Home Depot Q3 earnings exceeds expectations

ATLANTA —The Home Depot Inc. on Tuesday reported fiscal third-quarter net income of $2.87 billion. The Atlanta-based company said it had net income of $2.51 per share. The results exceeded Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $2.27 per share. The home-improvement retailer posted revenue of $26.3 billion in the period, which also topped Street forecasts. Eleven analysts surveyed by Zacks expected $26.21 billion. Home Depot expects full-year earnings to be $9.75 per share. Home Depot shares have dropped slightly more than 5 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 2 per cent.