COBB COUNTY (dpa-AFX) - The Home Depot, Inc. (HD) released a profit for third quarter that Decreased from last year and missed the Street estimates.
The company's earnings came in at $3.601 billion, or $3.62 per share. This compares with $3.648 billion, or $3.67 per share, last year.
Excluding items, The Home Depot, Inc. reported adjusted earnings of $3.74 per share for the period.
Analysts on average had expected the company to earn $3.83 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period rose 2.8% to $41.352 billion from $40.217 billion last year.
The Home Depot, Inc. earnings at a glance (GAAP) :
-Earnings: $3.601 Bln. vs. $3.648 Bln. last year. -EPS: $3.62 vs. $3.67 last year. -Revenue: $41.352 Bln vs. $40.217 Bln last year.
Ted Decker, CEO of The Home Depot, said: 'Our results missed our expectations primarily due to the lack of storms in the third quarter, which resulted in greater than expected pressure in certain categories. Additionally, while underlying demand in the business remained relatively stable sequentially, an expected increase in demand in the third quarter did not materialize. We believe that consumer uncertainty and continued pressure in housing are disproportionately impacting home improvement demand.'
HD was down by 1.70% at $352.20 in the pre-market trade on the New York Stock Exchange.
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