Diversified manufacturing company Griffon Corporation (GFF), Thursday, reported a sharp increase in profit for the first quarter, driven by strong revenue growth at its Telephonics division and by various restructuring activities undertaken at its Building Products division.
Net income for the first quarter soared to $4.29 million or $0.07 per share from $2.07 million or $0.04 per share in the same quarter last year.
Revenue for the quarter increased to $305.16 million from $302.33 million last year.
Gross profit for the period increased to $70.28 million from $58.96 million in the same quarter last year. Income from operations rose to $7.31 million from $2.43 million in the comparable period last year.
By segments, Telephonics revenue increased 28% to $104 million, driven by higher sales in the electronic systems, radar and communications divisions, with the largest contribution from the CREW 3.1 Sierra Nevada Corporation contract.
Clopay Building Products revenue decreased 9% to $99.52 million from $108.82 million in the comparable period last year due to lower sales volume resulting from the continued effects of the weak commercial construction market. However, segment operating profit increased driven by lower product costs and lower selling, general and administrative expenses, driven by the various restructuring activities the segment has undertaken in the past several quarters.
Clopay Plastics revenue decreased 9% to $102.02 million from $112.69 million in the year-ago quarter, reflecting lower customer selling prices as well as decline in the European volume.
GFF is currently trading at $11.81 per share, down $0.27 or 2.24% on the NYSE.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.