Lowe’s (NYSE:LOW) earnings for the home improvement retailer’s third quarter of 2019 have LOW stock heading higher on Wednesday. The increase due to its adjusted per-share earnings of $1.41 That beats out Wall Street’s estimate of $1.35. Revenue of $17.39 billion is below analysts’ estimates of $17.68 billion but isn’t keeping LOW stock down today.
Now for a more in-depth look at the current Lowe’s earnings report.
- Adjusted earnings per share are up 35.58% from $1.04 in the third quarter of 2018.
- Revenue is down slightly from the $17.42 billion reported during the same time last year.
- Lowe’s earnings report also includes an operating income of $1.56 billion.
- This is a 63.01% increase over the company’s operating income of $957 million in Q3 of the previous year.
- Net income of $1.05 billion is 66.93% better YoY from $629 million.
Marvin Ellison, President and CEO of Lowe’s, has this to say about the LOW stock earnings report.
“We were pleased with the performance of our U.S. home improvement stores, which reflects a solid macroeconomic backdrop and continued progress in our transformation driven by investments in customer experience, improved merchandise category performance, and continued growth of our Pro business.”
The Lowe’s earnings report for Q3 2019 also have it updating its outlook for the year. This has it now expecting earnings per share to range from $$5.63 to $5.70. That has the midpoint of this guidance matching Wall Street’s estimate of $5.67 for the year.
LOW stock was up 4.05% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.