Home Depot, a housing bellwether, reported a good quarter this morning and gave us a glimpse into the state of US housing and the recovery. Here are some highlights:
- Same store comps were up 4.8% in the US.
- EPS beat by 6 cents at 0.83 vs estimates for 0.77.
- HD CEO says housing is recovering:
“In the first quarter, we saw less favorable weather compared to last year, but we continue to see benefit from a recovering housing market that drove a stronger-than-expected start to the year for our business,”
- Sales are expected to rise 2.8% next year.
- Full year EPS was raised to $3.52 from the previous estimate of $3.37.