Lowe’s (NYSE:LOW) stock is on the rise today as investors celebrate positive results in the company’s earnings report for the second quarter of 2021.
Let’s take a look at those results below to see why investors in LOW stock are excited about today!
- Starting off with diluted earnings per share, Lowe’s reported $4.25.
- That’s a massive win for LOW stock next to Wall Street’s estimate of $4 per share.
- It’s also a healthy increase over the company’s adjusted EPS of $3.75 from the same time last year.
- Strong revenue of $27.6 billion is another boon for LOW stock today.
- This is better than analysts’ estimates of $26.79 billion for the quarter.
- It’s also slightly better than the $27.3 billion reported in the second quarter of 2020.
- Another benefit for LOW stock comes from its updated guidance for the full year of 2021.
- This has it expecting revenue of approximately $92 billion.
- That would have it beating out Wall Street’s estimate of $91.53 billion for the period.
Marvin Ellison, chairman, president and CEO of Lowe’s, said the following in the Q2 earnings report.
‘Our strong results this quarter demonstrate that our Total Home strategy is working, with U.S. sales comps up 32% on a two-year basis. In the quarter, we drove 21% growth in Pro, 10% growth in Installation Services and strong comps across Décor product categories. On Lowes.com, sales grew 7% on top of 135% growth last year. “
LOW stock is experiencing heavy trading today following its earnings results. As of this writing, more than 11 million shares of the stock have changed hands. That’s a major jump compared to its daily average trading volume of about 3.6 million shares.
LOW stock was up 10.2% as of Wednesday afternoon.
Investors looking for more stock market news today should stick around!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.