Home Depot Trims Outlook After Q3 Miss As Tariff Pressures And Weak Housing Undercut Renovation Demand

Benzinga

Home Depot missed Q3 earnings estimates and cut its full-year outlook as consumers delay big remodeling projects amid housing pressure. Comparable sales were flat, transactions fell, and the company now expects a 5% EPS decline for the year.

Transcript

00:00It's Benzinga bringing Wall Street to Main Street.

00:02Home Depot reported third-quarter results that missed Wall Street estimates and cut

00:06its full-year outlook, according to Reuters. CEO Ted Decker said consumer uncertainty and

00:12continued housing pressure are weighing on home improvement spending. Comparable sales were flat

00:17and transactions fell 1.6 percent as customers delayed kitchen and bathroom remodels. Sales

00:23reached $41.35 billion and the expectations of $41.10 billion, while adjusted earnings

00:31were $3.74 per share, missing estimates. Home Depot now expects annual adjusted earnings per

00:38share to decline 5%, compared with its prior outlook for a 2% drop. Shares fell about 4%

00:44in pre-market trading, while lows slipped 2.7%. For all things money, visit Benzinga.com.

Category

Transcript

Be the first to comment

Recommended