HOME DEPOT Reports Third Quarter FY 2024 Financial Results on October 31 2023
December 5, 2023
🌥️Earnings Overview
HOME DEPOT ($NYSE:HD) revealed its financial results for the third quarter of the fiscal year 2024 on October 31 2023, with a total revenue of USD 37.7 billion, a 3.0% decrease from the same period in 2023. Net income for this quarter decreased by 12.2%, amounting to USD 3.8 billion.
Share Price
The news resulted in a surge in its stock prices, with the opening price being $300.9 and the closing price reaching $303.6, a rise of 5.4% from its prior closing price of 288.1. This increase in stock prices reflects the confidence of investors in the company’s financial performance. HOME DEPOT’s third quarter FY 2024 report indicated that the company had achieved strong growth across various areas, including gross profit, net income and diluted earnings per share. These were all above the expectations of analysts and investors, providing them with reassurance regarding the company’s future prospects.
The strong financial performance of HOME DEPOT in the third quarter has given investors renewed confidence in the company’s ability to continue to deliver profitable growth despite the challenging economic climate. As such, this news has provided a boost to the company’s stock prices which look set to remain strong in the near future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Home Depot. More…
| Total Revenues | Net Income | Net Margin |
| 153.71k | 15.7k | 10.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Home Depot. More…
| Operations | Investing | Financing |
| 21.03k | -4.04k | -17.37k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Home Depot. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 75.58k | 74.15k | 1.33 |
Key Ratios Snapshot
Some of the financial key ratios for Home Depot are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 7.0% | 8.2% | 14.6% |
| FCF Margin | ROE | ROA |
| 11.6% | 1051.7% | 18.6% |
Analysis
GoodWhale recently conducted an analysis of Home Depot’s wellbeing. According to our Star Chart, Home Depot is strong in dividends and profitability, medium in growth and weak in assets. We classify Home Depot as a “rhino”, a type of company that has achieved moderate revenue or earnings growth. Such a company may be attractive to investors seeking a balance of capital gains and dividend income. Home Depot also has a high health score of 8/10, meaning it is capable of paying off debt and funding future operations. This could be attractive to investors looking for a company with a greater chance of weathering economic downturns. Home Depot’s strengths in dividends and profitability, along with its relatively high health score, may make it an attractive investment prospect for many investors. More…
Peers
The Home Depot Inc is one of the leading home improvement retailers in the United States. The company operates more than 2,200 stores across the country. Lowe’s Companies Inc is another leading home improvement retailer in the United States. The company operates more than 1,700 stores across the country. Floor & Decor Holdings Inc is a leading specialty retailer of hard surface flooring in the United States. The company operates more than 100 stores across the country. Wayfair Inc is a leading online retailer of home furnishings and home décor products.
– Lowe’s Companies Inc ($NYSE:LOW)
Lowe’s Companies, Inc. is a home improvement company that operates stores in the United States, Canada, and Mexico. The company offers a wide variety of home improvement products, including appliances, tools, hardware, flooring, and more. Lowe’s is also involved in home improvement services, such as installation, repair, and remodeling. The company has a market cap of $114.17B and a return on equity of -99.39%.
– Floor & Decor Holdings Inc ($NYSE:FND)
Floor & Decor Holdings Inc is a specialty retailer of hard surface flooring and related accessories, with 97 stores across 27 states in the United States. The company offers a wide selection of ceramic tile, porcelain tile, natural stone, wood flooring, laminate, and vinyl flooring products. It also provides installation services for customers who purchase their products. Floor & Decor Holdings Inc has a market cap of 7.06B as of 2022, a Return on Equity of 14.88%.
– Wayfair Inc ($NYSE:W)
As of 2022, Wayfair Inc has a market cap of 3.37B and a Return on Equity of 29.2%. The company provides an online platform for home goods and furniture retailers. It operates through two segments, Direct and Marketplace. The Direct segment offers products through its own website. The Marketplace segment offers products through third-party websites.
Summary
Home Depot‘s financial results for the third quarter of 2024 showed a 3.0% decrease in total revenue, compared to the same period in 2023, amounting to USD 37.7 billion. Net income also decreased by 12.2%, settling at USD 3.8 billion. Despite this, the stock price moved up on the same day. Investors should keep a close eye on the company’s performance moving forward, as their results can be unpredictable.
Additionally, their long-term outlook may be impacted by changing consumer trends and potential economic downturns. As such, investors should ensure to assess Home Depot’s financials and performance regularly before making any decisions.
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