Home Depot Profit Tops Analysts’ Estimates on Housing
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Home Depot Inc. posted fourth-quarter profit that topped analysts’ estimates as shoppers spent more on projects and Hurricane Sandy repairs. The company also raised its dividend and approved a $17 billion share buyback.
Net income rose 32 percent to $1.02 billion, or 68 cents a share, from $774 million, or 50 cents, a year earlier, the Atlanta-based company said today in a statement. Excluding a favorable adjustment to a charge to close stores in China, profit was 67 cents a share. Analysts projected 64 cents, the average of 24 estimates in a Bloomberg survey.