Lowe’s (NYSE:LOW) earnings for first quarter of 2020 have LOW stock on the move Wednesday. That comes after reporting adjusted earnings per share (EPS) of $1.77. This is better than Wall Street’s estimate of $1.31 per share. Its revenue of $19.68 billion also beats out analysts’ estimates of $18.08 billion.
Here’s what else is worth mentioning from the most recent Lowe’s earnings report.
- Adjusted per-share earnings are up 45% compared to $1.22 in the same period of the year prior.
- Revenue for the quarter is sitting 10.9% higher than the $17.74 billion reported in the first quarter of 2019.
- Operating income of $1.99 billion is an 40.1% increase year-over-year from $1.42 billion.
- The Lowe’s earnings report also has net income coming in at $1.34 billion.
- That’s a 27.6% jump from its net income of $1.05 billion reported during the same time last year.
Marvin Ellison, president and CEO of Lowe’s, said this about the Q1 earnings:
“Our strong first quarter performance, which continues into May, also reflects the benefits of our retail fundamentals strategy, the improvement in our execution, and the resiliency of our home improvement business model. I am also pleased with our ability to pivot to serve increased online demand with Lowes.com sales increasing 80% in the quarter.”
Lowe’s is withdrawing its outlook for the full year of 2020. The company is doing this in response to the novel coronavirus. This is a trend among companies during the pandemic.
LOW stock started off strong Wednesday morning, but is currently down slightly as of the afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.