Griffon sees fourth-quarter decline
Jericho, N.Y.-based Griffon, a manufacturer of garage doors, saw its fourth-quarter net earnings fall on a weak housing market -- down 51 percent to $8.96 million from $18.44 million last year. Sales fell 18 percent to $396.2 million from $482.8 million in the previous year.
The lower earnings were attributed to a downturn in garage door sales and sales of installation services to the residential construction market.
For the full year, net earnings fell 57 percent for the full year to $22.1 million from $51.8 million last year. Net sales fell 1.2 percent to $1.62 billion compared with $1.64 billion in the same period last year.
“For the year, the decline in operating results was primarily caused by the impact of the weak residential housing market on the building products segments,” the company said in a statement.
Among its four business segments, Griffon makes garage doors sold to professional installing dealers and home center retail chains.