Home Depot Announces Q2 Earnings Results that Beat Forecast, and Lift Its 2015 Earnings and Revenue Forecasts

Home Depot Inc. announced Tuesday that an improving housing market helped it to beat quarterly sales forecasts in Q2 2015. Net income rose to $2.23 billion. Net sales rose 4.3% to $24.83 billion, beating analysts’ estimates of $24.69 billion. Same-store sales rose 4.2%.

Home Depot raised its projected sales for the year to a growth of 5.2%-6%, above its earlier 4.2%-4.8% previously projected range.

US housing starts rose to an 8-year high in July as builders increased construction of single-family homes.

“We saw balanced growth across our business resulting from strength in the core of the store as well as the continued recovery of the U.S. housing market,” said Home Depot CEO Craig Menear.

Sources: Reuters, USA Today