Home improvement retail giant Home Depot (NYSE:HD) will be announcing earnings results tomorrow before market hours. Here's what investors should know.
Last quarter Home Depot reported revenues of $37.71 billion, down 3% year on year, in line with analyst expectations. It was a decent quarter for the company, with a narrow beat of analysts' revenue estimates.
Is Home Depot buy or sell heading into the earnings? Read our full analysis here, it's free.
This quarter analysts are expecting Home Depot's revenue to decline 3.2% year on year to $34.67 billion, a further deceleration on the 0.3% year-over-year decrease in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.77 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates twice over the last two years.
With Home Depot being the first among its peers to report earnings this season, we don't have anywhere else to look at to get a hint at how this quarter will unravel for home furnishing and improvement retail stocks, but there has been positive sentiment among investors in the segment, with the stocks up on average 4.2% over the last month. Home Depot is up 1.5% during the same time, and is heading into the earnings with with analyst price target of $360.58438, compared to share price of $362.17.
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