Lowe’s: Fiscal 1Q Earnings Snapshot
MOORESVILLE, N.C. (AP) — Lowe’s Cos. (LOW) on Wednesday reported fiscal first-quarter earnings of $1.05 billion.
On a per-share basis, the Mooresville, North Carolina-based company said it had net income of $1.31. Earnings, adjusted for pretax gains, were $1.22 per share.
The results fell short of Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $1.33 per share.
The home improvement retailer posted revenue of $17.74 billion in the period, topping Street forecasts. Eleven analysts surveyed by Zacks expected $17.63 billion.
Lowe’s expects full-year earnings in the range of $5.45 to $5.65 per share.
Lowe’s shares have increased 20% since the beginning of the year, while the Standard & Poor’s 500 index has risen 14%. The stock has increased 27% in the last 12 months.