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Home Depot Tuesday reported earnings and revenue that fell roughly in line with Wall Street's estimates, as the world's largest home improvement retailer continued to reap the benefits of a strong housing market.
The retailer likewise reiterated its sales guidance for the year, and raised its earnings forecast. Home Depot shares were relatively unchanged in pre-market trading.
"It's a good quarter but it does not deliver the upside that we've seen from Home Depot over the past few quarters," Oppenheimer senior analyst Brian Nagel told CNBC's "Squawk Box."
Home Depot reported earnings of $1.97 per share, in line with a consensus estimate from Thomson Reuters. Revenue likewise fell essentially in line with Wall Street's forecast, at $26.47 billion. Analysts been looking for Home Depot to generate $26.49 billion in revenue,
In last year's second quarter, Home Depot earned $1.71 per share on sales of $24.83 billion.
"We had a solid quarter, achieving the highest quarterly sales and net earnings results in company history as housing continues to be a tailwind for our business," CEO Craig Menear said in a statement.
The home improvement retailer said global same-store sales rose 4.7 percent during the three-month period, compared with Wall Street's prediction for 4.8 percent growth. That marked a slight deceleration from the the first quarter, when its same-store sales rose 6.5 percent.
U.S. comparable sales increased 5.4 percent, compared with Thomson Reuters' estimate of 5.2 percent growth.
"Relatively speaking especially for a company of this size to put up a 5.4 percent comp is pretty good," Nagel said. "As the market comes to this realization they're going to say, well, this is still one of the very best places in retail to be."
Home Depot reiterated its sales guidance for the full-year, after raising the bar following a strong first quarter. The company expects a 6.3 percent lift in revenue over last year's $88.52 billion. It had previously called for sales growth between 5.1 percent and 6 percent.
The company raised its earnings guidance to $6.31 a share, up from $6.27 a share.
Earlier this month, Menear told CNBC that he expects a solid housing backdrop to continue fueling Home Depot's growth.
"We've been fortunate that we're in a space where customers are willing to spend, " he said.
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