Joint VentureAug 5, 2026, 05:28 PM
Griffon Forms Joint Ventures, Reports AMES as Discontinued Ops
AI Summary
Griffon Corporation announced significant strategic changes, including the formation of Veritage Brands, a joint venture for its AMES North America business, and the divestment of its AMES Australasia operations through another joint venture. As a result, all AMES operations are now reported as discontinued. For the third quarter of 2026, continuing operations saw revenue increase to $481.4 million and net income rebound to $66.3 million from a prior-year loss, with basic EPS at $1.51.
Key Highlights
- Formed Veritage Brands joint venture for AMES North America, receiving $100M cash and $161.1M PIK debt.
- Divested AMES Australasia via joint venture, receiving AUD $258M cash and AUD $69.3M PIK note.
- AMES North America, Australia, and U.K. operations are now reported as discontinued operations.
- Q3 2026 revenue from continuing operations increased to $481.4 million from $449.7 million.
- Q3 2026 net income from continuing operations was $66.3 million, up from a $108.7 million loss.
- Basic EPS from continuing operations was $1.51 for Q3 2026, compared to $(2.40) in Q3 2025.
- Total Shareholders' Equity increased to $129.2 million at June 30, 2026.
- Cash and equivalents rose to $110.4 million at June 30, 2026.
Price Impact
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