NEW YORK (TheStreet) -- Shares of Lowe's Cos. (LOW) continue to climb, up 0.31% to $62.45 in early market trading Thursday, after the second largest U.S. home improvement retailer rallied on its higher full year 2014 outlook and better than expected third quarter earnings results yesterday.
For its third quarter, the company reported earnings of 59 cents per share, a penny better than the 58 cents per share analysts expected. Revenue was $13.7 billion for the quarter, topping analysts' estimates of $13.55 billion.
The home retailer raised its full year 2014 profit and sales forecast following its earnings beat, as home owners boosted spending on renovations.
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The company upped its earnings outlook for the full year to $2.68 per share, 5 cents more than its previous forecast of $2.63 per share.
Lowe's also increased its estimates for same-store sales, an important figure of the retail industry's health, to between 3.5% to 4% for the full year, after reporting an increase of 5.1% in the third quarter.
Separately, TheStreet Ratings team rates LOWE'S COMPANIES INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate LOWE'S COMPANIES INC (LOW) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in stock price during the past year, impressive record of earnings per share growth, increase in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."