This is higher than $1.5 billion or $1.17 a share recorded in the year-ago quarter and represented 23.1 percent year-over-year growth. Sales climbed 5.8% to $22.21 billion.
Home Depot shares are trading up this morning after the home-improvement retailer posted a monster earnings beat showing strength in the USA housing recovery.
Net earnings rose by nearly 20% and a shrinking share count boosted that growth pace to 24% on a per-share basis.
Analysts expected earnings of $1.33 per share for the quarter on sales of $21.79 billion.
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HD has bought back almost $30 billion worth of common stock before the FY'16 started.
If Home Depot Inc.'s results are any indication, Americans are showing no sign of putting down their tool belts. For FY'17, the retailer indicated buybacks to the tune of $5 billion out of the latest authorization of $15 billion by the company's board. (The) from a "hold" rating to a "buy" rating and set a $151.00 price target for the company in a research note on Tuesday, January 17th. The stock presently has a consensus rating of "Buy" and a consensus price target of $145.79. -EPS Growth (Y-o-Y): 23.1% -Analysts Estimate: $1.33 -Revenue (Q4): $22.21 Bln vs. $20.98 Bln a year ago. Bank of America Corporation reiterated a "buy" rating and issued a $128.72 price target (up from $127.67) on shares of Home Depot, Inc.
Home Depot Inc shares rose $2.78 (+1.94%) in premarket trading Tuesday. The stock was sold at an average price of $128.39, for a total value of $2,003,654.34. Piershale Financial Group Inc. raised its stake in Home Depot, Inc. That topped analysts' estimates, and along with strong sales and a plan to return more cash to shareholders, sent the stock climbing in early trading. Both the number of transactions and the amount spent per shopper increased 2.9 percent. Westwood Holdings Group Inc. boosted its position in Home Depot, Inc. (The) by 6.8% in the third quarter. Zacks Investment Research upgraded Home Depot, Inc. Sanford C. Bernstein initiated coverage on Home Depot, Inc. Cohen & Steers Inc. now owns 35,400,000 shares of the home improvement retailer's stock valued at $32,480,000 after buying an additional 35,306,300 shares during the period. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
In other Home Depot, Inc. While online spending has been a trend for many years in retail, home improvement goods weren't initially the target of that disruption, unlike smaller items like books, electronics and apparel. The Company sells an assortment of building materials, home improvement products, and lawn and garden products, and provides various services.