Getty Images Lowe’s reported third-quarter earnings on Wednesday that beat analysts’ expectations, with revenue rising compared to the same period last year. The home improvement retailer also updated its guidance, cutting its top-line revenue outlook to about $97 billion to $98 billion for the full year. The previous peak was $99 billion. Lowe’s also trimmed guidance for comparable sales to be flat or down 1%, compared to earlier this year when it expected them to fall 1% to 1%. Here’s what Lowe’s reported Wednesday compared to 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 increased by 3% compared to the same period last year. The company said its profit came from 19% growth in its professional segment and that do-it-yourself sales improved. Lowe’s added that its website sales were up 12 percent. Lowe’s will discuss the results 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 analysts’ estimates. On Tuesday, Home Depot said its professional and do-it-yourself sales showed positive growth during the period, adding that professionals said their backlog remains strong. Home Depot executives on Tuesday had noted that the company was “navigating a unique environment” and was unable to predict how rising costs and other pressures were affecting its customers. The company said that while its customer transactions were down, it had higher ticket prices due to inflation. This is a developing story. Check back for updates.
