The Home Depot, Inc. (HD - Free Report) , the world’s largest home improvement specialty retailer reported third-quarter fiscal 2017 earnings of $1.84 a share, ahead of the Zacks Consensus Estimate of $1.81. Also, quarterly earnings jumped 15% year over year.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has witnessed an uptrend in the last seven days. Home Depot’s performance in the trailing four quarters (excluding the quarter under review) gives a positive picture, with an average surprise of 3.8%.
Revenues: Total revenue increased 8.1% year over year to $25,026 million, and also surpassed the Zacks Consensus Estimate of $24,523 million. Comparable-store sales (comps) in the quarter rose 7.9%, while U.S. comps increased 7.7%.
Guidance: Home Depot raised its fiscal 2017 sales and earnings outlook on the back of solid year-to-date results. The company now expects sales growth of nearly 6.3%, alongside a 6.5% increase in comps. Earlier, the company expected net sales to grow 5.3% and comps for fiscal 2017 to increase 5.5%. Further, management now anticipates diluted earnings per share to increase about 14% to $7.36 in fiscal 2017, compared with the previous guidance of 13% growth to $7.29. The guidance includes $8 billion impact from share repurchases.
Zacks Rank: Currently, Home Depot carries a Zacks Rank #2 (Buy), 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 rose 2.2% 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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