Home Depot Inc. released its fourth-quarter earnings on Tuesday to reveal that its sales amounted to $35.83 billion, rising by 0.3% on annual basis, but coming below market expectations. Net income remained unchanged at $3.4 billion in the same timeframe, while diluted earnings per share (EPS) grew 2.8% to $3.30.
Full-year sales in 2022 were $157.4 billion, an increase of 4.1% year over year, while net earnings arrived at $17.1 billion, up 4.3%, and EPS jumped 7.5% to reach $16.69. CEO Ted Decker welcomed the results, praising the company's "ability to deliver growth on top of the $40 billion of sales growth achieved over the prior two-year period while navigating persistent inflation, ongoing global supply chain disruptions, and a tight labor market."
As per the report, Home Depot intends to increase its quarterly dividend by 10% to $2.09 per share. The company saw its shares trade 2.96% lower in the premarket session following the publication of the report.