NEW YORK (TheStreet) -- Shares of Home Depot Inc. (HD) are gaining by 2.16% to $116.80 in pre-market trading on Tuesday morning, after the home improvement retail chain posted better than expected earnings and revenue for the 2015 first quarter.
The company said its net earnings were $1.6 billion, or $1.21 per diluted share, while analysts polled by Thomson Reuters had forecast for earnings of $1.15 per share for the most recent quarter.
Sales for the first quarter grew by 6.1% to $20.9 billion versus the $20.8 billion analysts were anticipating.
"We had a stronger than expected start to the year as we experienced a more normal spring across much of the country and continued recovery of the U.S. housing market," Home Depot CEO Craig Menear said in the company's earnings release.
Home Depot also upped its full year 2015 earnings guidance and is now expecting earnings in a range of $5.24 to $5.27 per share, from its previous guidance of $5.11 to $5.17 per share.
Last year Home Depot was hit with a massive data breech that resulted in the theft of millions of customers' credit card and email information. The company has said it is facing several dozen civil suits as a result of the theft.
In order to prevent this from happening in the future, Home Depot has finished a project that will encrypt credit card data at the point of sale, The Wall Street Journal reports.
Separately, TheStreet Ratings team rates HOME DEPOT INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation: