Shares of Home Depot Advance After Upbeat Earnings Report and Rosy Outlook

Shares of Home Depot Inc. advanced on Tuesday after the company raised its profit outlook for the year and reported quarterly earnings that beat estimates.

The Atlanta-based company said it earned net income of $2.0 billion, or $1.67 a share, in the first quarter. This was up from $2.8 billion, or 41.44 a share, in the year-earlier period. Sales were said to rise to $23.9 billion from $22.8 billion recorded one year ago. The result topped markets’ forecast calling for EPS of $1.61 and sales of $23.8 billion.

According to the quarterly earnings report, same-store sales rose 6%, beating analysts’ expectation for a rise of 5.64%. Home Depot forecasts total sales and same-store sales to grow 4.6% in the fiscal year 2017. Meanwhile, EPS outlook is raised to $7.15, up from $7.13 previously, given anticipated share buybacks program.

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