Shares of Cadre Holdings, Inc. (CDRE) are soaring 8.75% in Wednesday's intraday trading session following the release of its third-quarter earnings report that surpassed analyst expectations. The company, which operates in the aerospace & defense sector, reported strong financial results that have buoyed investor confidence.
Cadre Holdings announced adjusted earnings of 27 cents per share for the quarter ended September 30, beating the mean expectation of 26 cents per share from seven analysts. This performance marks a significant improvement from the 9 cents per share reported in the same quarter last year. The company's revenue also showed robust growth, rising 42.5% to $155.87 million, although slightly below the $157.96 million anticipated by analysts.
The positive earnings surprise comes amid a strong year for Cadre Holdings, with its shares having gained 31.7% year-to-date prior to this report. Wall Street maintains an optimistic outlook on the stock, with the current average analyst rating at "buy". The median 12-month price target stands at $46.50, suggesting further upside potential of about 8.5% from its last closing price of $42.53. This latest earnings beat is likely to reinforce investor confidence in the company's growth trajectory and financial health.
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