Photo: Jason Scragz via Flickr
We mentioned yesterday that there were very faint signs of a bottom/turnaround in the world of housing and construction.The latest is from Home Depot, which just beat on earnings/sales and raised its outlook:
“Our second-quarter results were driven by a rebound in our seasonal business, storm-related repairs and strength in our core categories,” said Frank Blake, chairman & CEO. “We continue to deliver a strong operating performance while also investing in customer service and our merchandising initiatives. I would like to thank our associates for their hard work and dedication. It is their efforts that enabled us to deliver these results.”
The Company confirmed that it expects fiscal 2011 sales will be up approximately 2.5 per cent from fiscal 2010. Based on its year-to-date performance and outlook for the balance of the year, the Company raised its fiscal 2011 diluted earnings-per-share guidance and now expects diluted earnings-per-share from continuing operations to be up approximately 16 per cent to $2.34 for the year. This earnings-per-share guidance includes the benefit of the Company’s year-to-date share repurchases, but excludes the impact of future share repurchases.
Bear in mind that through 2011, construction jobs are up for the first time in 5 years.