Home Depot Earnings: Household Trends in Focus as Market Weighs on Stock Price
Home Depot Earnings: Household Trends in Focus as Market Weighs on Stock Price
- Home Depot is set to report Q3 earnings on Tuesday, November 18.
- Analysts expect EPS of $3.84 on $41.19 billion in revenue.
- Comparable sales and guidance are key for the stock’s reaction amid technical weakness.
Home Depot Q3 earnings due on Tuesday, November 18
Home Depot (HD) is scheduled to report third-quarter fiscal earnings on Tuesday, November 18, before the market open. Management will host a conference call starting at 8:00 AM CST. Home Depot was down over 1% on Thursday, November 13, as broader market selling weighed on the stock.
Last quarter, Home Depot cited a deferral mindset for homeowners due to economic uncertainty that started several years prior. The home improvement store missed on its earnings per share, posting $4.68 per share for the second quarter compared to an expected $4.72 a share. Revenue also missed with the $45.28 billion figure coming in just short of expectations that called for $45.41 billion in revenue.
Despite the mixed bag of Q2 earnings, Home Depot kept its full-year guidance unchanged, with total projected sales growth of 2.8% and comparable sales growth at about 1%. Still, consumers remained downbeat during the July to September quarter, which leaves a degree of uncertainty about the numbers it will report.
What do investors expect?
According to TradingView, investors expect Home Depot to post EPS of $3.84 on $41.19 billion in revenue. Last year, EPS came in at $3.78 on $40.22 billion in revenue.
Last quarter, Home Depot missed on both revenue and EPS expectations. Despite missing on those numbers, the stock rose following the report.
The reaffirmed guidance and improvements in comparable sales helped drive prices higher. The comparable sales improvement showed that the home improvement sector has potentially bottomed.
If investors get another clear signal on that improvement continuing, we’ll likely see more upside for HD.
Trading HD earnings
Home Depot traded with an implied volatility rank (IVR) of 36.9 as of Thursday, November 13. That means volatility is lower than the preceding twelve months of trading. Options show an expected move of +/-16.71 points, or 4.5% of Thursday’s 367.67 stock price.
Prices are trading below the 9- and 21-day exponential moving averages, with both EMAs capping upside moves going back to September when prices moved lower from multi-month highs.
Thomas Westwater, a tastylive financial writer and analyst, has eight years of markets and trading experience. @fxwestwater
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