Home Depot feels the wind at its back in third quarter

The sign showing the location of the Home Depot store in Cranberry, Pa., Butler County, is seen on Wednesday, Sept. 10, 2014. (AP Photo/Keith Srakocic)

ATLANTA (AP) — Home Depot beat out Wall Street expectations for the third quarter thanks in part to repairs necessitated by Harvey and Irma, a pair of hurricanes that caused widespread damage to homes.

The Atlanta company raised its outlook for the year for some of the same reasons.

Home Depot Inc. earned $2.17 billion, or $1.84 per share, for the three months ended Oct. 29. That’s three cents better than expected, according to a survey by Zacks Investment Research. The company last year during the same period earned $1.97 billion, or $1.60 per share.

Revenue also rose to $25.03 billion, from $23.15 billion, to beat analyst projections of $24.52 billion.

Sales at stores open at least a year, a key gauge of a retailer’s health, rose 7.9 percent. In the U.S., they climbed 7.7 percent.

The company attributed about $282 million in same-store sales growth to the hurricanes.

The retailer now anticipates 2017 earnings will rise about 14 percent from a year earlier, to $7.36 per share. Revenue is now expected to be up about 6.3 percent, with same-store sales rising approximately 6.5 percent.

Analysts polled by FactSet predict full-year earnings of $7.33 per share.