The release of Home Depot's (HD.US) Q2 earnings is approaching. Can EPS exceed expectations again?

Home Depot (HD.US) is scheduled to release its fiscal 2024 second-quarter earnings on Tuesday, August 13, 2023. Wall Street analysts expect Home Depot to report a 1% decline in revenue to $4.62 billion and a 2% decline in earnings per share to $4.55 in the second quarter.

Investors are hoping Home Depot will meet or exceed expectations in the second quarter and possibly provide positive guidance as the 30-year fixed mortgage rate in the U.S. is currently at 6.47%, the lowest in over a year.

Home Depot's earnings per share has beaten Wall Street expectations for 16 consecutive quarters. Home Depot's earnings per share has averaged 1.99% higher than expectations in the past four quarters.

Despite Home Depot's consistent performance, concerns about rising mortgage rates impacting consumer spending on home improvement goods have weighed on the stock price. Home Depot's long-term growth outlook remains attractive, but its further upside will depend on its ability to meet or exceed earnings expectations and could benefit from lower interest rates in the future.