Lowe’s Companies, Inc. (NYSE:LOW) beat estimates for the third quarter of 2017 thanks to the recent hurricanes.
Earnings per share reported by Lowe’s Companies, Inc. in the third quarter of the year was $1.05. This is an increase over its earnings per share of 88 cents from the same time last year. It also beat out Wall Street’s earnings per share estimate of $1.03 for the quarter.
Lowe’s Companies, Inc.’s operating income for the third quarter of the year was $1.55 billion. This is up from its operating income of $939 million that was reported in the third quarter of 2016.
Net income reported by Lowe’s Companies, Inc. in the third quarter of 2017 was $872 million. Its net income reported in the same quarter of the previous year was $379 million.
During the third quarter of 2017, Lowe’s Companies, Inc. reported revenue of $16.77 billion. The home improvement company’s revenue from the same period of the year prior was $15.74 billion. Analysts were looking for LOW to report revenue of $16.59 billion for the third quarter of the year.
Despite the earnings beat for the third quarter of 2017, LOW stock wasn’t on the rise Tuesday. This may be due to its outlook for the year. The company is expecting earnings per share to range from $4.20 to $4.30 for the period. In comparison, Wall Street is expecting earnings per share of $4.50 for the full year of 2017.
Lowe’s Companies, Inc. also says that it expects revenue for the year to be up around 5% from the $65.02 billion that was reported in 2016. This would have revenue for 2017 coming in around $68.27 billion for the year. Analysts are estimating revenue of $68.40 billion for 2017.
Lowe’s Companies, Inc. also announced a new COO in Richard Maltsbarger today. Maltsbarger is taking the position over from current COO Rick Damron, who is planning to retire on Feb. 3, 2018 after 36 years with the company.
LOW stock was down slightly as of Tuesday morning, but is up 13% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
