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Home Depot shares rise after earnings

15 November 2023 By Klavs Valters

Share

Home Depot Inc. (NYSE: HD) released its latest financial results before the opening bell in the US on Tuesday, beating analyst estimates for the third quarter.

Company overview

  • Founded: February 6, 1978
  • Headquarters: Atlanta, Georgia, United States
  • Number of employees: 471,600 (2023)
  • Industry: Retail
  • Key people: Ted Decker (President & CEO), Craig Menear (Chairman)

The results

The US retailer reported revenue of $37.71 billion (down by 3% year-over-year) for Q3 vs. $37.591 billion expected.

Earnings per share (EPS) reported at $3.81 per share (down by 10.14% year-over-year), above $3.755 per share estimate.

CEO commentary

“Our quarterly performance was in line with our expectations,” Ted Decker, CEO of Home Depot said in a press release to investors.
“Similar to the second quarter, we saw continued customer engagement with smaller projects, and experienced pressure in certain big-ticket, discretionary categories. We remain very excited about our strategic initiatives and are committed to investing in the business to deliver the best interconnected shopping experience, capture wallet share with the Pro, and grow our store footprint. In addition, our associates did an outstanding job delivering value and service for our customers throughout the quarter and I would like to thank them for their dedication and hard work,” Decker added.

Shares of Home Depot rose by over 6% on Tuesday after the latest earnings results.

The stock was trading at $307.06 a share – the highest level since 25/9/2023.

Stock performance

  • 1 month: +3.58%
  • 3 months: -7.71%
  • Year-to-date: -2.95%
  • 1 year: -1.73%

Home Depot price targets

  • Stifel: $306
  • RBC Capital: $303
  • Truist Securities: $341
  • HSBC: $365
  • Jefferies: $384
  • Morgan Stanley: $350
  • Wedbush: $350
  • Wells Fargo: $360
  • Barclays: $333
  • JP Morgan: $335
  • Goldman Sachs: $350

Home Depot Inc. is the 26th largest company in the world with a market cap of $307 billion, according to CompaniesMarketCap.

You can trade Home Depot Inc. (NYSE: HD) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.

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  • Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
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Sources: Home Depot Inc., TradingView, MarketWatch, CompaniesMarketCap, Wikipedia, Benzinga, Stock Analysis

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Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.