文章核心观点 - Home Depot是最大的家居改造零售商,其业绩反映了消费者情绪 [4] - Home Depot股价从3月高点下跌20%至5月低点,之后出现双顶形态,这是一个负面信号 [4] - Home Depot报告了良好的财报,但股价下跌是因为未来同店销售预期下降,表明消费者疲软 [4] 行业和公司总结 行业概况 - Home Depot是道琼斯工业平均指数的成分股,反映了整个行业和消费者情绪 [4] 公司业绩 - Home Depot报告了调整后每股收益4.67美元,高于4.49美元的预期 [4] - Home Depot报告收入为431.8亿美元,高于430.6亿美元的预期 [4] - Home Depot预计2024财年同店销售下降3%-4%,此前预期下降1% [4] 市场反应 - Home Depot股价下跌,反映了市场对未来同店销售下降的担忧 [4] - 股价下跌后,Home Depot股票的相对强弱指数(RSI)显示已进入超卖区域 [4] 宏观经济影响 - 生产者物价指数(PPI)数据好于预期,但剔除食品、能源和贸易后的PPI上涨0.3%,高于预期,表明企业利润率面临压力 [4] - 消费者物价指数(CPI)数据将于次日公布,比PPI更为重要 [4]

文章核心观点 - 公司Q2财报呈现喜忧参半态势，鉴于盈利逆风与估值风险，股票上涨潜力有限，维持持有评级，主要担忧是利润率面临压力 [4][16] 过往分析与股价表现 - 三个月前文章建议对家得宝股票持观望态度，分析侧重技术交易模式，提醒虽股价回调但不宜抄底，因多项技术信号显示短期内有进一步下跌可能，且股价已跌破关键支撑位，基本面估值倍数高 [2] - 自上次分析后股价基本横盘，变化约3%，技术信号仍疲软 [2] Q2财报业绩 - Q2营收和净利润表现稳健，均超市场共识预期，非GAAP每股收益为4.67美元，超预期0.12美元，营收达432亿美元，超预期4.9亿美元 [5] - 公司面临挑战的零售环境，美国同店销售额二季度下降3.6%，整体下降3.3%，总客户交易量同比下降1.8%，每平方英尺平均客单价自2023年第三季度以来呈下降趋势 [5] 未来业绩指引 - 公司预计营收增长2.5%，高于市场共识预期的1.84%，调整后每股收益预计下降1% - 3%，可比销售额预计再下降3% - 4% [8] 利润率压力 - 2024年全年毛利率预计约33.5%，较之前指引低40个基点，营业利润率预计在13.5% - 13.6%，较之前指引低50 - 60个基点，更新后的指引区间明显低于过去五年平均水平 [10] - 宏观经济环境下利润率压力可能持续，管理层可能继续在员工方面投入，营收增长疲软与费用上升可能导致每股收益降幅超预期且下降趋势持续更久，高通胀和高抵押贷款利率也会加剧压力 [11] 估值情况 - 股票市盈率处于溢价水平，估值评级为“D”，表明相对于同行和自身历史记录被高估，如非GAAP市盈率（TTM基础）为23.19，比行业中位数高64.09%，比五年平均水平高6.13% [13][14] 潜在利好 - 公司计划以182.5亿美元收购SRS Distribution，若交易通过监管审批，预计在2024财年末完成，此次收购有望大幅扩展公司对专业客户的交付能力，增加可寻址市场规模 [15]

Home Depot (NYSE:HD) stock is a little volatile but mostly flat this morning after the company reported stronger-than-expected second-quarter financial results but reduced its full-year sales and profit guidance. The retailer noted that its performance was negatively impacted by “higher interest rates and greater macroeconomic uncertainty.”Home Depot’s Q2 Results and Guidance CutsThe company’s revenue increased 0.7% last quarter versus the same period a year earlier to $43.2 billion. The latter figure was w ...

For the quarter ended July 2024, Home Depot (HD) reported revenue of $43.18 billion, up 0.6% over the same period last year. EPS came in at $4.67, compared to $4.65 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $42.57 billion, representing a surprise of +1.41%. The company delivered an EPS surprise of +2.86%, with the consensus EPS estimate being $4.54.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expec ...

Home Depot TodayHDHome Depot$344.50 -1.31 (-0.38%) 52-Week Range$274.26▼$396.87Dividend Yield2.61%P/E Ratio23.11Price Target$384.00Add to WatchlistHome Depot NYSE: HD is a high-quality business in no danger of failure, but its stock price will likely head lower now that the Q2 results and guidance are in. The guidance was improved, but factors including acquisitions, organic declines, and cautionary statements raise serious doubts about the results for the next two to four quarters. Doubts and questions abo ...

