- Home Depot reported quarterly earnings that beat Wall Street estimates for the sixth time in a row.
- It reported earnings per share of $1.69, above the expected $1.61 per share.
- Revenues were $23.88 billion versus the $23.66 billion that Wall Street was expecting.
- Its forecast for comparable store sales, an important metric for judging a retailer’s performance, was below Wall Street estimates.
- Watch Home Depot’s stock move in real time here.
Its quarterly profits were boosted by an improving housing market and shoppers who spent more on average.
The company earned $1.69 per share, above analysts’ expectations of $1.61 per share, as revenue rose 7.5% year-over-year to $23.88 billion. It was above estimates of $23.66 billion.
Comparable store sales, an important metric for judging a retail company’s performance over time, surged 7.2% YoY, ahead of analysts’ estimates of 6.1%.
However, Home Depot offered a slightly disappointing yearly forecast for comparable sales of 5%, which was below Wall Street’s expectations of 5.4%.
The company also increased its quarterly dividend to shareholders by 15.7% to $1.03 per share.
The retailer took a one-time provisional tax hit of $127 million due to the tax reform law. The company also announced last month it was giving its hourly workers a cash bonus of up to $1,000, which slightly impacted its diluted earnings per share by approximately $0.17, according to Home Depot’s release.
Home Depot’s stock was trading at $189.43 per share, and was up 0.76% for the year.
Read more about why Lowe’s could be just as attractive, if not more so, than its bigger rival Home Depot.
- Markets Insider