Stock Track | Grocery Outlet Holding Surges 5% After Beating Q3 Earnings Estimates
Grocery Outlet Holding Corp. (NASDAQ: GO) saw its shares soar by 5.03% on November 7th, 2024, following the release of its third-quarter 2024 earnings results. The company's strong revenue growth and better-than-expected earnings appear to have fueled the stock's upward movement.
In the third quarter, Grocery Outlet Holding reported a 10% year-over-year increase in revenue, reaching $1.11 billion. While net income declined by 11% to $24.2 million, the company's earnings per share (EPS) of $0.25 surpassed analyst expectations by 30%.
Despite the decline in profit margin, which dropped from 2.7% in Q3 2023 to 2.2% in Q3 2024 due to higher expenses, investors seem to have focused on the company's top-line growth and its ability to beat earnings estimates. As a result, Grocery Outlet Holding's shares were up 16% from a week ago as of the earnings report's publication.
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