Lowe's Beats Earnings Estimates, Raises 2014 Profit Forecasts

U.S. retailer Lowe's beat earnings estimates on Wednesday. The home improvement retailer has raised its yearly profit and sales forecasts after reporting a 17 percent jump in net income for Q3. The company posted earnings of $585 million, or 59 cents per share. Revenue climbed more than 5 percent from the previous year, coming in at $13.68 billion. Lowe's number one rival Home Depot also reported slightly higher-than-expected quarterly results on Tuesday. Analysts say an improving jobs market is encouraging customers to spend more on home renovations. Lowe's is now expecting 2014 sales growth of around 5 percent.