Home Depot Blames Disappointing Q3 On 'Lack of Storms' As Clear Skies Hit Roofing, Plywood, Electrical Demand

Benzinga

Home Depot said Q3 results missed expectations as a lack of storms wiped out usual weather-driven demand in roofing, generators, and plywood. Comparable sales edged up 0.2%, but October slipped, pushing the company to cut its full-year outlook as housing and consumer spending remain weak.

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

00:02Home Depot said third-quarter results missed expectations because the absence of storms

00:07erased typical weather-driven demand in key categories, according to the company's earnings

00:11call on Tuesday.

00:13Comparable sales rose 0.2 percent, but October declined 1.5 percent as clear conditions

00:18weighed on roofing, power generation, and plywood.

00:21The company reported $41.4 billion in revenue and $3.62 per share in profit, and lowered

00:28its full-year outlook due to cautious consumers and a stalled housing market.

00:33Shares closed down 6.02 percent at $336.48 on Tuesday.

00:39For all things money, visit Benzinga.com.

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