Home Depot raised its annual same-store sales forecast on Tuesday, betting on resilient demand from professional contractors to offset weak spending on bigger projects such as kitchen renovations.

Strom damage across the Southeast accounted for higher sales to contractors, and the chain also forecast stronger results as mortgage rates drop.

Shares of Home Depot (HD) tick higher in Tuesday's pre-market trading after the company posted an earnings beat in the third quarter and raised its guidance for the full year. Home Depot saw $40.2 billion in sales in the quarter,

Home Depot shares were modestly lower by midday Tuesday after its third-quarter results came in above estimates and the retailer also lifted fiscal 2024 sales projections.

Home Depot narrowed 2024 guidance early Tuesday after beating earnings and sales estimates for the third quarter. Home Depot stock wobbled in a buy area. The home improvement store giant is now guiding a 1% decline in adjusted earnings per share for the full year vs.

Home Depot raises outlook on home-improvement materials, partially driven by damage caused by Hurricanes. The company expects future benefits from hurricane-related repairs, but not big ticket remodeling,