clear
Wednesday May 6th, 2015 6:28AM

Home Depot 3Q results up on strength at US stores

By The Associated Press
ATLANTA (AP) -- Home Depot's fiscal third-quarter profit climbed as sales at its U.S. stores strengthened amid the improvement of the housing market.

The results for the nation's biggest home improvement company beat analysts' estimates. The chain also lifted its full-year forecast again on Tuesday, citing its year-to-date performance and outlook for the remainder of the year.

Its stock rose more than 2 percent in premarket trading.

For the three months ended Nov. 3, Home Depot Inc. reported net income of $1.35 billion, or 95 cents per share, up from $947 million, or 63 cents per share, a year ago. The prior-year period was weighed down by a one-time charge of 11 cents per share tied to store closings in China.

Analysts expected earnings of 89 cents per share.

Revenue for the Atlanta-based company rose 7 percent to $19.47 billion from $18.13 billion. Wall Street predicted $19.18 billion.

The shares gained $2.08, or 2.6 percent, to $81.75 in premarket trading about 3 1/2 hours before the market open.

Record-low interest rates and rising prices have fueled big sales at Home Depot, pushing company shares to an all-time high in May.

In the third quarter, the chain reported that sales at stores open at least a year rose 7.4 percent. In the U.S., that figure increased 8.2 percent.

This metric is a key indicator of a retailer's health because it excludes potentially distorting results from stores recently opened or closed.

Smaller rival Lowe's Cos. reports quarterly results on Wednesday.

Home Depot now foresees fiscal 2013 earnings to be up about 24 percent to $3.72 per share. Revenue is expected to be up approximately 5.6 percent. The company had also increased its full-year outlook in August. It previously predicted earnings of $3.60 per share, with revenue up about 4.5 percent. Based on 2012's revenue of $74.75 billion, the new guidance implies approximately $78.9 billion.

Analysts expect full-year earnings of $3.70 per share on revenue of $78.63 billion.

Home Depot said that its fiscal 2013 forecasts are based on a 52-week year compared with a 53-week year in fiscal 2012. Its earnings outlook includes the benefit of its year-to-date stock buybacks of $6.4 billion and its plan to repurchase $2.1 billion of additional shares in its fiscal fourth quarter.

Home Depot had 2,260 stores in 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico at the end of the third quarter.
© Copyright 2015 AccessNorthGa.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
S&P 500 index has its best year since 1997
The stock market closed out a record year with more all-time highs on Tuesday, giving U.S. indexes their biggest annual gains in almost two decades.
6:56PM ( 1 year ago )
Colorado readies for 'Green Wednesday' pot sales
Police were adding extra patrols around pot shops in eight Colorado towns that plan to allow recreational sales to anyone over 21 on Jan. 1.
1:52PM ( 1 year ago )
Kerry seeks framework for Mideast peace talks
A senior State Department official says Secretary of State John Kerry will try this week to get Israel and the Palestinians to agree on a framework for negotiating a final peace agreement, yet cautions against raising expectations for Kerry's latest round of shuttle diplomacy.
1:35PM ( 1 year ago )
U.S. News
Missing Ga. bank director arrested in Brunswick
A bank director accused of losing millions of investors' dollars before vanishing last year was arrested Tuesday during a traffic stop in a city in south Georgia.
7:00PM ( 1 year ago )
Amtrak to suspend some Crescent service in Jan., Feb.
Amtrak service will shut down in parts of the Southeast for several days in January and February for rail maintenance by Norfolk Southern Railway.
9:00AM ( 1 year ago )
Lung cancer scans urged for some smokers, not all
Certain current or former heavy smokers should start getting yearly scans for lung cancer to cut their risk of death from the nation's top cancer killer, government advisers said Monday - even as they stressed that the tests aren't for everyone.
7:26AM ( 1 year ago )
Business News
Sex offender held in Hall County for failing to register
A 47-year-old man was booked into the Hall County Jail Tuesday, being held without bond for allegedly failing to register as a sex offender, his second such arrest.
6:09PM ( 1 year ago )
Pharmacy robberies may involve same suspect
Oakwood Police Tuesday afternoon released details in a pharmacy robbery they're investigating, similar to one that happened in the Hall County Tuesday morning.
5:46PM ( 1 year ago )
Victim critical following apartment fire
A 41-year-old woman was in critical but stable condition Tuesday after being rescued from an apartment fire in Forsyth County late Monday afternoon.
3:16PM ( 1 year ago )
Local/State News
Body located on Britt Whitmire Road in Hall County
Hall County authorities are investigating after a body was located Tuesday night in north Hall.
11:32PM ( 6 hours ago )
Demorest probe 'largely ruled out computer errors or external thefts'
The results of an independent investigation into the theft of hundreds of thousands of dollars from the City of Demorest soon will be presented to city, county and state officials.
11:03PM ( 7 hours ago )
Dozens turn out to Gainesville City Council meeting to voice opposition for at-large voting
Dozens of people showed up at Tuesday night's Gainesville City Council meeting to voice their opinions in opposition to the city's at-large voting system.
7:13PM ( 11 hours ago )
Dump truck driver in Gainesville wreck identified
Georgia State Patrol troppers have identified the male dump truck driver in serious condition after his truck overturned on Queen City Parkway Tuesday morning.
5:56PM ( 12 hours ago )
Hall Co. authorities search for woman missing since March
The Hall County Sheriff's Office is looking for a woman missing since March of this year.
4:46PM ( 13 hours ago )