Home Depot raises full-year forecast following hurricane season

Shares of Home Depot (HD) are rising in premarket trading on Tuesday after the company reported a rise in third-quarter profit and raised its full-year forecast. Home Depot posted revenue of $40.2 billion in the quarter, up 6.6% year over year. The company’s adjusted earnings per share for the quarter were $3.78.

Home Depot CEO Ted Decker noted that warmer weather and active hurricane season boosted overall sales, saying in the earnings release, “As the weather normalized, we saw better exposure to seasonal merchandise and certain outdoor projects as well.” additional sales related to hurricane demand.”

Richard McPhail, CFO of the home improvement store, added that while demand from builders was higher this quarter, homeowners are still waiting for lower interest rates to undertake major remodeling projects.

For the rest of the year, Home Depot expects total sales to rise 4%, compared with a previous estimate of between 2.5% and 3.5%. Comparable store sales are also expected to decline by a smaller amount, down 2.5% compared to the previous forecast of a 3% to 4% decline.

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This post was written by Kayla Hawkins.