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Can Home Depot Buck Economic Headwinds in Q3?

Monday, November 14, 2016 13:09
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Home Depot Inc (NYSE:HD) will deliver its third quarter earnings report before the market opens on Tuesday, Nov. 15. Here’s what investors should look for.

On average, Wall Street analysts expected the Atlanta-based company to report Q3 EPS of $1.58, with revenues rise 6% from last year to $23 billion. For the full year 2016, analysts are looking for $6.33 per share, with 6% revenue growth to $94.15 billion.

Last quarter, HD lifted its full-year EPS outlook to $6.31, up from a prior forecast of $6.27, citing better expense controls. It will be interesting to see if the the company boosts its full-year target again this time around.

As of a few months ago, Home Depot expected full-year sales to rise 6.3% to about $94.1 billion, with same-store sales growth of 4.9%. Same-store sales, also known as comparable sales, are considered a key indicator of a brick-and-mortar retailer’s performance, since they measure only the results from stores open at least 12 months.

Home Depot is often looked at as a bellwether for the U.S. economy as a whole, since construction projects and home remodels are generally bullish signs for economic activity. The company may also benefit from president-elect Trump’s big infrastructure spending plan.

Home Depot shares fell $2.40 (-1.85%) to $127.45 in Monday afternoon trading. Year-to-date, HD has fallen 3.17%, versus a 6% rise in the benchmark S&P 500 index during the same period.

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