Home Depot, Inc., is the largest home improvement retailer in the United States. Tuesday, Home Depot released a statement declaring that its earnings for the fourth quarter were $587 million dollars. Sales were reportedly up by 3.8%. The sizable earnings increased the shares up 36 cents per share.
This increase can be compared with earnings from the fourth quarter of the previous year when earnings were only $301 million and 18 cents a share. The adjusted earnings for the previous year were $402 million and 24 cents per share.
According to Thomson Reuters, analysts had predicted that Home Depot’s shares would earn 31 cents per share. The price was based on estimates compiled by Bloomberg that showed an average earning of 21 cents per share for the home improvement retailer.
Home Depot stated that sales were up from $14.57 billion to $15.13 billion. This is a 3.9% rise in comparable store sales. In some stores, sales rose an average of 4.8%. Analysts had estimated the fourth quarter sales for the retail giant to be at $14.81 billion.
As a result of the 72% rise in net earnings, Home Depot, Inc. has announced that it will raise its full year earnings forecast by as much as 9.5%. The quarterly dividend will also be raised by 6% to 25 cents a share.