Stock Track | Frontdoor Soars on Record Q3 Results, Upbeat 2024 Outlook

Stock Track11-05

Shares of Frontdoor Inc (FTDR) surged over 5% on Friday after the home services provider reported record third-quarter results and raised its full-year guidance, fueled by strong pricing and operational improvements.

For the quarter ended September 30, Frontdoor posted revenue of $540 million, up 3% year-over-year driven by a 4% increase in pricing. This beat analysts' expectations of $541.9 million. Adjusted earnings per share came in at $1.38, significantly beating estimates of $1.05 on the back of higher revenue and reduced contract claims costs.

The company's net income surged 40% to $100 million, while adjusted EBITDA jumped 29% to $165 million. The gross profit margin expanded an impressive 550 basis points to 57% due to pricing gains, lower service requests, transition to higher service fees, and process improvements.

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