The Home Depot, Inc. (HD Quick QuoteHD - Free Report) , the world’s largest home improvement specialty retailer reported first-quarter fiscal 2017 earnings of $1.67 a share that came much ahead of the Zacks Consensus Estimate of $1.61. Also, quarterly earnings jumped 16% year over year.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has witnessed an uptrend over the last 30 days. Home Depot’s performance in the trailing four quarters (excluding the quarter under review) gives a positive picture, with an average surprise of 4.4%.

Revenues: Total revenue increased 4.9% year over year to $23,887 million and also surpassed the Zacks Consensus Estimate of $23,745 million. Comparable-store sales (comps) for first-quarter fiscal 2017 rose 5.5%, while U.S. comps increased 6%.

Guidance: Home Depot raised its fiscal 2017 earnings outlook, while keeping the sales guidance intact. Both net sales and comps for fiscal 2017 are still expected to increase 4.6%. However, management now anticipates its diluted earnings per share to increase 11% to $7.15, in fiscal 2017. Earlier, management projected earnings per share to grow 10.5% to $7.13, including share repurchases.

Zacks Rank: Currently, Home Depot carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Stock Movement: Home Depot’s shares are up 1.9% during pre-market trading hours following the earnings release.

Check back later for our full write up on Home Depot’s earnings report!

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