By Dean Seal

Shares of Home Depot rose after the company's third-quarter results cleared analyst estimates, putting them on pace for their largest single-day increase in a year.

The stock was up 6.5% at $306.75 in early trading. Shares are still down about 3% year-to-date. They haven't risen this much in a single day since jumping 8.7% on Nov. 10 of last year.

The home improvement giant recorded a 3% drop in third-quarter revenue to $37.71 billion, above analyst projections for $37.59 billion, according to FactSet.

Quarterly earnings of $3.81 billion, or $3.81 a share, fell from $4.24 a share last year, but topped analyst projections by 6 cents a share, according to FactSet.

Same-store sales, which adjust for store openings and closings, didn't fall as much as analysts had been bracing for.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

November 14, 2023 10:52 ET (15:52 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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