NEW YORK (TheStreet) -- Lowe's Companies  (LOW - Get Report)  stock is rallying 2.02% to $74.32 in pre-market trading on Wednesday after the home improvement retailer earlier this morning reported strong third quarter 2015 earnings that topped Wall Street estimates. 

For the latest quarter ended October 30, the company earned 80 cents a share on revenue of $14.36 billion.

These figures beat analysts' projections of 78 cents a share on revenue of $14.34 billion.

Year-over-year, profit and sales rose. During the same period last year, the company earned 59 cents a share on revenue of $13.68 billion.

In addition, the company posted stronger same-store sales, an increase of 4.6% for the recent quarter, above analysts' estimates of 4.1% growth.

TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio commented on Lowe's earnings saying: "Lowe's continues to ride the wave of housing improvement and the fixer-upper and refurbish...it's in the zone."

Overall, the U.S. housing market has seen a strong recovery as home builder sentiment reached decade highs in July, August and September, according to the National Association of Home Builders, CNBC.com noted.

"This is an exciting time for Lowe's as we continue to execute our strategic priorities alongside a favorable macroeconomic backdrop," CEO Robert A. Niblock stated. 

Looking ahead, the company expects 2015 total sales to rise between 4.5% to 5% and comparable sales to go up 4% to 4.5%. 

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 solid stock price performance, impressive record of earnings per share growth, increase in net income, revenue growth and notable return on equity. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

You can view the full analysis from the report here: LOW

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