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Housing recovery gives boost to Home Depot 1Q

ATLANTA (AP) -- Even though the weather was poor, Home Depot posted an 18 percent increase in its net income for the first quarter thanks to the ongoing housing recovery.

The world's biggest home improvement chain also boosted its full-year earnings and revenue forecasts Tuesday, citing its year-to-date performance and outlook for the rest of the year.

Shares climbed 4 percent in premarket trading.

For the three months ended May 5, Home Depot Inc. earned $1.23 billion, or 83 cents per share. That's up from $1.04 billion, or 68 cents per share, a year earlier. Analysts predicted earnings of 76 cents per share.

Revenue for the Atlanta company rose 7 percent to $19.12 billion from $17.81 billion. Wall Street expected $18.62 billion.

Revenue at stores open at least a year climbed 4.3 percent.