Home Depot (HD) reported third-quarter earnings that beat analysts' estimates and increased its guidance for the year partly because of hurricane-related business.
Earnings at the Atlanta-based company were $2.17 billion, or $1.84 a share, up from $1.97 billion, or $1.60 a share a year ago, the company said Tuesday. Analysts were expecting $1.82 a share.
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Net sales rose 8.1% to $25.03 billion. Operating expenses at the company rose 5.2% to $4.97 billion. Comparable-store sales rose 7.9%.
The hurricane negatively affected Home Depot's operating profit by $51 million. Comparable store sales growth was helped by $282 million by the hurricanes, but the company took on $104 million in expenses, Home Depot said.
The company also increased its guidance and expects comparable-store sales growth for the year to increase 6.5%. It estimates earnings per share--taking into account $8 billion worth of share buybacks--to be $7.36, up 14% from 2016. The home improvement company was previously expecting comparable-store sales to grow by about 5.5% and earnings per share--taking into account $7 billion worth of buybacks -- to be up 13% to $7.29.
Shares of the company rose 0.4% in premarket trading and are up 23% this year.
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(END) Dow Jones Newswires
November 14, 2017 06:58 ET (11:58 GMT)