Griffon Corp. Q1 Profit Increases, beats estimates

(RTTNews) - Griffon Corp. (GFF) revealed a profit for its first quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line totaled $48.70 million, or $0.88 per share. This compares with $19.30 million, or $0.36 per share, in last year's first quarter.

Excluding items, Griffon Corp. reported adjusted earnings of $47.42 million or $0.86 per share for the period.

Analysts on average had expected the company to earn $0.81 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 9.7% to $649.38 million from $591.75 million last year.

Griffon Corp. earnings at a glance (GAAP) :

-Earnings (Q1): $48.70 Mln. vs. $19.30 Mln. last year. -EPS (Q1): $0.88 vs. $0.36 last year. -Analyst Estimate: $0.81 -Revenue (Q1): $649.38 Mln vs. $591.75 Mln last year.