家得寶公司（NYSE: HD）公佈了好於預期的第四季度業績，同時對下一個財年給出了謹慎的展望。儘管該公司在“不可預測”的宏觀環境下依然充滿信心，摩根大通分析師稱這一展望“保守”。 家得寶在其財報電話會議上預測2025財年銷售額將增長2%至1639.8億美元，略低於一致預期。預計可比銷售額將增長1%，運營利潤率爲13.4%。調整後的每股收益預計將下降2%至14.94美元，同樣低於預期。 然而，公司的執行副總裁兼首席財務官理查德·麥克菲爾預測，2024年末的業務勢頭將延續到2025財年。 “我們不假設宏觀經濟環境會有任何實質性的變化。我們預期消費者將保持健康。我們不假設利率環境會發生變化，也不假設住房週轉會有所改善，”他說。 首席執行官泰德·德克爾也重申，儘管高利率環境影響家裝需求，家得寶仍將“堅定不移”地進行投資。 摩根大通分析師克里斯托弗·霍弗斯表示，家得寶公佈了自2022年第四季度以來首次實現同比增長的強勁季度業績。然而，他補充道，“指導顯得保守”。霍弗斯維持對該股的“增持”評級，目標價爲每股475美元。 公司超出第四季度預期，報告銷售額爲397億美元，增長14.1%，每股收益爲3.13美元，增長9.4%。交易量增長了7.6%，可比銷售額略有增長。儘管毛利和運營收入上升，利潤率略有下降。 週二家得寶股價上漲2.84%，而標普500指數追蹤的SPDR標普500 ETF信託(NYSE: SPY)下跌0.50%。年初至今，家得寶股價上漲1.24%，較去年同期上漲5.84%。 Benzinga追蹤的29位分析師平均給出427.56美元的目標價，評級爲“買入”。估值範圍從318美元到475美元不等。Telsey諮詢集團和富國銀行最近的評級平均爲453.33美元，表明有14.77%的上漲潛力。 照片來源：Shutterstock

以上內容來自Benzinga Earnings專欄，原文如下：

Home Depot Inc. (NYSE:HD) reported a better-than-expected fourth quarter while issuing a cautious outlook for the next fiscal year. While the company remains confident despite “uncertain” macro conditions, this JPMorgan analyst terms the outlook as “conservative”.

What Happened: Home Depot during its earnings call predicted a 2% sales growth to $163.98 billion in fiscal year 2025, which was slightly under consensus. It expected the comparable sales to rise 1%, with a 13.4% operating margin. Adjusted EPS is expected to drop 2% to $14.94, also below estimates.

However, Richard McPhail, executive VP and CFO of the company predicted that the business momentum from late 2024 would continue into fiscal 2025.

“We are not assuming any meaningful changes to the macroeconomic environment. We expect our consumer will remain healthy. We are not assuming a change in the rate environment nor improvements in housing turnover,” he said.

CEO Ted Decker also reiterated that the home improvement retailer will “remain steadfast” with investments despite “uncertain macroeconomic conditions” fueled by a higher interest rate environment which impacts the home improvement demand.

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Why It Matters: JPMorgan analyst Christopher Horvers said that HD reported strong quarterly results with the first year-on-year earnings growth since the fourth quarter of 2022. However, he added that the “guidance appears conservative”. Horvers maintained an ‘overweight’ rating on the stock with a price target of $475 apiece.

The company exceeded fourth-quarter expectations, reporting $39.7 billion in sales, up 14.1%, and a $3.13 EPS, up 9.4%. Transactions increased by 7.6%, with modest comparable sales growth. Margins dipped slightly despite rising gross profit and operating income.  

Price Action: HD rose 2.84% on Tuesday, contrasting with a 0.50% fall in the SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500 index.

The stock remains 1.24% higher on a year-to-date basis and up 5.84% over a year.

Benzinga tracks 29 analysts with an average price target of $427.56 for the stock, reflecting a “buy” rating. Estimates range widely from $318 to $475. Recent ratings from Telsey Advisory Group, and Wells Fargo average $453.33, suggesting a potential 14.77% upside.

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