Shares of Lowe’s Companies Inc. (LOW) are losing almost 6 percent or $9.25 in Wednesday’s morning trade at $150.61 after the home improvement retailer’s third-quarter earnings missed analysts’ expectations.
Wednesday, Lowe’s reported that its third-quarter net income fell to $692 million or $0.91 per share from $1.05 billion or $1.36 per share in the year-ago period. However, adjusted earnings were $1.98 per share, compared to $1.41 per share in the prior year. Sales rose 28.3 percent to $22.31 billion from $17.39 billion last year.
Analysts polled by Thomson Reuters had a consensus estimate for earnings of $1.99 per share on revenues of $21.25 billion.
For the fourth quarter, Lowe’s projects adjusted earnings in a range of $1.10 to $1.20 per share, and total and comparable sales growth of about 15 percent to 20 percent. The Street expects earnings of $1.16 per share.
Lowe’s has traded in a range of $60.00 to $180.67 in the past 52 weeks.
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