Lowe’s beats Street 3Q forecasts
Mooresville, N.C. — Lowe’s Cos. on Wednesday reported earnings of $585 million in its fiscal third quarter.
On a per-share basis, the Mooresville, North Carolina-based company said it had profit of 59 cents.
The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share.
The home improvement retailer posted revenue of $13.68 billion in the period, also surpassing Street forecasts. Analysts expected $13.55 billion, according to Zacks.
Lowe’s expects full-year earnings to be $2.68 per share.
Lowe’s shares have increased 18 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 11 percent. The stock has increased 15 percent in the last 12 months.