The Story:
American’s largest home improvement chain Home Depot on Tuesday increased its full-year profit and sales guidance for the third time during the current fiscal.
This Happened:
The recent hurricane incidents have boosted the need for rebuilding materials, flashlights and generators.
Revenues from the boost have already added about $282 million to third quarter sales, the company revealed.
This is now the third time this year that Home Depot has raised forecasts.
The Numbers:
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EPS of $1.84 beats estimates by $0.02
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Revenue of $25B beats estimates by $450M
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Home Depot has now beaten Wall Street estimates at the top line as well as the bottom line for four consecutive quarters
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Same-store sales increased 7.9% percent
Updated 2017 Outlook:
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Home Depot now expects total sales in 2017 to increase 6.3%, up from the previously expected 5.3%
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Diluted earnings-per-share of $7.36 is expected, up from the previously expected $7.29
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Comparable sales are now predicted to increase by 6.5% instead of 5.5%.
A word from Home Depot’s Chairman, CEO and President Craig Menear:
“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. 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.”
You can read Home Depot’s third quarter earning release here
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