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FILE - This May 14, 2012 file photo shows brochures at a Home Depot store in Danvers, Mass. The Home Depot Inc. reports quarterly financial results before the market opens on Tuesday, May 21, 2013. (AP Photo/Elise Amendola, File)

Home Depot 1Q profit rises thanks to housing recovery; raises 2013 profit, revenue forecasts

ATLANTA – Even though the weather was poor, Home Depot posted an 18 per cent increase in its net income for the first quarter thanks to the ongoing housing recovery.

The world’s biggest home improvement chain also boosted its full-year earnings and revenue forecasts Tuesday, citing its year-to-date performance and outlook for the rest of the year.

Shares climbed 4 per cent in premarket trading.

For the three months ended May 5, Home Depot Inc. earned $1.23 billion, or 83 cents per share. That’s up from $1.04 billion, or 68 cents per share, a year earlier. Analysts predicted earnings of 76 cents per share.

Revenue for the Atlanta company rose 7 per cent to $19.12 billion from $17.81 billion. Wall Street expected $18.62 billion.

Revenue at stores open at least a year climbed 4.3 per cent.

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