A Home Depot store in Livermore, California, US, on Thursday, May 12, 2022. Home Depot Inc. is scheduled to release earnings figures on May 17. Photographer:
David Paul Morris | Bloomberg | Getty Images
Home Depot on Tuesday raised its full-year outlook after reporting strong quarterly earnings, fueled by the company’s strongest first-quarter sales on record. Shares of the company rose 4% in premarket trading.
Here’s what Home Depot reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $4.09 vs. $3.68 expected
- Revenue: $38.91 billion vs. $36.72 billion expected
The home improvement retailer reported first-quarter net income of $4.23 billion, or $4.09 per share, up from $4.15 billion, or $3.86 per share, a year earlier. Analysts surveyed by Refinitiv were expecting the company to earn $3.68 per share.
Net sales rose 3.8% to $38.91 billion, topping expectations of $36.72 billion. Same-store sales increased 2.2% in the quarter.
For 2022, Home Depot is now expecting sales growth of about 3% and earnings per share growth in the mid-single digits. The company previously forecast “slightly positive” sales growth and earnings per share growth in the low-single digits.
