Home Improvement Giant Beats Expectations And Shares Jump

home depotHome Depot

Photo: Wikimedia Commons

Home Depot just said Q3 earnings grew 17.6% year-over-year to 60 cents per share.Analysts were expecting just 58 cents per share.

The stock is up 2% in premarket trading.

Net sales grew 4.4% to $17.3 billion, just ahead of the expectation of $17.1 billion.

The home improvement retailer said global same-store sales grew 4.2%, with 3.8% growth in the U.S.

“Our third quarter was driven by strength in our core categories and storm-related sales as well as strong operating performance,” said CEO Frank Blake.

For the full year, the company expects to earn $2.38 per share, which compares to analysts’ estimate of $2.35 per share.

The company also boosted its dividend by 16% to 29 cents per share.

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