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Crude Oil Down 5%; Lowe's Posts Upbeat Earnings - Immunovant (NASDAQ:IMVT), Lowe's Companies (NYSE:LOW)
Lowe’s said steady demand from professional customers and Pro investments helped lift first-quarter sales, while annual earnings guidance stayed unchanged.
- On Wednesday, Lowe's reported first-quarter revenue of $23.1 billion, beating analyst estimates of $22.98 billion, with adjusted earnings per share of $3.03 topping expectations of $2.97.
- Despite strong results, Lowe's shares fell as the company joined rival Home Depot in flagging a challenging U.S. housing market where cautious households are delaying big-ticket do-it-yourself projects.
- Steady demand from professional customers, representing roughly 30% of sales, bolstered results, while the company recognized $96 million in pre-tax expenses from acquisitions of Foundation Building Materials and Artisan Design Group.
- Lowe's maintained its full-year outlook with earnings per share expected between $12.25 and $12.75, though Chief Financial Officer Brandon Sink noted "near-term pressure from higher transportation costs."
- Morgan Stanley analysts led by Simeon Gutman called the report "fine and mostly in line," noting the company is executing well while positioning its business for the next housing cycle.
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Lowe's Companies (NYSE:LOW) Releases Quarterly Earnings Results, Beats Expectations By $0.07 EPS
Lowe's Companies (NYSE:LOW - Get Free Report) released its earnings results on Wednesday. The home improvement retailer reported $3.03 EPS for the quarter, topping the consensus estimate of $2.96 by $0.07. Lowe's Companies had a net margin of 7.71% and a negative return on equity of 61.40%. The company had revenue of $23.08 billion during the quarter, compared to analysts' expectations of $22.98 billion. During the same quarter last year, the bu…
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