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Home Depot Q2 earnings beat estimates as sales rebound

Home improvement retailer Home Depot Inc. on Aug. 14 raised its guidance for fiscal-year earnings as it delivered second-quarter results that beat expectations aided by a rebound from a slow start to the spring selling season.

The Atlanta-based company said in a statement that it expected diluted earnings per share for the year ending Jan. 31, 2019, to increase 29.2% year over year to $9.42, up from its previous estimate of $9.31.

Home Depot said sales for the year are expected to grow 7% versus 5.3% a year ago. Fiscal-year 2018 comprises 53 weeks compared with 52 weeks in 2017.

For the fiscal second quarter ended July 29, Home Depot's diluted EPS jumped 35.6% to $3.05 from $2.25 in the comparable period ended July 30, 2017. A mean consensus of analysts' estimates had pointed to normalized EPS of $2.85, according to data compiled by S&P Global Market Intelligence.

Net profit excluding exceptional items rose 31.2% to $3.51 billion from $2.67 billion as net sales gained 8.4% to $30.46 billion from $28.11 billion.

"Not only did our seasonal business rebound from the first quarter, but our overall results exceeded our expectations," said Craig Menear, Home Depot's chairman, CEO and president. "These results exemplify the outstanding execution of our combined team of store associates, merchants, suppliers and supply chain."

Home Depot shares were up at about 2% in premarket trading as of 7:34 a.m. ET.