Lowe’s Companies Inc. (NYSE: LOW) released its fiscal first-quarter financial results before the markets opened on Wednesday. The $1.03 in earnings per share (EPS) and $16.86 billion in revenue home improvement retailer posted compares with consensus estimates from Thomson Reuters of for $1.06 in EPS and $16.96 billion in revenue. The same period of last year reportedly had EPS of $0.87 and revenue of $15.23 billion.
During this quarter, same-store sales rose by only 2%, which fell short of analyst estimates of 3.1%.
In terms of the outlook for the 2017 fiscal year, the company expects to see total sales up roughly 5.0%, comparable sales up 3.5%, and EPS of approximately $4.30. The consensus estimates are $4.64 in EPS and $68.31 billion in revenue in the current quarter.
In the fiscal first quarter, Lowe’s repurchased $1.2 billion of stock under its share repurchase program and paid $304 million in dividends.
At the same time, Lowe’s operated 2,137 home improvement and hardware stores in the United States, Canada and Mexico.
On the books, Lowe’s cash, cash equivalents and short-term investments totaled $2.05 billion at the end of the quarter, compared with $4.74 billion at the end of the same period of last year.
Robert A. Niblock, Lowe’s board chair, president and chief executive, commented:
A solid macroeconomic backdrop, combined with our project expertise, drove above average performance in indoor projects. We also continued to advance our sales to Pro customers, delivering another quarter of comparable sales growth well above the company average.
Shares of Lowes closed Tuesday down 2% at $82.34, with a consensus analyst price target of $89.27 and a 52-week trading range of $64.87 to $86.25. Following the release of the earnings report, the stock was down an additional 3.7% at $79.30 in early trading indications Wednesday.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.