Home Depot’s strong quarter overshadowed by 2023 outlook

Associated Press

ATLANTA (AP) — The Home Depot posted strong profits in its final quarter of 2022, but a tepid outlook for this year is sinking shares of the home improvement retailer. The Atlanta company reported a fourth-quarter profit of $3.36 billion, or $3.30 per share on Tuesday, which is 3 cents better than Wall Street had expected, but the focus is on the retailer’s projections for this year. Home Depot sees a decline for annual per-share earnings in the mid-single-digit percentage range, which caught industry analysts off guard. Wall Street was also projecting a slight uptick in sales, but Home Depot said that would be flat.