RESOLVING THE LEDGER
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Home Depot (NYSE: HD) just reported financial results for its fiscal second quarter (ended Aug. 2). Revenue of $47.9 billion and adjusted diluted earnings per share of $4.92 both came in ahead of Wall Street analyst expectations. Shares were up following the announcement, even though the management team kept guidance unchanged.
The retail stock has been disappointing in the past five years, trading up just 7% during that time (as of Aug. 19). However, it does a fantastic job of returning capital to shareholders. Home Depot currently pays a dividend yield of 2.67%. And it has raised the quarterly payout in 17 straight years, with a dividend going to shareholders in 157 consecutive quarters.
Passive-income investors can rejoice. However, the dividend doesn't matter nearly as much as the Federal Reserve and Kevin Warsh. Home Depot's success depends on favorable macroeconomic conditions.
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