Griffon Corporation's stock soared 5.03% during intraday trading on Thursday, following the release of its fiscal first-quarter financial results and a series of strategic corporate actions.

The company reported adjusted earnings of $1.45 per diluted share for the quarter, surpassing analyst estimates of $1.34. Revenue for the period reached $649.1 million, also exceeding expectations of $619 million and representing a 3% increase year-over-year. The strong performance was highlighted by a free cash flow of $99.3 million for the quarter.

Concurrently, Griffon announced definitive agreements to form a joint venture with ONCAP, the mid-market private equity platform of Onex Corporation. The venture will create a leading global provider of hand tools and lawn and garden products. As part of the transaction, Griffon will receive $100 million in cash proceeds and $161 million in second lien debt, while retaining a 43% equity stake in the new entity. The company also announced strategic reviews for its AMES Australia and UK operations, which will be reported as discontinued operations going forward, alongside updated fiscal 2026 guidance focusing on its continuing operations.