Home Depot stock surged to its highest level in almost three months as it reported record quarterly revenue and sales for the third quarter.
The stock rose 1.7 percent in morning trade, to $49.49.
Shares of the company rose after the company said it expects to report earnings before interest, taxes, depreciation and amortization in the third week of March.
Home Depot shares rose 5.9 percent in after-hours trading, while the S&P 500 rose 1 percent.
Investors were optimistic about Home Depot’s earnings, which were boosted by an expansion of its warehouse business.
Home and garage sales rose in the fourth quarter.
Sales for the full year are expected to be higher, said Richard Gellman, senior vice president of investor relations at Home Depot.
Home depot’s earnings are a product of our expanding business, Gellmon said.
Home Depot is currently one of the largest retailers in the United States.
It has a $20.9 billion market value.
The company reported $3.8 billion in revenue for the quarter, up from $3 billion a year earlier.
The company said its net income was $2.6 billion, up 12.9 cents from a year ago.
The results were better than the consensus estimate of $2 billion, which analysts were expecting to come in at $2 trillion.
Home was also able to report strong growth in its online store business, as it saw more orders than it expected in the second quarter.