Strom damage across the Southeast accounted for higher sales to contractors, and the chain also forecast stronger results as mortgage rates drop.

Home Depot raised its annual same-store sales forecast on Tuesday, betting on resilient demand from professional contractors to offset weak spending on bigger projects such as kitchen renovations.

The home-improvement retailer said sales came in higher than expected in the third quarter as weather around the country normalized and as demand rose for certain home projects.

Home Depot shares were modestly lower by midday Tuesday after its third-quarter results came in above estimates and the retailer also lifted fiscal 2024 sales projections.

Home Depot reported decent revenue growth for Q3 thanks, in part, to hurricane activity, but it experienced a decline in net earnings.

Home Depot (HD) reports strong Q3 earnings with revenue rising 6.6% year-over-year. Adjusted EPS exceeds consensus expectations.

Home Depot narrowed 2024 guidance early Tuesday after beating earnings and sales estimates for the third quarter. Home Depot stock fell in a buy area. The home improvement store giant is now guiding a 1% decline in adjusted earnings per share for the full year vs.