Shares of industrial supply distribution company HD Supply (HDS) - Get Report dropped on Tuesday after the company reported fiscal second-quarter earnings that beat Wall Street forecasts but cut its guidance for the fiscal year.
The Atlanta-based company posted adjusted earnings of $183 million, or $1.08 a share, compared with $182 million, or 99 cents a share, in the same period a year ago.
Analysts polled by FactSet had been expecting adjusted earnings of $1.07 a share. Revenue was $1.62 billion, in line with analysts' forecasts.
However, the company provided more modest guidance for its fiscal third quarter and year. For the fiscal third quarter, it now expects adjusted per-share earnings of between 96 cents and $1.05 a share, below analysts' current consensus forecasts of $1.07 a share.
For its full fiscal year, HD supply said it now expects adjusted per-share earnings of between $3.45 and $3.60 a share vs. current consensus forecasts of $3.57 a share.
Shares of HD Supply were down 8.43%, or $3.44 a share, to $37.38 in late morning trading on Tuesday. The stock ended the trading day on Monday up 1.32%, or 53 cents, at $40.82.