The post Home Depot stock falls after earnings: Buy the dip? appeared on BitcoinEthereumNews.com.

Key points Home Depot beat second quarter earnings estimates, despite a year-over-year EPS decline. The company lowered its guidance for fiscal 2024 based on macroeconomic factors hurting its business. Is Home Depot stock a buy? The home improvement big box store beat earnings estimates in the quarter but lowered its guidance for the rest of the year. Home Depot (NYSE: HD) stock was down just over 1% after the opening bell Tuesday, but climbed back to even by late morning after the market had time to digest the home improvement retailer’s second quarter earnings results. The big box store beat earnings results in the quarter, with net sales of $43.2 billion, up 0.6% year-over-year, beating the street’s estimate of $42.6 billion. Net earnings were down 2.1% to $4.56 billion, or $4.60 per share. However, earnings beat estimates of $4.53 per share. The earnings were solid, but by no means strong. And the outlook was even worse, as Home Depot lowered its guidance for fiscal 2024. Comparable sales drop in quarter While the revenue numbers were up overall, they included about $1.3 billion in sales from Home Depot’s recent acquisition of SRS Distribution, a distributor of roofing materials and building products. Comparable sales, or same store sales, were actually down 3.3% in the quarter compared to Q2 of 2023. And in the U.S., comparable sales decreased 3.6%.  Home Depot CEO Ted Decker said the difficult economic environment, particularly in the housing sector, has taken its toll. “During the quarter, higher interest rates and greater macro-economic uncertainty pressured consumer demand more broadly, resulting in weaker spend across home improvement projects,” Decker said. Worsening outlook Home Depot leadership does not expect conditions to improve anytime soon, which is why the company lowered its outlook for fiscal 2024 for comparable store sales. Home Depot…

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Filed under: News - @ August 14, 2024 7:20 am