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Home Depot falls 1.3% in pre-market after first quarter earnings

Published 05/19/2015, 06:24 AM
© Reuters. Home Depot under pressure after first quarter earnings
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Investing.com - Home improvement retailer Home Depot (NYSE:HD) reported better-than-expected first quarter earnings revenue figures ahead of Tuesday's opening bell.

Home Depot said adjusted earnings per share came in at $1.16 in the first quarter, above expectations for adjusted earnings of $1.15 per share.

First quarter results reflect a benefit to earnings of $71 million, or $0.05 per diluted share, primarily attributable to the settlement of a tax audit.

Home Depot's first quarter revenue totaled $20.90 billion, beating forecasts for revenue of $20.82 billion and up 6.1% from the same period a year earlier.

Comparable store sales for the first quarter of fiscal 2015 rose 6.1%, while comp sales for U.S. stores increased 7.1%.

"We had a stronger than expected start to the year as we experienced a more normal spring across much of the country and continued recovery of the U.S. housing market," said Craig Menear, chairman, CEO and president.

Based on its year-to-date performance, the company raised its fiscal 2015 sales guidance and now expects sales will be up approximately 4.2% to 4.8% and comp sales will be up approximately 4.0% to 4.6%.

The company also raised its diluted earnings-per-share guidance for the year and now expects diluted earnings per share to grow approximately 11% to 12% from fiscal 2014 to $5.24 to $5.27.

Following the release of the report, HD shares lost 1.32%, or $1.51, in pre-market trade to hit $112.75 from Monday's closing price $114.33.

Meanwhile, the outlook for U.S. equity markets was mildly higher. The Dow futures pointed to a gain of 0.3% at the open, the S&P 500 futures indicated a rise of 0.3%, while the Nasdaq 100 futures increased 0.35%.

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