A customer pushes a shopping cart towards the entrance of a Lowe’s store in Concord, California, on Tuesday, Feb. 23, 2021.
David Paul Morris | Bloomberg | Getty Images
Lowe’s beat analysts’ expectations for fiscal third-quarter earnings on Wednesday, as the company got a bump in business from home professionals and online sales.
The home improvement retailer also raised its forecast. It had previously predicted $92 billion in revenue this fiscal year. Now, it anticipates $95 billion.
Shares rose about 1% in premarket trading.
Here’s what the company reported for the fiscal third quarter ended Oct. 29 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $2.73 vs. $2.36 expected
- Revenue: $22.92 billion vs. $22.06 billion expected
Lowe’s profits rose to $1.90 billion, or $2.73 per share, from $692 million, or 91 cents a share, a year earlier. The results outmatched the $2.36 per share expected by analysts surveyed by Refinitiv.
Net sales climbed to $22.92 billion from $22.31 billion last year and were higher than analysts’ expectations of $22.06 billion.
This is breaking news. Please check back for updates.