Lowe's Earnings Rise 17%
NEW YORK (TheStreet) -- Lowe's (LOW) - Get Report forecasts fourth-quarter earnings to be in line with analysts' estimates after reporting a 17% rise in third-quarter earnings.
The home-improvement retailer forecasted fourth-quarter earnings of 16 cents to 19 cents a share, compared with the consensus estimate of 18 cents. Total sales are expected to increase 2% to 4% year over year. Full-year earnings are expected to fall in the range of $1.37 to $1.40 a share, compared with the consensus estimate of $1.41 a share; full-year sales are expected to increase 3% to 4%.
Lowe's reported third-quarter net earnings increase of 17.4% to $404 million, or 29 cents a share, from $344 million, or 23 cents a share, in the year-earlierperiod.
The company had earnings of 31 cents a share, beating the expected 30 cents a share target, excluding a one-time charge of 2 cents.
Sales for the quarter increased 1.9% percent to $11.6 billion from $11.4 billion the same time last year, but was lower than the average Wall Street estimate of $11.75 billion.
-- Written by Andrea Tse in New York.
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