UPDATE 1-Home Depot reaps benefits from U.S. housing rebound
Aug 20 (Reuters) - A recovery in the U.S. housing market helped Home Depot Inc beat analysts' quarterly profit and sales estimates, prompting the world's largest home improvement chain to raise its outlook for the fiscal year.
The results, which came just weeks after data showed that U.S. home prices rose in May, gave more evidence that the housing market was healing after years of weakness.
Net earnings rose to $1.80 billion, or $1.24 a share in the second quarter ended Aug. 4 from $1.53 billion, or $1.01 a share, a year earlier.
Analysts on average were expecting a profit of $1.21 a share, according to Thomson Reuters I/B/E/S.
Sales rose 9.5 percent to $22.5 billion, topping the analysts' average estimate of $21.8 billion.