A Lowe’s worker walks through the shop through the grand opening of the Lowe’s store in San Francisco, California.
Lowe’s reported third-quarter earnings on Wednesday that beat analysts’ expectations, with revenue up in comparison with the identical period last yr.
The house improvement retailer also updated its guidance, lowering the highest end of its revenue outlook to roughly $97 to $98 billion for the total yr. The previous top end was $99 billion. Lowe’s also cut guidance for comparable sales to be flat or down 1%, compared with earlier this yr when it expected it to be down 1% to up 1%.
Here’s what Lowe’s reported on Wednesday compared with analyst expectations, based on a survey of analysts by Refinitiv:
- Earnings per share: $3.27 vs. $3.10
- Revenue: $23.48 billion vs. $23.13 billion
Revenue was up 3% compared with the identical period last yr.
Shares of Lowe’s rose greater than 2% on light volume in premarket trading Wednesday. The stock, which is down greater than 19% to date this yr, rose Tuesday following rival Home Depot’s earnings report.
The corporate said its earnings were driven by 19% growth in its skilled segment, and that its do-it-yourself sales improved. Lowe’s added its website sales grew 12%.
Lowe’s will discuss the outcomes on its earnings conference call, set for 9 a.m. ET Wednesday.
Lowe’s earnings report comes a day after Home Depot‘s third quarter earnings beat analyst’s estimates. On Tuesday, Home Depot said its skilled and do-it-yourself sales had positive growth through the period, adding that professionals have said their backlogs remain strong.
Home Depot executives on Tuesday had noted the corporate was “navigating a singular environment,” and was unable to predict how rising costs and other pressures were affecting its customers. The corporate said that while its customer transactions were down, it had higher ticket prices driven by inflation.
It is a developing story. Check back for updates.