The Home Depot, Inc. (NYSE: HD) reported higher earnings and revenues for the first quarter of 2022. The results also topped expectations, driving the home decor company’s stock higher early Tuesday.
First-quarter net income increased to $4.23 billion or $4.09 per share from $4.15 billion or $3.86 per share in the same period of 2021. The latest number also exceeded analysts’ estimates.
The bottom line benefitted from a 4% increase in revenues to $38.9 billion, which also came in above the consensus estimates. The company also provided financial guidance for fiscal 2022.
Check this space to read management/analysts’ comments on Home Depot’s Q1 earnings
“The solid performance in the quarter is even more impressive as we were comparing against last year’s historic growth and faced a slower start to spring this year. These results are a direct reflection of our associates’ continued ability to effectively navigate a challenging and dynamic environment. I would like to thank them and our many partners for their hard work and dedication to our customers,” said Ted Decker, CEO of Home Depot.