People are protected outside the Home Depot in the Flat Iron District while the city continues Phase 4 of the reopening, subject to restrictions imposed to slow the spread of the coronavirus in New York City on August 8, 2020. Wear a face mask.
Noamgarai | Getty Images
Home DepotEarnings in the fourth quarter of Tuesday surged beyond investor expectations as consumers continued to invest in housing due to the pandemic and strength of the real estate market.
Stocks have fallen almost 2% in pre-market transactions since the company didn’t provide the outlook.
The company’s performance for the quarter ended January 31 is as follows:
- Earnings per share: $ 2.65. Expected $ 2.62 based on vs. Refinitiv consensus estimates
- Revenue: $ 32.26 billion, compared to expected $ 30.73 billion, according to Refinitiv
Home Depot’s net income increased from $ 2.48 billion ($ 2.28 per share) in the year-ago quarter to $ 2.86 billion ($ 2.65 per share). Analysts surveyed by Refinitiv expect earnings per share to be $ 2.62.
Net sales increased 25% to $ 32.26 billion, up from $ 25.78 billion reported a year ago. The retailer exceeded analysts’ expectations of $ 30.73 billion.
Same-store sales in the US increased 25%. According to a Street Account survey, its overall comparable store sales increased by 24.5%, outpacing analysts’ expectations of 19.2%. This growth is consistent with what Home Depot reported in the second and third quarters, which benefited from keeping doors open as an essential retailer.
Home Depot also announced on Tuesday that its board of directors has approved a 10% increase in its quarterly dividend to $ 1.65 per share.
This story is under development and will be updated.
Home Depot (HD) Revenue Q4 2020
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