Frontdoor, Inc. reported its third-quarter 2024 financial results on November 4, 2024, with revenue increasing 3% year-over-year to $540 million. Gross profit rose 14% to $306 million, and the gross profit margin expanded by 550 basis points to 57%.
Net income for the quarter increased 40% to $100 million, with diluted earnings per share rising 47% to $1.30. Adjusted EBITDA saw a 29% increase to $165 million compared to the prior year period.
The company generated a record $212 million in net cash from operating activities for the nine months ended September 30, 2024. Frontdoor also confirmed that the acquisition of 2-10 Home Buyers Warranty remained on track to close in the fourth quarter of 2024, and it repurchased $119 million of shares through August 2024.
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