The Home Depot filed a form 10-K with the Securities and Exchange Commission on Nov. 18, which showed healthy sales at newly-acquired specialty building materials supplier SRS Distribution.

The 10-K showed that SRS Distribution had third quarter (ended Oct. 27) total sales of $2.9 billion under Home Depot, and an operating profit of $200 million. The Home Depot said that roofing and related products accounted for approximately 68% of SRS’s 3Q sales.

SRS Distribution had 2023 total sales of $9.8 billion, meaning its 3Q sales would pace well enough for the company’s full-year 2024 to outperform last year.

The Home Depot acquired SRS in June for $18 billion, representing the largest purchase in Home Depot’s history.

SRS was No. 4 on MDM’s 2024 Top Distributors List for Building Materials & Construction Supplies.

Home Depot 3Q

Home Depot reported its 2024 third quarter financial results on Nov. 10, showing a sales boost year-over-year, but a decline month-to-month.

The company posted 3Q net sales of $40.3 billion, up 6.6% year-over-year. Comparable (organic) sales in the U.S. decreased 1.2% and 1.3% month-to-month.

Operating profit of $5.4 billion and operating margin of 13.5% trailed the $5.4 billion and 14.3% margin of a year earlier. Net profit of $3.6 billion likewise trailed the $3.8 billion of a year earlier.

“As weather normalized, we saw better engagement across seasonal goods and certain outdoor projects as well as incremental sales related to hurricane demand,” Home Depot Chair, President and CEO Ted Decker said in the company’s financial release. “I would like to thank all of our associates for their dedication in serving our customers and communities.”

Home Depot Outlook

Looking forward, Home Depot expects sales to increase approximately 4%, while SRS Distribution contributes about $6.4 billion in incremental sales.

Home Depot anticipates a 2024 gross margin of approximately 33.5%, flat from the company’s previous outlook, and an operating margin of 13.5%.