Griffon Corp
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Industrials : Building Products | Small Cap BlendCompany profile

Griffon Corporation is a management and holding company that conducts business through its subsidiaries. The Company operates through two segments: Home & Building Products (HBP) and Telephonics Corporation (Telephonics). The HBP segment consists of three companies: The AMES Companies, Inc. (AMES), Clopay Building Products Company, Inc. (CBP) and ClosetMaid LLC (ClosetMaid). AMES is a provider of non-powered landscaping products for homeowners and professionals. CBP is a manufacturer and marketer of residential, commercial and industrial garage doors to professional dealers and home center retail chains. ClosetMaid is a manufacturer and marketer of closet organization, home storage and garage storage products, and sells to home center retail chains, mass merchandisers and builder professional installers. The Telephonics segment designs, develops and manufactures integrated information, communication and sensor system solutions for military and commercial markets across the world.

Closing Price
$17.85
Day's Change
0.13 (0.73%)
Bid
--
Ask
--
B/A Size
--
Day's High
18.02
Day's Low
17.77
Volume
(Light)
Volume:
151,755

10-day average volume:
193,822
151,755

UPDATE: AMD stock slides after earnings as revenue forecast comes in light

6:25 pm ET July 30, 2019 (MarketWatch)
Print

By Wallace Witkowski, MarketWatch

AMD sees third-quarter sales of up to $1.85 billion, Street expected $1.94 billion

Advanced Micro Devices Inc. shares dropped in the extended session Tuesday after the chip maker reported earnings that met expectations amid tariff constraints, but disclosed a revenue outlook that fell below the Wall Street consensus because of weaker-than-expected console sales.

AMD (AMD) shares, which had fallen more than 5% after hours, were last down 3%, following a 1.2% rise in the regular session to close at $33.87. In comparison, the S&P 500 index declined 0.3%, the tech-heavy Nasdaq Composite Index slipped 0.2%, and the PHLX Semiconductor Index declined 0.3% in the regular session.

AMD expects third-quarter revenue of $1.75 billion to $1.85 billion, while analysts had forecast sales of $1.94 billion on average, according to FactSet.

Read: Microsoft is killing it in all businesses except for one (http://www.marketwatch.com/story/microsoft-is-killing-it-in-all-businesses-except-for-one-2019-07-18)

"The sequential and year-over-year increases are expected to be driven by rising EPYC, and Radeon product sales, partially offset by lower than expected semicustom sales," said Devinder Kumar, AMD chief financial offer, on the call. Chips for game consoles fall into AMD's semicustom sales.

"AMD met expectations for the quarter, but took its forecast down based on softness in the game console market," Pat Moorhead, principal analyst at Moor Insights and Strategy, said in emailed comments.

"I believe this softness is driven by consumers getting excited for the next-generation consoles from Microsoft (MSFT) (Scarlett) and Sony (PS5) and delaying purchases," Moorhead said. "Supporting this, Microsoft and Sony console sales recently were also both down."

For more: Microsoft is killing it in all businesses except for one (http://www.marketwatch.com/story/microsoft-is-killing-it-in-all-businesses-except-for-one-2019-07-18)

"In the second quarter, we stopped shipping to customers added to the U.S. entities list," AMD Chief Executive Lisa Su said on the conference call. "While we remain cautious, given the fluidity of the situation, the impact to date has been limited and offset by growing momentum in other parts of our business."

The company reported second-quarter net income of $35 million, or 3 cents a share, compared with $116 million, or 11 cents a share, in the year-ago period. Adjusted earnings were 8 cents a share. Revenue declined to $1.53 billion from $1.76 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast earnings of 8 cents a share on revenue of $1.52 billion.

-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

July 30, 2019 18:25 ET (22:25 GMT)

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