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Home Depot (HD) reported third-quarter earnings of $3.74 per share on November 13, 2023, missing the consensus estimate of $3.81. Revenue was slightly above expectations at $41.4 billion. The company attributed the earnings miss to a lack of storm activity affecting demand, ongoing consumer uncertainty, and continued pressure in the housing market.
Comparable sales remained flat, with total U.S. same-store sales increasing by only 0.1% and customer transactions down by 1.4% year-over-year. Full-year EPS outlook has been trimmed to approximately $14.02, reflecting a 6% decline from the previous year’s $14.97. The company expects total revenue growth of about 3% for the fiscal year.
Home Depot’s market capitalization stands over $350 billion, employing around 470,000 people. With estimates falling significantly—current quarter estimates down 11% from $2.91 to $2.62—investors are advised to remain cautious as the stock trades near 2024 lows.
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