






 






$






70,851






 








 






 






 






 






 








Adjusting items:






 






 






 






 








Impact of retirement plan events(1)






 






 






1,609






 






 






 






—






 








Loss from debt extinguishment






 






 






556






 






 






 






—






 








Gain on sale of real estate






 






 






—






 






 






 






(7,974






)








Strategic review - retention and other






 






 






—






 






 






 






1,651






 








Tax impact of above items(2)






 






 






(518






)






 






 






1,595






 








Discrete and certain other tax provisions (benefits), net(3)






 






 






268






 






 






 






(250






)








Adjusted net income






 






$






66,302






 






 






$






65,873






 








Earnings per common share






 






$






1.41






 






 






$






1.49






 








Adjusting items, net of tax:






 






 






 






 








Impact of retirement plan events(1)






 






 






0.03






 






 






 






—






 








Loss from debt extinguishment






 






 






0.01






 






 






 






—






 








Gain on sale of real estate






 






 






—






 






 






 






(0.13






)








Strategic review - retention and other






 






 






—






 






 






 






0.03






 








Discrete and certain other tax provisions (benefits), net(3)






 






 






0.01






 






 






 






(0.01






)








Adjusted earnings per common share






 






$






1.45






 






 






$






1.39






 








Diluted weighted-average shares outstanding (in thousands)






 






 






45,765






 






 






 






47,541






 








Note: Due to rounding, the sum of earnings per common share and adjusting items, net of tax, may not equal adjusted earnings per common share.








(1) For the three months ended December 31, 2025, the impact of retirement plan events relates to a non-cash charge of $1,609 included in Other, net associated with the establishment of a retiree medical plan. The Company will recognize a non-cash charge related to such plan of $5,362 ratably over the first 10 months of fiscal 2026.








(2) The tax impact for the above reconciling adjustments from GAAP net income to non-GAAP adjusted net income and the related adjusted EPS is determined by comparing the Company's tax provision, including the reconciling adjustments, to the tax provision excluding such adjustments.








(3) Discrete and certain other tax provisions (benefits) primarily relate to the impact of a rate differential between statutory and annual effective tax rate on items impacting the quarter.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260204259025/en/
Company Contact

Brian G. Harris

EVP & Chief Financial Officer

Griffon Corporation

(212) 957-5000

IR@griffon.com


Investor Relations Contact

Tom Cook

Managing Director

ICR Inc.

(203) 682-8250


Original: Griffon Corporation Announces First Quarter Results