文章核心观点 - 家得宝公司下调了下半年的销售预测,原因是高利率和对经济前景的担忧导致消费者情绪恶化[1][2][3] - 家得宝公司表示,专业客户的客户也开始推迟项目,不仅是因为融资成本上升,还因为对经济前景的不确定性[4] - 多数美国人认为美国目前正处于衰退之中,尽管政府数据显示经济仍在增长[5][6][7] 公司业绩分析 - 家得宝公司第二季度同店销售下降3.3%,超过预期的1.98%下降[14] - 客户交易量连续13个季度下降,下降1.8%[14] - 公司预计全年同店销售将下降3%-4%,此前预期下降近1%[14] - 公司2020年收入增长20%,2021年和2022年收入继续增长,但增速放缓[15] - 公司利润受到高通胀和高利率的影响,导致可支配支出受限[17] 行业趋势分析 - 新房销售疲软导致7月客流下降0.4%,6月曾上升4.3%[13] - 消费者推迟大型装修项目,如地板、厨柜和浴室,以应对高通胀[12] - 但长期来看,家居装修需求的基本面仍然良好[18] - 近期房贷利率有所下降,可能为房地产市场带来利好[18][19]

Key TakeawaysHome Depot shares dropped Tuesday despite a second-quarter earnings beat as the home-improvement giant lowered its 2024 comparable sales guidance.Home Depot now sees full-year comparable sales down 3% to 4% from fiscal 2023, worse than its previous guidance of a 1% decline.CEO Ted Decker said consumers continue to be pressured by higher interest rates and "greater macro-economic uncertainty." Home Depot (HD) shares fell despite an earnings beat Tuesday as the retailer projected a larger fiscal ...

Home Depot (HD) came out with quarterly earnings of $4.67 per share, beating the Zacks Consensus Estimate of $4.54 per share. This compares to earnings of $4.65 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.86%. A quarter ago, it was expected that this home-improvement retailer would post earnings of $3.61 per share when it actually produced earnings of $3.63, delivering a surprise of 0.55%.Over the last four quarters, the ...

财务业绩 - 第二季度销售额为432.2亿美元，同比增长0.6%[1] - 第二季度营业利润为65亿美元，营业利润率为15.1%[2] - 第二季度经调整营业利润为66亿美元，经调整营业利润率为15.3%[3] - 第二季度净利润为46.1亿美元，每股摊薄收益为4.60美元[4] - 第二季度经调整每股摊薄收益为4.67美元[5] 财务预测 - 公司预计2024财年总销售额增长2.5%-3.5%，其中53周新增销售额约23亿美元，SRS公司并购预计贡献64亿美元[8] - 公司预计2024财年同店销售下降3%-4%[8] - 公司预计2024财年毛利率约为33.5%，经调整营业利润率为13.8%-13.9%[8] - 公司预计2024财年每股收益下降1%-3%[8] 资产负债情况 - 公司2024年7月28日的总资产为968.46亿美元，较上年同期增长26.7%[21] - 公司2024年上半年的现金及现金等价物为28.14亿美元，较年初下降25.1%[23] - 公司2024年上半年的资本性支出为15.66亿美元，同比下降7.7%[24] - 公司2024年上半年的并购支付为175.7亿美元，同比大幅增加[24] - 公司2024年上半年的股票回购支出为49.54亿美元[25] 经营业绩 - 公司2024年上半年的营业收入为79.45亿美元，同比下降3.9%[28,29] - 公司2024年上半年的经调整每股收益为8.34美元，同比下降2.2%[30,32] - 公司2024年上半年的经调整营业利润率为14.8%，同比下降0.5个百分点[28,29] - 公司2024年第二季度的经调整每股收益为4.67美元，同比下降0.2%[30,32] - 公司2024年第二季度的经调整营业利润率为15.3%，同比下降0.2个百分点[28,29]

The Home Depot logo is seen in Florida Keys, United States on May 7, 2024.Home Depot on Tuesday topped quarterly expectations, but cautioned that sales will be weaker than expected in the back half of the year as high interest rates and consumer uncertainty dampen demand.The home improvement retailer said it now expects full-year comparable sales to decline by 3% to 4% compared to the prior fiscal year. It had previously expected comparable sales, a metric that takes out the impact of store openings and clo ...