Lowe's said it earned $1.05 per share for the three months ending in September, up from 43 cents per share over the same period last year and topping the Wall Street consensus of $1.02. Sales for the quarter were also ahead of forecasts, rising 6.5% to $16.8 billion, helped by a 5.1% increased in comparable home improvement division revenues and a 5.7% increase in overall comparable sales that may have been boosted by extra spending in the wake of Hurricanes Irma and Harvey. Lowe's said storm-related spending was tabbed at $200 million.
"During the third quarter, we drove traffic in-store and online with compelling messaging and integrated customer experiences. We continue to invest in omni-channel capabilities to enhance value for customers and shareholders," said CEO Robert Niblock. "I am also pleased with the progress we've made to enhance our product and service offering for the Pro customer, delivering another quarter of comparable sales above the company average."
The Mooresville, North Carolina-based company also said it sees full year sales rising 5% and same-store sales advancing 3.5%. That would likely take full-year earnings per share in the $4.20 to $4.30 range, shy of the Street forecast of around $4.50 but essentially in-line with estimates when special items are backed out. It also said it expects to add 25 home improvement and hardware stores over the final quarter.
Lowe's shares closed at $81.46 each in New York Monday after rising 1.55% on the session to extend their three-month gain past 10.6%. The stock is expected to open around 0.91% higher, at $82.20 each, at the start of trading today.
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