Its quarterly results topped Wall Street's view and the world's biggest home improvement chain boosted its full-year earnings and revenue forecasts Tuesday.
Shares climbed 4 percent in premarket trading.
For the three months ended May 5, Home Depot Inc. earned $1.23 billion, or 83 cents per share. That's up from $1.04 billion, or 68 cents per share, a year earlier. Analysts predicted earnings of 76 cents per share, according to a FactSet survey.
"In the first quarter, we saw less favorable weather compared to last year, but we continue to see benefit from a recovering housing market that drove a stronger-than-expected start to the year for our business," Chairman and CEO Frank Blake said in a statement.
Revenue for the Atlanta company rose 7 percent to $19.12 billion from $17.81 billion. Wall Street expected $18.62 billion.
Home Depot's stock gained $3.24, or 4.2 percent, to $80 about three hours before the market open.
Revenue at stores open at least a year, a key gauge of a retailer's health, climbed 4.3 percent. This figure excludes results from stores recently opened or closed.
The chain anticipates fiscal 2013 earnings of $3.52 per share, with revenue up about 2.8 percent. Its prior guidance was for earnings of $3.37 per share, with revenue rising about 2 percent. The revised outlook implies revenue of $76.83 billion, based on 2012's $74.75 billion.
Analysts expect full-year earnings of $3.54 per share on revenue of $76.98 billion.
Home Depot had 2,257 stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico at the first quarter's end.
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