Lowe’s Companies Inc. (NYSE: LOW) reported first-quarter 2015 results before markets opened Wednesday. The home improvement retailer posted diluted earnings per share (EPS) of $0.70 and $14.13 billion in revenues. In the same period a year ago, Lowe’s reported EPS of $0.61 on revenue of $13.4 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.74 and $14.28 billion in revenue.

The company said full-year 2015 sales are expected to rise 4.5% to 5.0% year over year, and same-store sales are pegged to increase 4.0% to 4.5%. Diluted earnings per share are forecast at approximately $3.29, compared with 2014 EPS of $2.70. The consensus analysts’ estimate for EPS is currently $3.31 and the revenue estimate is $58.97 billion. Lowe’s posted sales of $56.22 billion in 2014, and using the range the company has forecast, 2015 sales should come in between $58.75 billion and $59.03 billion.

Same-store sales in the United States rose 5.3% and same-store sales for the entire company rose 5.2%. Net sales were up 5.4%.

The low end of the company’s announced revenue range is below the consensus estimate, the EPS guidance is below the consensus estimate, and Lowe’s missed on both revenues and earnings in the first quarter. Investors will not be amused.

Lowe’s CEO said:

I am pleased that we executed well and delivered another strong quarter. We generated comparable sales growth in all regions of the country and across all product categories, driving strong earnings per share growth.

The company said it repurchased $1 billion worth of stock under its share buyback program and paid $222 million in dividends in the first quarter.

Lowe’s has been performing very well over the past several quarters, and it could be that analysts got a little bit ahead of themselves with their forecasts. More than the results, the slightly downbeat guidance is probably to blame for the beating the stock got in Wednesday’s premarket session.

Shares of Lowe’s traded down more than 7% Wednesday morning, at $66.70 in a 52-week range of $44.31 to $76.25. Thomson Reuters had a consensus analyst price target of $79.00 before the results were announced. The highest price target is $88.00.

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