Lowe’s raises forecast as it grabs a bigger share of home pro spending, navigates supply chain bottlenecks
Lowe’s said Wednesday that sales rose 5% and surpassed Wall Street’s estimates in the fiscal fourth quarter, as Americans bought, fixed up and renovated homes in a tight real estate market.
Shares rose more than 2% in premarket trading.
Here’s what the company reported for the quarter ended Jan. 28 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $1.78 vs. $1.71 expected
- Revenue: $21.34 billion vs. $20.90 billion expected
Lowe’s net income rose to $1.21 billion, or $1.78 per share, from $978 million, or $1.32 per share, a year earlier. The results were above the $1.71 expected by analysts surveyed by Refinitiv.
Sales climbed to $21.34 billion from $20.31 billion last year and outpaced analysts’ expectations of $20.90 billion.
As of Tuesday’s close, Lowe’s shares are up 27% over the past 12 months. Shares closed Tuesday at $214.59, bringing Lowe’s market value to $144.58 billion.
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