Home Depot earnings jump 43%; retailer boosts full-year forecast

Home Depot, the country's largest home-improvement retailer, reported a 43% jump in third-quarter earnings, thanks largely to the housing recovery.

Net income rose to $1.35 billion in the quarter that ended Nov. 3 from $947 million a year earlier.

Earnings per share in the latest period were 95 cents, beating analysts' expectations of 90 cents.

"Our third-quarter results reflect the continuing improvement in the housing market and our solid operational performance," said Chief Executive Frank Blake.

The retailer has seen a string of solid earnings in recent quarters as the housing recovery has taken hold. Consumers have spent money on renovations and home appliances. 

The company also raised its earnings and sales forecasts for the full year. It now projects that sales for fiscal 2013 will be up 5.6% and that earnings will increase 24% to $3.72 a share.

Shares of Home Depot on Tuesday were up $1.39, or 1.7%, to $81.06 on Tuesday about 90 minutes into the trading day.

Rival home retailer Lowe's will announce its third-quarter earnings Wednesday.


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