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May 19, 2014
12:20 EDTHDEarnings Preview: Home Depot shares relatively flat ahead of Q1 report
Home Depot (HD), a home improvement retailer, is scheduled to report first quarter results before the market opens on Tuesday, May 20, with a conference call scheduled for 9:00 am ET. EXPECTATIONS: Analysts are looking for earnings per share of 99c on revenue of $19.95B, according to First Call. The consensus range for EPS is 95c-$1.01 on revenue of $19.77B-$20.46B. LAST QUARTER: Home Depot reported fourth quarter EPS of 73c against estimates for 71c on revenue of $17.7B against estimates of $17.91B. The company said same-store sales increased 4.4%, with U.S. SSS up 4.9%. The company provided fiscal year 2014 guidance, seeing FY14 EPS of $4.38 against estimates at that time for $4.43. The retailer also forecast FY14 sales growth of 4.8%, with SSS expected to grow about 4.6%. On its Q4 earnings conference call, Home Depot said its guidance assumed that the housing market would be a continuing tailwind. NEWS: In March, Home Depot named Craig Menear to be its U.S. retail president, setting up a CEO succession plan. Frank Blake, who has led the retail fix-it chain since 2007, has not yet announced his retirement. The retailer said it expected the housing recovery to continue and home prices to increase, though at a lower rate. The Wall Street Journal said Home Depot is slowing new store openings and focusing its expansion efforts on e-commerce. Barron's said Home Depot looks cheap and shares could rally 25% as the housing market revives. STREET RESEARCH: Home Depot was upgraded to Outperform from Market Perform at BMO Capital. The firm believes sales are tracking at or above plan in non-weather affected areas. PRICE ACTION: Over the last three months, Home Depot shares are relatively flat. Year-to-date, shares are down almost 7%.
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