Petco Stock Jumps as Q3 Results Beat Estimates
KEY TAKEAWAYS
- Petco Health + Wellness shares are jumping as much as 5% in premarket trading after the pet-products retailer reported better-than-expected quarterly results, as it narrowed its losses.
- CEO Joel Anderson said the company is confident of a “solid finish” to the year.
- Petco shares have surged this year amid social media posts by meme stock hero "Roaring Kitty."
Petco Health + Wellness (WOOF) shares are jumping as much as 5% in premarket trading after the pet-products retailer reported better-than-expected quarterly results, as it narrowed its losses.
The company posted an adjusted net loss of $0.02 per share, below the $0.05 per-share loss it posted the same period last year. It is also lower than the $0.04 per share loss consensus estimate from analysts polled by Visible Alpha.
Revenue of $1.51 billion also surpassed estimates of $1.5 billion for the third quarter.
Petco also forecast fourth quarter net revenue of $1.55 billion and adjusted EPS of between $0.00 and $0.02.
CEO Says Pet-Products Firm is On Track to 'Solid' End of 2024
"Our third quarter results demonstrate the meaningful progress we're making to strengthen our retail fundamentals to drive sustainable, profitable growth," Chief Executive Officer (CEO) Joel Anderson said in the filing.
"While there is more work to do, our improving results increase our conviction that we are on the right path to position Petco to win long-term," he added.
Anderson said the company is confident of a “solid finish” to the year.
Shares of Petco have been on a wild ride this year, in part because of posts by meme stock hero "Roaring Kitty," a.k.a. Keith Gill. They are up around 50% so far this year through Thursday.
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