Griffon Corp. Q1 Profit Decreases, but beats estimates

(RTTNews) - Griffon Corp. (GFF) reported a profit for first quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings totaled $19.30 million, or $0.36 per share. This compares with $29.50 million, or $0.55 per share, in last year's first quarter.

Excluding items, Griffon Corp. reported adjusted earnings of $21.12 million or $0.39 per share for the period.

Analysts on average had expected the company to earn $0.13 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 9.3% to $591.75 million from $541.52 million last year.

Griffon Corp. earnings at a glance (GAAP) :

-Earnings (Q1): $19.30 Mln. vs. $29.50 Mln. last year. -EPS (Q1): $0.36 vs. $0.55 last year. -Analyst Estimates: $0.13 -Revenue (Q1): $591.75 Mln vs. $541.52 Mln last year.