FTDR - Why Frontdoor Stock Jumped Today
2023-11-01 16:44:58 ET
Following its recent earnings report, Frontdoor (NASDAQ: FTDR) stock posted big gains on Wednesday. The home repairs and warranty specialist's share price closed out the daily session up 15.1%, according to data from S&P Global Market Intelligence .
Frontdoor published its third-quarter results before the market opened this morning and delivered sales and earnings that came in far above the market's expectations. The company recorded adjusted non-GAAP (generally accepted accounting principles) earnings per share of $0.94 on sales of $524 million, handily topping the average analyst estimate's call for per-share earnings of $0.54 on sales of roughly $513 million.
Frontdoor's revenue increased roughly 8.3% year over year last quarter. Despite seeing a 2% decline in total service volume, a 10% increase in average pricing helped the company post solid sales growth in the quarter.
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Why Frontdoor Stock Jumped Today