UPDATE: Home Depot Posts Rise In Q1 Profit, Lifts 2013 Forecast

Home Depot HD reported an 18.5% increase in its Q1 earnings and lifted its 2013 earnings forecast. Home Depot's quarterly profit surged to $1.2 billion, or $0.83 per share, versus $1 billion, or $0.68 per share, in the year-ago quarter. Its net sales climbed 7.4% to $19.1 billion from $17.8 billion, while comparable-store sales rose 4.3%. However, analysts were estimating earnings of $0.76 per share on revenue of $18.53 billion. Home Depot now projects 2013 EPS to rise around 17% to $3.52. Home Depot shares gained 4.22% to $80.00 in pre-market trading.