Break out the Homer buckets. Home Depot is paiting the town, according to MarketWatch. The company reported a first-quarter profit of $1.8 billion, ($1.44 a share), up from $1.58 billion, ($1.21), a year earlier. Revenue climbed 9% to $22.76 billion. Analysts polled by Thomson Reuters were expecting a net of $1.36 a share on $22.39 billion in sales.
Home Depot Inc. on Tuesday continued to buck larger retail trends in reporting earnings well above expectations on strong sales in a more favorable economy.
Shares, which have risen 12% over the past three months, added 1.2% premarket to $137.
For 2016, the company now expects earnings of $6.27 a share on revenue growth of 6.3%, up from its previous guidance for earnings of $6.12 to $6.18 a share on revenue growth of 5.1% to 6%. Same-store sales are anticipated to grow about 4.9%.
The Atlanta-based company has continued to report rising sales, setting it apart from other major retailers booking softer sales as consumers dial back spending. Home Depot and Lowe's Cos. have largely been insulated amid an improving housing market and Americans' willingness to spend on home-improvement projects. And with people moving more now thanks to appreciating home values and low mortgage rates, they are also spending more to refurbish dwellings.