January 25, 2018 / 1:32 PM / 4 months ago

Home Depot to pay staff bonus after tax overhaul

(Reuters) - Home Depot Inc (HD.N) said it would give its U.S. employees a new one-time cash bonus of up to $1,000 for hourly associates in the fourth quarter as the home improvement store chain takes advantage of changes in the U.S. tax code.

FILE PHOTO - The logo of Home Depot is seen in Encinitas, California April 4, 2016. REUTERS/Mike Blake/File Photo

The company said it expects to incur a net tax expense of about $150 million in the fourth quarter, related to taxes on unremitted offshore earnings.

    The company said it would revise its 2017 diluted earnings per share guidance lower by about 19 cents to reflect cash bonuses and the charge.

    Reporting by Sangameswaran S in Bengaluru; Editing by Saumyadeb Chakrabarty

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