Home Depot Beats 3Q Expectations

on November 13 2012 8:25 PM

 

Home Depot reported third-quarter net income Tuesday that beat Wall Street's expectations, sending its stock 3.6 percent higher for the day, up $2.21 to close at $63.37 per share.

As the U.S. housing market begins recovering at last, new home sales jumped last month to the highest annual pace in two and a half years.

For the period ended Oct. 28, Home Depot reported net income of $947 million, or 63 cents per share, the Associated Press reported. That's up from $934 billion, or 60 cents per share, a year earlier.

Excluding a charge for closing some stores in China, earnings were 74 cents per share, better than the 70 cents analysts predicted.

Revenue rose more than 4 percent to $18.13 billion, while Wall Street had expected $17.92 billion.

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