Home Depot (HD) Reports Second Quarter 2024 Earnings
Home Depot (HD) Q2 2024 Earnings Overview
The Home Depot (NYSE: HD) reported its second quarter 2024 earnings results today. Sales of $43.2 billion inched up 0.6% from the same period last year. However, comparable sales decreased 3.3%.
Key Financial Highlights
- Net earnings were $4.6 billion, or $4.60 per share, compared to $4.7 billion, or $4.65 per share, last year.
- Adjusted EPS was $4.67.
- Revenue and earnings exceeded expectations.
Fiscal Year 2024 Guidance Update
Home Depot updated its fiscal year 2024 guidance, which includes 53 weeks of operating results, to reflect the performance in the first half of 2024 and include the SRS Distribution acquisition.
- Total sales are expected to increase between 2.5%-3.5%, accounting for the 53rd week.
- The 53rd week is anticipated to add approximately $2.3 billion to total sales.
- SRS is expected to contribute around $6.4 billion in incremental sales.
Comparable sales are projected to decline between 3%-4% for the 52-week period compared to fiscal year 2023.
Market Reaction
The stock dropped over 3% in premarket hours on Tuesday due to these results.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.