Home Depot (HD) Rises On 41% Jump In Q1 Earnings

The world's largest home improvement retailer, Home Depot HD, reported a 41% jump in its fiscal Q1 earnings, driven by higher demand for appliances. The Atlanta-based company reported strong Q1 earnings at $0.43 per share, or $725 million, up from $0.30 per share, or $514 million in the same quarter a year ago. Excluding one-time items, HD said it would have earned $0.45 a share. The analysts had expected the company to deliver earnings of $0.40 per share for the latest quarter. The company’s sales for the quarter rose 4.3% to $16.86 billion, with comparable-store sales increasing by 4.8%. Home Depot’s results were driven by consumer willingness to buy high-ticket items such as riding mowers, carpet installations and other discretionary projects. HD has raised its earnings forecasts for the full year at $1.86 from $1.79. It has, however, retained its 3.5% sales growth projections, which exceeded the consensus of 2.9%. HD’s shares gained 1.01% to $35.95 in the after hours trading session.