Home Depot beats earnings, revenue expectations

The Home Depot Inc. on Tuesday reported fiscal first-quarter profit of $1.58-billion (U.S.).

The Atlanta-based company said it had net income of $1.21 per share. Earnings, adjusted for pretax gains, came to $1.16 per share.

The results surpassed Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $1.15 per share.

The home-improvement retailer posted revenue of $20.89-billion in the period, which also topped Street forecasts. Twelve analysts surveyed by Zacks expected $20.78-billion.

Home Depot expects full-year earnings to be $5.24 to $5.27 per share.

Home Depot shares have risen nearly 9 per cent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 3 per cent. The stock has climbed 48 per cent in the last 12 months.