Lowe's raises forecast and tops Wall Street expectations in 3Q as housing market warms

MarketsAssociated Press

Lowe's third-quarter earnings jumped 17 percent and the home improvement retailer raised its annual forecast after turning in a performance that edged out most expectations Wednesday

The company earned $585 million, or 59 cents per share, in the quarter that ended Oct. 31. That compares with earnings of $499 million, or 47 cents per share, in the same period last year.

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Analysts surveyed by Zacks Investment Research had projected earnings of 58 cents per share.

Lowe's revenue climbed more than 5 percent to $13.68 billion, also surpassing Wall Street forecasts. Analysts expected $13.55 billion, according to Zacks.

Lowe's, based in Mooresville, North Carolina, now expects full-year earnings to be $2.68 per share, a nickel better than the company had forecast in August.

Analysts had been projecting per-share earnings of $2.63 per share, according to FactSet.

Shares of Lowe's Cos. climbed 2.3 percent, or $1.37, to $59.90 a couple hours before markets opened.

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Portions of this story were generated by Automated Insights using data from Zacks Investment Research. LOW stock research report from Zacks.

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