Griffon Announces $200 Million Increase to Share Buyback Authorization
15 Novembro 2023 - 10:05AM
Business Wire
The Board of Directors of Griffon Corporation (“Griffon” or the
“Company”) (NYSE:GFF) authorized the repurchase of an additional
$200 million worth of shares of Griffon common stock. During the
fiscal year ending September 30, 2023, Griffon repurchased 4.1
million shares of common stock for a total of $150.8 million, or an
average of $36.39 per share. Total remaining under the share
repurchase authorization as of September 30, 2023 was $107.2
million. During the period October 1, 2023 through market close on
November 14, 2023, Griffon repurchased 1.1 million shares of common
stock, for a total of $45.0 million or an average of $39.91 per
share. As of the market open today, including the $200 million
authorization increase, Griffon has a total of $262 million
available under its stock repurchase program.
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, in
particular, the expanded CPP global outsourcing strategy announced
in May 2023); the ability to identify and successfully consummate,
and integrate, value-adding acquisition opportunities (including,
in particular, integration of the Hunter Fan acquisition);
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 COVID-19, or some other future pandemic, 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.
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 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 Cornell and Cookson brands.
- Consumer and Professional Products (“CPP”) is a leading 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231114988433/en/
Company Brian G. Harris SVP &
Chief Financial Officer Griffon Corporation (212) 957-5000
IR@griffon.com
Investor Relations Michael Callahan
Managing Director ICR Inc. (203) 682-8311
Griffon (NYSE:GFF)
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