Home Depot Inc (NYSE:HD) early Tuesday posted market-beating third quarter earnings results and lifted its full-year outlook, as sales at established stores continued to improve significantly from last year.
The Atlanta-based home improvement warehouse operator reported Q3 earnings per share (EPS) of $1.84, which was $0.02 better than the Wall Street consensus estimate of $1.82.
Revenues rose 8.1% from last year to $25.03 billion, also topping analysts’ view for $24.53 billion.
Comparable store sales (comps) for the third quarter were up 7.9%, with stores in the U.S. seeing a 7.7% gain.
Looking ahead, Home Depot forecast full-year EPS of $7.36, which is slightly higher than the $7.34 per share analysts are looking for. It also sees 2017 revenues rising 6.3% to approximately $100.6 billion, versus Wall Street’s view of $99.94 billion. HD previously expected EPS of $7.29 on revenues of $99.6 billion.
Home Depot also forecast 2017 comparables sales to be up approximately 6.5%.
The company commented via press release:
“Though this quarter was marked by an unprecedented number of natural disasters, including multiple hurricanes, wildfires in the West, and earthquakes in Mexico, the underlying health of our core business remains solid,” said Craig Menear, chairman, CEO and president. “I am proud of our 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.”
Home Depot Inc shares rose $2.55 (+1.54%) in premarket trading Tuesday. Year-to-date, HD has gained 25.53%, versus a 17.22% rise in the benchmark S&P 500 index during the same period.