Home Depot Q3 Earnings Beat, Raises Sales Forecast to 4% Growth

Nov 12, 2024, 12:06 PM

Home Depot Inc. reported its third-quarter earnings for fiscal 2024, surpassing expectations with an adjusted EPS of $3.78, beating the consensus estimate of $3.66, and revenue of $40.22 billion, which was above the $39.29 billion forecast. The company's comparable sales decreased by 1.3%, a smaller decline than the anticipated 3.27%. Home Depot also raised its full-year sales growth forecast to 4% from a previous range of 2.5% to 3.5%. Despite a year-over-year net income decrease of 4.3% to $3.6 billion, GAAP EPS was $3.67, down 3.7% YoY, and merchandise inventories stood at $23.90 billion. U.S. comparable sales decreased by 1.2%. The company's performance was bolstered by better-than-expected engagement in seasonal goods and outdoor projects. The stock rose by 2.83% in pre-market trading in response to these results.