Lowe's 3Q profit topped expectations

Lowe’s reported an adjusted 3Q profit of $1.04 per share, topping the estimate for $0.98. Revenue of $17.4 billion was in line with expectations.

Sales at stores open for more than a year rose 1.5 percent in the third quarter, below expectations of a 2.93 percent increase, according to IBES data from Refinitiv.

The company said it was shedding some of its non-core businesses including its Mexican operations as part of restructuring.

Lowe’s intends to exit its retail operations in Mexico and had identified other underperforming or non-core businesses and stores for divestiture.

The company reported net earnings of $872 million and diluted earnings per share of $1.05 in the year ago quarter. Sales during that period were up 6.5 percent to $16.8 billion.

Earlier this month, competitor Home Depot raised its forecast after reporting a 3Q profit of $2.87 billion, or $2.51 per share, beating the Wall St estimate of $2.26. Revenue was $26.3 billion. Sales at U.S. stores open for more than a year rose 5.4 percent.