UPDATE: Home Depot Posts Upbeat Q4 Profit, Raises Dividend

Home Depot HD reported a 32% rise in its fiscal fourth-quarter earnings. Home Depot's quarterly profit surged to $1.02 billion, or $0.68 per share, from $774 million, or $0.50 per share, in the year-ago period. Excluding special items, it earned $0.67 per share. Its sales climbed 14% to $18.25 billion. However, analysts were expecting earnings of $0.64 per share on revenue of $17.7 billion. Its gross margin declined to 34.9% from 35%. It also lifted its quarterly dividend by 34% to $0.39 per share. For FY13, Home Depot projects earnings of around $3.37 per share, versus analysts' estimates of $3.49 per share. Home Depot shares closed at $63.92 yesterday.