Griffon Corp. Q1 Profit Decreases, but beats estimates

(RTTNews) - Griffon Corp. (GFF) released earnings for first quarter that decreased from last year but beat the Street estimates.

The company's bottom line came in at $42.18 million, or $0.82 per share. This compares with $48.70 million, or $0.88 per share, in last year's first quarter.

Excluding items, Griffon Corp. reported adjusted earnings of $55.27 million or $1.07 per share for the period.

Analysts on average had expected the company to earn $0.75 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 1.0% to $643.15 million from $649.38 million last year.

Griffon Corp. earnings at a glance (GAAP) :

-Earnings (Q1): $42.18 Mln. vs. $48.70 Mln. last year. -EPS (Q1): $0.82 vs. $0.88 last year. -Analyst Estimates: $0.75 -Revenue (Q1): $643.15 Mln vs. $649.38 Mln last year.