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Home improvement warehouse operator The Home Depot, Inc. ( HD ) on Tuesday posted a big uptick in first quarter profits, although revenue fell short of Wall Street expectations.

The Atlanta-based company reported first quarter net income of $1.04 billion, or 68 cents per share, compared with $812 million, or 50 cents per share, in the year-ago period. Excluding special items, adjusted profit was 65 cents per share.

Revenue rose 6% from last year to $17.81 billion.

On average, Wall Street analysts expected a smaller profit of 64 cents per share, albeit on higher revenue of $17.89 billion.

Looking ahead, HD forecast full-year 2012 earnings of $2.90 per share, which would match Wall Street's view of $2.90 per share for the year.

Home Depot shares fell $1.73, or -3.5%, in premarket trading Tuesday.

The Bottom Line
Shares of Home Depot ( HD ) have a 2.33% dividend yield, based on last night's closing stock price of $49.88. The stock has technical support in the $44-$45 price area. If the shares can firm up, we see overhead resistance around the $50-$52 price levels.

The Home Depot, Inc. ( HD ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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