On Tuesday, Home Depot (HD) reported fiscal first-quarter earnings and sales that fell short of Wall Street expectations. Despite the news, HD stock climbed 2% in morning trading.
HD said it earned $1.38 billion during the quarter, compared to $1.23 billion in the year-ago period. Adjusted EPS came in at 96 cents, missing the 99 cents that analysts had predicted, the Wall Street Journal noted.
Revenue of $19.69 billion, up 2.9% year-over-year, came in under the $19.95 billion that analysts had estimated.
Home Depot cited inclement weather during the early months of the year as contributing to the weaker-than-expected results. In a statement, Chairman and CEO Frank Blake noted that: “The first quarter was impacted by a slow start to the spring selling season. But we had solid results in non-weather impacted markets and expect our sales for the year to grow in line with the guidance we previously provided.”
HD says it anticipates full-year earnings of about $4.42 per share.
Home Depot stock closed at $76.50 per share on Monday.
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