Home Depot Inc. (HD), the largest U.S. home-improvement retailer, posted third-quarter profit that topped analysts? estimates as the recovering U.S. housing market prompted customers to spend more on home repairs.
Net income climbed 1.4 percent to $947 million, or 63 cents a share, from $934 million, or 60 cents, a year earlier, the Atlanta-based company said today in a statement. Excluding some items, profit was 74 cents. The average estimate of 25 analysts surveyed by Bloomberg was 70 cents. Sales rose 4.6 percent to $18.1 billion, topping the $17.9 billion average estimate.
The U.S. housing market is healing, with new-home sales rising to the fastest pace in two years and construction starting at the fastest rate in four years. The rebound has helped sales at Home Depot locations open at least a year gain 4.2 percent, the sixth straight quarterly increase, as customers visited more often and spent more per trip.
Home Depot ?did an excellent job driving its sales growth with lower promotions,? John Tomlinson, an analyst at ITG Investment Research in New York, said today in an e-mail. ?There is no doubt improvements in housing turnover and home prices are also positively impacting its sales trends.?
Home Depot rose 4.5 percent to $63.92 at 9:44 a.m. in New York and earlier climbed as much as 4.6 percent for the biggest intraday gain since Oct. 31. The shares climbed 45 percent this year through yesterday.
http://www.bloomberg.com/news/2012-11-13/home-depot-profit-rises-1-4-as-customer-traffic-gains.html
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Posted November 13, 2012 by Editor. ?
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Source: http://www.cameronhanover.com/2012/11/home-depot-profit-tops-estimates-as-housing-market-heals/
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