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@kewur 2 days ago

Home Depot beats Q2 earnings estimates, but high rates still slowing large projects

Home Depot beats Q2 earnings estimates, but high rates still slowing large projects

Home Depot reported Q2 earnings and beat on both the top and bottom lines. Revenue came in at $47.86 billion vs the $47.23 billion expected. Adjusted EPS was $4.92, beating the $4.73 consensus. Global same-store sales grew 1.7%, which is their best comp growth in nearly four years. The company noted that online sales and smaller DIY projects are driving demand right now. Customers are still holding off on larger projects because of inflation and high interest rates. Guidance for the full year was reaffirmed, with expected revenue growth of 2.5% to 4.5% and flat to 2% comp sales growth. The stock initially jumped on the news but faded throughout the day. The broader housing market and high mortgage rates seem to be keeping things relatively flat for now.
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