Home Depot earnings results announced

US home improvement chain Home Depot Inc. (NYSE: HD) reported Q4 financial results before the opening bell on Wall Street on Tuesday.

The company reported revenue of $34.786 billion for the quarter (down by 2.9% year-over-year) vs. $34.643 billion expected.

Earnings per share also topped analyst estimates at $2.82 (down by 14.54% year-over-year) vs. $2.768 per share expected.

Full-year 2023 revenue reached $152.7 billion, down by 3% vs. 2022. EPS was down by 9.5% year-over-year at $15.11 per share.

Company overview

• Founded: February 6, 1978
• Headquarters: Atlanta, Georgia, United States
• Number of employees: 471,600 (2023)
• Industry: Retail
• Key people: Ted Decker (President & CEO), Craig Menear (Chairman)

CEO commentary

“After three years of exceptional growth for our business, 2023 was a year of moderation,” Ted Decker, CEO of Home Depot said in a letter to investors. 

“During fiscal 2023, we focused on several initiatives to strengthen the business while also staying true to our strategic investments of creating the best interconnected experience, growing our pro wallet share through our unique ecosystem of capabilities, and building new stores. We remain excited about the future for home improvement and our ability to grow share in our large and fragmented market, which we estimate to be over $950 billion. I also want to thank our associates for their hard work and dedication to serving our customers and communities,” Decker concluded.

Stock reaction

The stock was flat at the end of the trading session on Tuesday at $363.50 a share.

Stock performance

• 5 day: -1.34%
• 1 month: +1.08%
• 3 months: +16.99%
• Year-to-date: +4.04%
• 1 year: +13.40%

Home Depot stock price targets

• Stifel Nicolaus: $366
• Telsey Advisory Group: $335
• Robert W. Baird: $370
• The Goldman Sachs Group: $393
• Wells Fargo & Company: $400
• TD Cowen: $415
• Piper Sandler: $400
• Wedbush: $380
• Barclays: $372
• Truist Financial: $387
• Morgan Stanley: $335
• Guggenheim: $340
• Royal Bank of Canada: $299
• HSBC: $365

Home Depot Inc. is the 25th largest company in the world with a market cap of $358.38 billion, according to CompaniesMarketCap.

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Sources: Home Depot Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap