Shares of Dick's Sporting Goods Inc. (DKS, Financial) fell on the back of the company reporting its financial results for the third quarter. The company posted EPS of 30 cents, which beat estimates by four cents. Revenue of $1.95 billion beat expectations of $1.89 billion and increased 7.7% from the prior-year quarter.
Chairman and CEO Edward W. Stack commented on the company's performance:
"In the third quarter, we delivered earnings per diluted share and comp sales at the high end of our expectations, with continued double-digit growth in e-commerce. As expected, margins were under pressure in this highly promotional environment, but our strategy for this environment enabled us to continue to capture market share. As we look to the fourth quarter, we are comfortable with our prior implied sales and earnings outlook, and believe we are well positioned to gain additional market share."
The company now expects earnings per diluted share between $2.95 and $3.07. Further, the company anticipates non-GAAP earnings per diluted share between $2.92 and $3.04.
Shares of The Home Depot Inc. (HD, Financial) traded higher on Tuesday after reporting third-quarter results. EPS of $1.84 beat estimates by two cents and revenue of $25 billion beat expectations and increased 8% year over year. Same-store sales increased 7.9%, exceeding estimates of 5.8% growth.
Craig Menear, chairman, CEO and president, was proud of the company's “team and suppliers for their extraordinary efforts to support those in the path of the various natural disasters throughout the quarter. Our support of the impacted communities continues."
In other news, shares of Sage Therapeutics Inc. (SAGE, Financial) declined on Tuesday after announcing a public offering of $300 million worth of common stock on Monday. Further, it will grant the underwriters a 30-day option to allow investors to purchase an additional $45 million of its common stock.
Disclosure: The author holds no positions in any stocks mentioned.
