Home Depot beats Street 4Q forecasts

ATLANTA – The Home Depot Inc. on Tuesday reported fiscal fourth-quarter net income of $1.78 billion.

On a per-share basis, the Atlanta-based company said it had profit of $1.52. Earnings, adjusted for pretax expenses, were $1.69 per share.

The results surpassed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.62 per share.

The home-improvement retailer posted revenue of $23.88 billion in the period, also surpassing Street forecasts. Eleven analysts surveyed by Zacks expected $23.66 billion.

Home Depot shares have fallen slightly more than 1 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased 2 per cent. The stock has climbed 31 per cent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HD at https://www.zacks.com/ap/HD