The Home Depot earnings report for the third quarter of the year sees the company beating out estimates.
Home Depot (NYSE:HD) reported earnings per share of $2.51 for the third quarter of 2018. This is an increase over the company’s earnings per share of $1.84 from the same time last year. It also beat out Wall Street’s earnings per share estimate of $2.26 for the quarter.
Net income reported in the Home Depot earnings report for the third quarter of the year came in at $2.87 billion. This is better than the company’s net income of $2.18 billion reported in the third quarter of 2017.
Home Depot earnings also includes operating income of $3.87 billion for the third quarter of 2018. The home improvement retailer’s operating income from the same period of the year prior was $3.68 billion.
During the third quarter of the year, Home Depot reported revenue of $26.30 billion. This is up from the company’s revenue of $25.03 billion reported in the third quarter of the previous year. It also comes in above analysts’ revenue estimate of $26.26 billion for the period.
The most recent Home Depot earnings report has the company taking time to update its outlook for the full year of 2018. The company now expects earnings per share for the year to come in at $9.75. Wall Street is only looking for earnings per share of $9.55 for the year.
All of this is good news. So why exactly is Home Depot stock down today? Well, the Dow Jones in general is down today, but that’s not all of it. There are also concerns that a slowing housing market may harm Home Depot’s business in the future.
HD stock was down slightly as of noon Tuesday and is down 4% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.