Lowe's Sees Signs of Home Improvement

(Updated with analyst commentary and stock price.)

MOORESVILLE, N.C. (TheStreet) -- Lowe's(LOW Quote) posted a 30% tumble in its third-quarter earnings, but is seeing signs of lift in some of the hardest-hit housing markets.

During the quarter, the home improvement retailer earned $344 million, or 23 cents a share, compared with $488 million, or 33 cents, in the year-ago period.

Excluding costs related to store closures and pulling out of some future openings, as well as a tax benefit, Lowe's actually earned 24 cents, in line with analysts' estimates.

Revenue slipped 3% to $11.38 billion from $11.73, while same-store sales sank 7.5%.

"The broad-based pressures of the macro environment are clearly evident in our sales as consumers continue to delay large purchases until they feel better about the economic outlook," CEO Robert A. Niblock said in a statement.