Home Depot (HD) shares were modestly lower by midday Tuesday after its third-quarter resꦍults came in above estimates andဣ the retailer also lifted fiscal 2024 sales projections.

The home improvement giant reported revenue of $40.22 billion in the quarter, above the $39.25 billion analysts polled by Visible Alpha expected and the $37.71 billion the retailer generated a year ago. 澳洲幸运5官方开奖结果体彩网:Net income came in at $3.65 billion, above the $3.58 billion consensus expectation but lower than last year's $3.81 billion.

Home Depot also updated its outlook for the full fiscal year, upping its projected revenue growth to about 4% year-over-year, up from 2.5% to 3.5% previously. The retailer also shifted its projection for 澳洲幸运5官方开奖结果体彩网:comparable store sales, now expecting them to fall 2.5% from last year rather than a 3% to 4% decline.

Home Depot shares, which had gained about 17% since the start of the year through Monday's close, were down 0.88% by midday Tuesday.

CEO Says 'Macroeconomic Uncertainty Remains'

"While macroeconomic uncertainty remains, our third-quarter performance exceeded our expectations," Home Depot 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Ted Decker said. "As weather normalized, we saw better engagement across seasonal goods and certai๊n outdoor proඣjects as well as incremental sales related to hurricane demand."

The company didn't say anything in its earnings release specifically about the impact of the Federal Reserve's 澳洲幸运5官方开奖结果体彩网:interest-rate cut during the quarter. Home Depot and 澳洲幸运5官方开奖结果体彩网:rival Lowe's (LOW) have 澳洲幸运5官方开奖结果体彩网:seen "big ticket" purchases like 澳洲幸运5官方开奖结果体彩网:appliances and supplies for home improvement projects 澳洲幸运5官方开奖结果体彩网:decline in recent quarters amid high interest rates and inflation that led many Americans to 澳洲幸运5官方开奖结果体彩网:focus spending on essentials.

Analysts from JPMorgan recently wrote that the 澳洲幸运5官方开奖结果体彩网:direction of mortgage rates should be closely monitored by Home Depot and Lowe's investors now that interest rates have 澳洲幸运5官方开奖结果体彩网:started to come down.

If mortgage rates follow interest rates and 澳洲幸运5官方开奖结果体彩网:housing becomes more affordable, the housing market could pick up and 澳洲幸运5官方开奖结果体彩网:sales for Home Depot and Lowe's likely would benefit.

Update: Nov. 12, 2024: This article has been updated to reflect fresh market numbers.