Griffon Corp. Q3 Profit Decreases, but beats estimates

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

The company's bottom line came in at $49.21 million, or $0.90 per share. This compares with $52.78 million, or $0.98 per share, in last year's third quarter.

Excluding items, Griffon Corp. reported adjusted earnings of $70.30 million or $1.29 per share for the period.

Analysts on average had expected the company to earn $0.92 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 11.0% to $683.43 million from $768.18 million last year.

Griffon Corp. earnings at a glance (GAAP) :

-Earnings (Q3): $49.21 Mln. vs. $52.78 Mln. last year. -EPS (Q3): $0.90 vs. $0.98 last year. -Analyst Estimates: $0.92 -Revenue (Q3): $683.43 Mln vs. $768.18 Mln last year.

-Guidance: Full year revenue guidance: $2.7 Bln