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August 19, 2014
11:41 EDTLOW, HDHome Depot rises as results beat estimates, company raises guidance
Shares of home improvement retailer The Home Depot (HD) are advancing after the company posted better than expected second quarter results and raised its full year profit outlook. WHAT'S NEW: This morning, Home Depot reported Q2 earnings per share of $1.52 and revenue of $23.81B, beating analysts' consensus estimates of $1.45 and $23.61B, respectively. Q2 same store sales increased 5.8% and comp sales for U.S. stores rose 6.4%. Chairman and Chief Executive Officer Frank Blake said the spring seasonal business rebounded in Q2, and the company saw strong performance across all of its geographies and in the core of the store. Looking ahead, Home Depot raised its fiscal 2014 EPS view to $4.52 from $4.42, in line with analysts' estimates of $4.41. The EPS guidance includes the benefit of year-to-date share repurchases of $3.5B and the company's intent to repurchase an additional $3.5B of shares over the remainder of the year. The retailer also reiterated its outlook for FY14 sales to increase 4.8%, compared to consensus estimates of $82.53B. WHAT'S NOTABLE: On its Q2 earnings conference call, management forecast FY14 gross margin up "a few" basis points from FY13. The company said the housing market remains a modest tailwind for its business, but cited "mixed signals" in housing data. The company said its sales plan remains "intact," and it anticipates rolling out hand-held checkout devices in Q3. For the second half of 2014, Home Depot expects SSS growth about 80 basis points higher than the first half, with the fourth quarter higher than the third quarter, but slightly under what was reported for Q2. Home Depot said it is "very pleased" with August's sales performance. ANALYST REACTION: This morning, research firm RW Baird said Home Depot's Q2 results reinforces its positive thesis as the company cycled through its toughest quarterly comparison in years. PRICE ACTION: In late morning trading, Home Depot rose $4.89, or about 5.74%, to $88.37 on heavy trading volume. Including today's advance, the stock is up over 17% over the past 12 months. OTHERS TO WATCH: Home Depot peer Lowe's Companies (LOW), which reports quarterly earnings tomorrow, is trading up 2.3% to $51.61.
News For HD;LOW From The Last 14 Days
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September 24, 2015
07:44 EDTHDAtlanta Society of Finance & Investmen Professionals holds breakfast meeting
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September 21, 2015
07:47 EDTLOWLowe's comps, earnings should support valuation, says Baird
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