MOORESVILLE, N.C. (AP) — Lowe’s Cos. (LOW) on Tuesday reported fiscal second-quarter earnings of $2.67 billion.
The Mooresville, North Carolina-based company said it had net income of $4.56 per share.
The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $4.49 per share.
The home improvement retailer posted revenue of $24.96 billion in the period, also beating Street forecasts. Eleven analysts surveyed by Zacks expected $24.94 billion.
Lowe’s expects full-year earnings in the range of $13.20 to $13.60 per share, with revenue in the range of $87 billion to $89 billion.
“Our investments in our Total Home strategy continued to drive growth across Pro and online this quarter. And we are excited by our recent launch of same-day delivery nationwide and the expansion of our rural merchandising framework to roughly 300 stores,” said Marvin R. Ellison, Lowe’s chairman, president and CEO.
“Our ability to reduce expenses while improving customer service is the result of excellent execution by our team, and we remain confident in the mid- to long-term outlook for the home improvement industry. In recognition of the contributions of our front-line associates, we are awarding over $100 million in discretionary and profit-sharing bonuses to them this quarter. I would like to thank our front-line team for serving our customers and supporting our communities.”
Read the full report on Lowe’s website.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LOW at https://www.zacks.com/ap/LOW
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