Home Depot Earnings Jump 20 Percent
Tuesday, November 13, 2001
foxnews.com
ATLANTA — Home Depot Inc., the world's largest home improvement retailer, on Tuesday said its fiscal third-quarter earnings rose 20 percent as cost controls helped the company weather the weak economic environment.
Home Depot said it expects to meet Wall Street's consensus earnings estimate of 28 cents per share for the fourth quarter, resulting in earnings for the full year of $1.27, a 15 percent rise over the previous fiscal year.
Aram Rubinson, an analyst at UBS Warburg, said the company was seeing ``improved new-store productivity and improved pre-opening costs per store.''
``They're being diligent on the cost side of the equation and expanding their margins,'' he said.
For the third quarter, ended Oct. 28, Home Depot reported net income of $778 million, or 33 cents a diluted share, up from $650 million, or 28 cents a share, a year earlier.
Analysts on average had expected earnings of 32 cents to 34 cents a share, with a consensus estimate of 33 cents, according to research firm Thomson Financial/First Call. |
