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The Home Depot Inc. revised its financial outlook Monday, paring its expected decline in earnings per share from continuing operations thanks to a tender offer that will reduce the number of its outstanding shares. The company said it expects earnings per share from continuing operations to decline 7% to 9% for fiscal 2007. It had previously forecast a decline of 12% to 15% for the year.
The revision follows Home Depot's purchase of nearly 290 million shares of its stock at a price of US$37 per share, for a total cost of $10.7 billion excluding fees and expenses related to the offer. The company used the proceeds of the sale of its wholesale distribution business to pay for the majority of the tender offer.
The fiscal 2007 earnings per share guidance reflects 52 weeks and does not include the impact of a 53rd sales week, Home Depot said. The company projects that the 53rd week will add roughly 3 cents to its consolidated earnings per share guidance for fiscal 2007. (AP)
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