UPDATE: Home Depot Reports 14% Rise In FQ2 Net Income, Raises Forecast

Home Depot Inc

reported a 14% rise in its fiscal-second-quarter net income. Home Depot's quarterly profit surged to $1.36 billion, from $1.19 billion, in the year-ago period. Its earnings per share rose to $0.86 from $0.72. Shares outstanding dropped 5.2% to 1.58 billion. Home Depot's sales climbed to $20.23 billion from $19.41 billion. However, analysts were expecting a profit of $0.83 per share on revenue of $19.97 billion. Home Depot lifted its forecast for the year. It now projects continuing operations to generate profit of $2.34 per share, versus analysts' estimates of $2.30 per share. Home Depot shares fell 0.03% to $31.45 in after-hours trading.