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Home Depot's third-quarter sales rose over 6% year-over-year, surpassing Wall Street's forecast. Earnings were slightly better than expected, and the company raised its full-year outlook, projecting a 4% sales increase. The increased demand came from hurricane repairs and favorable weather. Home Depot CFO Richard McPhail noted that while recent strong results have improved the forecast, many customers defer projects until mortgage rates and borrowing costs decline. He emphasized significant demand for remodeling, with customers waiting for a more favorable economic environment to begin.
Transcript
00:00It's Benzinga bringing Wall Street to Main Street.
00:02Home Depot's third quarter sales rose over 6% year-over-year,
00:06surpassing Wall Street's forecast. Earnings were slightly better than expected,
00:10and the company raised its full-year outlook, projecting a 4% sales increase.
00:15The increased demand came from hurricane repairs and favorable weather.
00:19Home Depot CFO Richard McPhail noted that while recent strong results have improved the forecast,
00:24many customers are deferring projects until mortgage rates and borrowing costs decline.
00:30He emphasized significant demand for remodeling,
00:33with customers waiting for a more favorable economic environment to begin.

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