by Alyssa Oursler | August 14, 2012 11:11 am
Home Depot (NYSE:HD) saw a jump in net income in the second quarter, thanks to lower costs and stronger sales of paint, bath accessories and kitchen installations.
Earnings came to $1.53 billion, or $1.01 a share — a 12% increase from the $1.36 billion, or 86 cents a share, posted a year earlier. Revenue, though, missed estimates despite just under 2% growth.
Same-store sales also improved, increasing 2.1% overall and 2.6% in the U.S. Total operating expenses for the quarter fell around 3% as well.
The company boosted its full-year earnings outlook thanks to its strong performance and the apparent recovery in the housing market.
Home Depot now expects full-year earnings of $2.95 per share, up from $2.90 per share previously expected. Sales are expected to rise just under 5% for revenue of $73.63 billion.
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