In the third quarter, Lowe’s (NYSE:LOW) reported earnings per share (EPS) of $3.27, exceeding the expected $3.02. Their quarterly revenue reached $20.47 billion, falling slightly short of the anticipated $20.88 billion.

Lowe’s forecasted a larger decrease in yearly same-store sales than initially anticipated and lowered its profit outlook. This revision comes as consumers, impacted by inflation, reduce their spending on home improvement. Consequently, the company’s stock price declined by 4% in pre-market today.

For the fiscal year 2024, Lowe’s anticipates an EPS of $13.00, which is below the market consensus of $13.32. The company also projects its annual revenue to be around $86 billion, slightly less than the expected $87.55 billion.

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