26 February 2013 20:38 [Source: ICIS news]
HOUSTON (ICIS) – Home Depot on Tuesday reported fourth-quarter profit rose nearly 32% to $1.02bn (€775m) compared with a year-ago profit of $774m. Sales at the largest home-improvement store in the US rose by 14% to $18.25bn.
Home Depot noted that an extra week in the fourth quarter of 2012 added about $1.2bn in revenue versus the year-ago quarter. The company said the better-than-expected earnings were the result of “continued recovery in the housing market coupled with sales related to repairs in the areas impacted by Hurricane Sandy”.
Home Depot also raised its quarterly dividend by 34% to 39 cents a share.
The American Chemistry Council (ACC) estimates that each new home built represents some $15,000 worth of chemicals and derivatives used in the structure or in production of component materials. In addition, every $1,000 spent on non-residential construction generates $160-230 worth of consumption of chemicals and derivatives, according to the ACC.
($1 = €0.76)
Reported by: Mark Yost
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