Lowe's misses Street 3Q forecasts

IndustriesAssociated Press

MOORESVILLE, N.C. (AP) — Lowe's Cos. (LOW) on Wednesday reported fiscal third-quarter net income of $379 million.

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On a per-share basis, the Mooresville, North Carolina-based company said it had net income of 43 cents. Earnings, adjusted for non-recurring costs, were 88 cents per share.

The results missed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 96 cents per share.

The home improvement retailer posted revenue of $15.74 billion in the period, which also did not meet Street forecasts. Ten analysts surveyed by Zacks expected $15.8 billion.

Lowe's expects full-year earnings to be $3.52 per share.

Lowe's shares have declined 9 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 7 percent. The stock has dropped almost 4 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LOW at https://www.zacks.com/ap/LOW

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Keywords: Lowe's, Earnings Report, Priority Earnings