Lowe's Quarterly Earnings, Sales Below Wall Street's Forecasts

By Carla Mozee Markets MarketWatch Pulse

Lowe's Cos. on Wednesday posted quarterly revenue and adjusted earnings that fell short of Wall Street's targets. The home-improvement retailer said second-quarter net earnings came in at $1.42 billion, or $1.68 a share, compared with $1.17 billion, or $1.31 a share, a year ago. Adjusted earnings were $1.57 a share for the most recent period, missing the FactSet consensus estimate of $1.62 a share. Sales at Lowe's rose to $19.49 billion from $18.26 billion in the year-earlier quarter, but that was below the $19.55 billion forecast from analysts. Lowe's shares were down 6% in premarket trade following the results.

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