Central Garden & Pet Reports Strong Q3 Results and Raises Annual Earnings Guidance
- Wednesday, October 16, 2024
Shares of Central Garden & Pet are surging as the company exceeds analyst expectations with its fiscal third-quarter results and raises its annual adjusted earnings guidance. The stock is currently up 16% at $46.83.
Improved Financial Performance
Central Garden & Pet, a lawn and pet supply company based in Walnut Creek, Calif., announced that it anticipates its adjusted earnings for fiscal 2023 to be $2.55 per share or higher, a significant increase from its previous guidance of $2.35 per share.
The decision to raise the earnings guidance was driven by the company's strong performance in the fiscal third quarter, along with its early visibility into the fourth quarter.
Impressive Q3 Results
In the third quarter, Central Garden & Pet recorded a profit of $83.1 million, or $1.56 per share, surpassing the $75.4 million, or $1.39 per share, it achieved in the same quarter the previous year. Adjusted earnings per share were $1.75, surpassing analyst estimates of $1.48 per share.
Sales Performance
The company reported sales of $1.02 billion for the third quarter, in line with analyst forecasts.
Overall, Central Garden & Pet has experienced a positive trajectory in its financial performance this year, with its stock price increasing by approximately 25% since the beginning of 2021.
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