Lowe's Companies, Inc. Third-Quarter Earnings Report

Lowe's Companies, Inc. reported third-quarter earnings that exceeded analyst expectations, although its stock declined by 1.8% despite an improved full-year outlook.

Key Financials

• Adjusted Earnings per Share: $2.89 (vs. estimate of $2.82)
• Revenue: $20.2 billion (vs. consensus of $19.93 billion)
• Comparable Sales: Decreased 1.1% YoY, indicating weakness in DIY discretionary demand.

Updated Guidance

Lowe's updated its full-year 2024 guidance to expect total sales between $83.0 billion and $83.5 billion, an increase from the previous forecast of $82.7 billion to $83.2 billion. The adjusted EPS outlook is now narrowed to $11.80-$11.90 from $11.70-$11.90.

CEO Comments

Marvin Ellison, Lowe's chairman, president, and CEO, stated, "Our results this quarter were modestly better-than-expected, even excluding storm-related activity, driven by high-single-digit positive comps in Pro, strong online sales, and smaller-ticket outdoor DIY projects."

Performance Highlights

The company saw a boost from storm-related sales that helped counterbalance weakness in other areas. Positive comparable sales were observed in the Pro segment and online business.

Shareholder Returns

During the quarter, Lowe's repurchased approximately 2.9 million shares for $758 million and paid $654 million in dividends, showcasing its commitment to shareholder returns.

As of November 1, 2024, Lowe's operated 1,747 stores with 195.0 million square feet of retail space.