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Home Depot Shares Rise 3% On Raised FY22 Outlook, Higher Q1 Results

Shares of home improvement retailer Home Depot, Inc. (HD) are rising 3 percent on Tuesday's trading after the company raised its outlook for fiscal 2022. The stock was up 4.7 percent on Tuesday's pre-market trading.

The company now expects total sales growth and comparable sales growth of approximately 3 percent, operating margin of approximately 15.4 percent, and earnings per share percent growth to be mid-single digits.

For fiscal 2022, the company previously projected sales growth and comparable sales growth to be slightly positive, operating margin approximately flat and earnings per share growth to be low single digits.

Additionally, the company reported higher profit in its first quarter, which also beat the Street estimates.

The company's bottom line totaled $4.23 billion, or $4.09 per share. This compares with $4.15 billion, or $3.86 per share, in last year's first quarter. Analysts on average had expected the company to earn $3.67 per share, according to figures compiled by Thomson Reuters.

Currently at $303.04, the stock has traded between $280.63 and $420.61 during the past 52 weeks.

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