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Lowe's beats Street 1Q forecasts

MOORESVILLE, N.C. – Lowe’s Cos. (LOW) on Wednesday reported fiscal first-quarter profit of $884 million.

On a per-share basis, the Mooresville, North Carolina-based company said it had net income of 98 cents. Earnings, adjusted for non-recurring gains, were 87 cents per share.

The results beat Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.

The home improvement retailer posted revenue of $15.23 billion in the period, which also topped Street forecasts. Nine analysts surveyed by Zacks expected $14.89 billion.

Lowe’s expects full-year earnings to be $4.11 per share.

Lowe’s shares have climbed slightly since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has risen 4 per cent 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 http://www.zacks.com/ap/LOW

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Keywords: Lowe’s, Earnings Report, Priority Earnings