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Home Depot Trades Higher On Q2 Earnings Beat

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Home Depot Trades Higher On Q2 Earnings Beat

Home Depot (NYSE: HD) reported second-quarter earnings of $3.17 per share, which beat the analyst consensus estimate of $3.09 by 2.59%. This is a 3.93% increase over earnings of $3.05 per share from the same period last year.

The company reported quarterly sales of $30.839 billion, which missed the analyst consensus estimate of $31.04 billion by 0.65%. This is a 1.23% increase over sales of $30.463 billion the same period last year.

Home Depot reaffirmed EPS for 2019.

"We were pleased with our results as we delivered accelerating comp performance throughout the quarter," said CEO Craig Menear. "We are encouraged by the momentum we are seeing from our strategic investments and believe that the current health of the U.S. consumer and a stable housing environment continue to support our business. That being said, lumber prices have declined significantly compared to last year, which impacts our sales growth. As a result, today we are updating our sales guidance to account primarily for continued lumber price deflation, as well as potential impacts to the U.S. consumer arising from recently announced tariffs."

Home Depot shares were trading up 2% at $212.10 in Tuesday’s pre-market session. The stock has a 52-week high of $219.30 and a 52-week low of $158.09.

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Posted-In: Earnings News Best of Benzinga

 

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