ATLANTA (AP) Home Depot's fiscal third-quarter profit climbed as sales at its U.S. stores strengthened amid the improvement of the housing market.
The results for the nation's biggest home improvement company beat analysts' estimates and the chain also lifted its full-year forecast again on Tuesday. Its shares briefly touched an all-time high.
Home improvement companies have been benefiting from record-low interest rates and rising home prices, spurring customers to spend more to renovate their homes.
For the three months ended Nov. 3, Home Depot Inc. reported net income of $1.35 billion, or 95 cents per share, up from $947 million, or 63 cents per share, a year ago. The prior-year period was weighed down by a one-time charge of 11 cents per share tied to store closings in China.
Analysts expected lower earnings of 89 cents per share for the latest quarter, according to FactSet.