Lowe’s (NYSE:LOW) reported third-quarter earnings on Wednesday that beat analysts’ expectations, with revenue up compared to the same period last year.
Earnings per share were reported to be $3.27 vs. $3.10. Revenue was $23.48 billion, beating out last year’s $23.13 billion
The home improvement retailer also updated its guidance, lowering the top end of its revenue outlook to approximately $97 to $98 billion for the full year. The previous top end was $99 billion. Lowe’s also cut guidance for comparable sales to be flat or down 1%, compared with earlier this year when it expected it to be down 1% to up 1%.
The stock, which is down more than 19% so far this year, rose Tuesday following rival Home Depot’s (NYSE:HD) earnings report.
The company said its earnings were driven by 19% growth in its professional segment, and that its do-it-yourself sales improved. Lowe’s added its website sales grew 12%.
Lowe’s was to discuss the results on its earnings conference call Wednesday.
Lowe’s earnings report comes a day after Home Depot’s third-quarter earnings beat analyst’s estimates. On Tuesday, Home Depot said its professional and do-it-yourself sales had positive growth during the period, adding that professionals have said their backlogs remain strong.
LOW shares hiked $9.15, or 4.4%, to $217.99
