What's Going On With Home Depot Stock?

Home Depot Inc HD shares are trading lower Tuesday morning after the company reported third-quarter financial results and reaffirmed its full-year outlook.

Home Depot said third-quarter revenue increased 5.6% year-over-year to $38.9 billion, which beat average analyst estimates of $38.01 billion, according to Benzinga Pro.

The retailer reported quarterly earnings of $4.24 per share, which beat average estimates of $4.13 per share. Earnings were up 8.2% year-over-year.

"We delivered another solid performance in the third quarter, driven by strength in project-related categories across the business," said Ted Decker, chair, president and CEO of Home Depot.

Home Depot reaffirmed full-year 2022 comparable sales growth guidance of approximately 3%. The company also reaffirmed that it expects earnings per share growth to be in the mid-single digits. 

At the end of the quarter, Home Depot operated a total of 2,319 retail stores.

See Also: Will Home Depot, Lowe's Earnings Reveal A Housing Market Correction?

HD Price Action: Home Depot has a 52-week high of $420.61 and a 52-week low of $264.51.

The stock was down 0.75% at $304.63 at time of publication. 

Photo: courtesy of Home Depot.