Home Depot (HD) reported stronger-than-expected earnings Tuesday and raised its guidance for the full year.
Home Depot said net earnings for the three months ended in September came in at $2 billion, or $1.60 a share, an 18.5% increase from the same period last year and ahead of analysts' forecasts of $1.58 a share. Sales for the three-month period, the company said, rose 6.1% to $23.2 billion, beating analysts' forecasts of $23 billion. Same-store sales in the U.S. rose 5.9%.
"We experienced balanced sales growth in the quarter driven by an increase in both ticket and transactions, and our continued focus on productivity drove double-digit earnings-per-share growth," said CEO Craig Menear.
The company also said it was re-affirming its full-year sales guidance of a 6.3% rise and lifted its earnings forecast to $6.33 a share, a 15.9% advance from 2015.
Home Depot was rising 1.7% in premarket trading on Tuesday. The stock has fallen 6.5% over the past three months compared to a 6.9% decline for the S&P 500 Home Improvement Retail Index.