5 Stocks Gaining Attention After Beating Profit Expectations

2. The Home Depot, Inc. (NYSE:HD)

Number of Hedge Fund Holders: 64

Shares of The Home Depot, Inc. (NYSE:HD) rose to a new high in the pre-market trading session on Tuesday, 16 November 2021, after announcing strong financial results for the third quarter, as customers continue to spend on home improvement projects.

The Georgia-based home improvement retailer earned $3.92 per share in the quarter, up from $3.43 per share in the same period last year. Analysts were looking for earnings of $3.42 per share.

Revenue for the quarter rose nearly 10 percent on a year-over-year basis to $36.82 billion, crushing the consensus forecast of $34.95 billion. In addition, same-store sales increased to 6.1 percent, beating expectations of 2.4 percent growth with a big margin. Moreover, U.S. same-store sales also improved to 5.5 percent, beating the consensus forecast for a 2.3 percent surge.

CEO Craig Menear expressed his pleasure with the results, saying:

“As evidenced by our strong performance in the quarter, our team continues to do an outstanding job of operating with flexibility and agility. Ultimately, this is what has allowed us to respond to the elevated home improvement demand that has persisted.”