Griffon Q1 Profit Surges, Results Beat View

Griffon Q1 Profit Surges, Results Beat View
WASHINGTON (dpa-AFX) - Griffon Corp. (GFF) on Thursday reported a surge in net income for the first quarter to $29.5 million or $0.55 per share from $10.6 million or $0.24 per share in the prior-year quarter.
Adjusted earnings for the quarter were $0.56 per share, compared to $0.36 per share in the previous-year quarter.
Net sales for the quarter rose to $609.29 million from $548.44 million last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.32 per share for the quarter on revenues of $573.82 million. Analysts' estimates typically exclude special items.
In November 2019, Griffon said it has developed a next-generation business platform for Consumer and Professional Products or CPP to enhance the growth, efficiency, and competitiveness of its U.S. operations.

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