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Housing recovery boosts Home Depot 1Q results

May. 23, 2013 @ 12:35 AM

NEW YORK (AP) -- Home Depot Inc.'s first-quarter net income rose 18 percent, thanks to the ongoing housing recovery, despite a chilly and wet spring.

Its quarterly results topped Wall Street expectations, and the world's biggest home improvement chain boosted its full-year earnings and revenue forecasts Tuesday. Shares rose nearly 2 percent in midday trading.

Home Depot, which operates 2,257 stores, and other retailers are enjoying easing pressure as the housing market slowly improves.

For the three months that ended May 5, Home Depot Inc. earned $1.23 billion, or 83 cents per share. That's up from $1.04 billion, or 68 cents per share, a year earlier. Analysts predicted earnings of 76 cents per share, according to a FactSet survey.

Revenue for the Atlanta company rose 7 percent to $19.12 billion from $17.81 billion. Wall Street expected $18.62 billion.

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