Home Depot raises its full-year outlook with a boost from the US housing market
Earnings in the second quarter came in at $1.97 per share on revenue of $26.5 billion. Both were in-line with expectations.
Same-store sales, or sales at stores open at least a year, were up 4.7% globally and up 5.4% in the US.
Most notably, the company raised its full-year earnings outlook to $6.31 per share from $6.27, though this was slightly below the $6.34 expected by analysts.
In pre-market trading shares of Home Depot were down about 0.7%.
In the release CEO Craig Menear said, "We had a solid quarter, achieving the highest quarterly sales and net earnings results in company history as housing continues to be a tailwind for our business."
The US housing market, while dealing with a lack of homes on the low end of the market, remains strong as does consumer spending. Home Depot's results reflect both of those trends.
On Monday, we saw that homebuilder sentiment rose in August while last week's July retail sales report saw a 3.5% increase in sales at building materials outlets over the prior year.