NEW YORK (AP) — A strong home-improvement market pushed Home Depot's profit higher in the fourth quarter, topping expectations.
The Atlanta company's profit rose 5.6 percent to $1.78 billion, or $1.52 per share, for the three months ended Jan. 28. Earnings, adjusted for pretax expenses, were $1.69 per share.
Revenue rose 7.5 percent to $23.88 billion on an increase in customers at existing stores. Same-store sales, a key measure of a retailer's health, increased 7.5 percent.
Along with a strong housing market pushing more people to invest in their homes, hurricane recovery efforts in southern states and Puerto Rico also helped boost revenue.
Analysts surveyed by Zacks Investment Research expected a quarterly profit of $1.62 per share and $23.66 billion in revenue.
Shares rose more than 3 percent before the market open on Tuesday.
Looking ahead, Home Depot Inc. foresees sales climbing 6.5 percent in 2018, with a profit of $9.31 per share. Analysts polled by FactSet expect earnings of $9.36 per share.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HD at https://www.zacks.com/ap/HD