Key points:
- Home Depot reports earnings before the open Tuesday
- The company topped analyst earnings and revenue estimates
- However, shares are down 2.5% premarket
Shares of retailer Home Depot (NYSE: HD) are down over 2.5% premarket Tuesday after the company reported second-quarter earnings before the opening bell.
Home Depot posted earnings of $5.05 per share on revenue of $43.79 billion, topping analyst expectations of earnings of $4.94 per share on revenue of $43.36 billion. Revenue increased by $2.7 billion, or 6.5%, from the second quarter of fiscal 2021.
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Meanwhile, comparable sales for the second quarter increased 5.8%, and comparable sales in the U.S. rose 5.4%.
“In the second quarter, we delivered the highest quarterly sales and earnings in our company’s history,” said Ted Decker, CEO and president. “Our performance reflects continued strength in demand for home improvement projects. Our team has done a fantastic job serving our customers, while continuing to navigate a challenging and dynamic environment.”
Looking ahead, Home Depot sees full-year 2022 sales growth and comparable sales growth of approximately 3%, while earnings-per-share-percent-growth is expected to be in the mid-single digits. The consensus was $16.46.