Business

Market Movers

Home Depot beats fourth-quarter estimates

Generators were popular at this Home Depot in Cary, N.C., during a recent winter storm.

Chris Seward/The News & Observer via AP

Generators were popular at this Home Depot in Cary, N.C., during a recent winter storm.

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Home Depot Inc. posted fourth-quarter profit that beat estimates as the US housing rebound spurred spending on renovations. Net income fell to $1.01 billion, or 73 cents a share, from $1.02 billion, or 68 cents, a year earlier, the Atlanta company said. Analysts expected 71 cents. The largest US home improvement retailer has benefited from two years of rising housing prices, fueling spending on remodeling projects. That demand helped Home Depot more than double its initial forecast for a 2 percent increase in 2013 sales.

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