Courtesy of Benzinga.
Shares of HD Supply Holdings (NASDAQ: HDS) gained more than 2% in pre-market trading after the company reported upbeat results for the second quarter.
The Atlanta, Georgia-based company posted a quarterly net profit of $48 million, versus a year-ago net loss of $72 million. Its net income per share came in at $0.24, versus a net loss per share of $0.47. Its adjusted profit came in at $0.51 per share, up from $0.23 per share.
Its net sales rose 9% to $2.4 billion. However, analysts were expecting earnings of $0.47 per share on revenue of $2.41 billion.
HD Supply’s sales at Facilities Maintenance unit rose 8% to $686 million, while sales at Waterworks unit jumped 11% to $665 million. Net sales at Power Solutions unit climbed 7% to $488 million, while sales at Construction & Industrial – White Cap unit jumped 16% to $389 million.
HD Supply’s gross profit rose 10% to $722 million in the quarter, while operating income gained 22% to $186 million. Adjusted EBITDA climbed 18% to $258 million from $219 million.
Joe DeAngelo, CEO of HD Supply said, “We delivered strong organic sales and earnings growth and remain cautiously optimistic about what seems to be improving end markets.”
HD Supply Holdings expects Q3 earnings of $0.48 to $0.55 per share on sales of $2.42 billion to $2.50 billion.
HD Supply shares gained 2.23% to $28.00 in pre-market trading.
