Home Depot Boosts Forecast as Q2 earnings and Revenue Rise

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August 16, 2016 8:14am NYSE:HD

home-depot-hd-logoHome improvement warehouse operator Home Depot Inc (NYSE:HD) lifted its full-year outlook this morning, following better-than-expected second quarter earnings results.

The Atlanta-based company reported Q2 EPS of $1.98, narrowly beating out Wall Street estimates of $1.97. Revenue rose 6.6% from last year to $26.47 billion, in-line with estimates.

Looking ahead, HD boosted its full-year 2017 earnings outlook to $6.31 per share, up from a prior estimate of $6.27 per share. Analysts are looking for a still-higher $6.32. The company also reaffirmed its previously announced full-year revenue growth of 6.3%, which implies sales of $94.1 billion for the year, while analysts expect $94.28 billion.

Other notes from the report included:

  • Comparable store sales for Q2 rose 4.7%.
  • Comparable sales for U.S. stores rose +5.4%.
  • Diluted Q2 EPS rose 13.9% from last year.

From the press release:

“We had a solid quarter, achieving the highest quarterly sales and net earnings results in company history as housing continues to be a tailwind for our business,” said Craig Menear, chairman, CEO and president. “This was made possible by our hard working associates in their continued dedication to our customers.”

At the end of the second quarter, the Company operated a total of 2,275 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs more than 385,000 associates.

Home Depot shares rose $0.44 (+0.32%) to $137.50 in premarket trading Tuesday. HD stock has gained 3.64% year-to-date.


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