NEWS: HD Supply Holdings Inc. said Tuesday that it posted a profit during its fiscal third quarter, thanks to higher demand for its industrial products. Its shares rose as its earnings beat Wall Street expectations and issued a strong outlook for the year.
DETAILS: The Atlanta-based industrial distributor said revenue at each of its business units rose from a year ago. The company had its initial public offering in June.
NUMBERS: The company reported net income of $51 million, or 26 cents per share, in the quarter ending Nov. 3. That compares with a loss of $50 million, or 38 cents, in the same quarter a year ago.
Adjusted to remove one-time charges, the company reported earnings of 38 cents per share. Analysts expected 35 cents per share, according to FactSet.
Revenue rose 7 percent to $2.3 billion from $2.1 billion. Analysts expected $2.3 billion.
FUTURE: For 2013, the company expects adjusted earnings between 52 cents per share and 58 cents per share and revenue between $8.5 billion and $8.58 billion.
Analysts had expected earnings of 51 cents per share and revenue of $8.61 billion.
STOCK: Shares rose $1.35, or 6.2 percent, to close at $23 Tuesday. The stock is up 28 percent from its IPO price of $18.
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