Home Depot Inc (NYSE:HD) shares are trading higher Tuesday after the company reported better-than-expected financial results. The stock initially traded lower on the release, but has since staged a reversal.
What Happened: Home Depot said second-quarter revenue increased 6.5% year-over-year to $43.8 billion, which beat average analyst estimates of $43.4 billion, according to Benzinga Pro. The home improvement retailer reported quarterly earnings of $5.05 per share, which beat average analyst estimates of $4.95 per share.
“In the second quarter, we delivered the highest quarterly sales and earnings in our company’s history. Our performance reflects continued strength in demand for home improvement projects,” said Ted Decker, CEO and president of Home Depot.
What’s Next: Home Depot reaffirmed full-year revenue growth guidance of approximately 3%. The company reaffirmed expectations for earnings per share growth in the mid-single digits.
See Also: Will Home Depot Stock Get A Pass This Earnings Season, Even If The Company Doesn’t ‘Really Knock It Out Of The Park’?
HD Price Action: Home Depot has a 52-week high of $417.84 and a 52-week low of $264.51.
The stock was up 2.64% at $322.93 at press time.
Photo: Mike Mozart from Flickr.
