Home improvement retailer, Lowe’s Companies, Inc.(LOW) reported increased sales for the quarter, beating analysts estimates Monday.
The Mooresville, NC based company, reported third quarter net income of $396 million, or 35 cents per share, up 43% from last years profit of $225 million, or 18 cents per share. Excluding special items, net income for the quarter was 40 cents a share, beating analysts estimates of 35 cents per share.
Revenue came in at $12.1 billion, up 1.9% from last year, and beating analysts estimates of $11.9 billion.
The company reported that their full year earnings estimates are expected to be lower than originally estimated. Earnings are expected to be at $1.64 per share, which would miss analysts expectations of $1.62.
Lowe’s shares were up $1.37, or 4.28% during premarket trading Monday.
The Bottom Line
Shares of Lowe’s (LOW) have a 2.00% dividend yield, based on Friday’s closing stock price of $31.98. The stock has technical support in the $28 price area. The stock is trading near the all-time highs of $34 a share.
Lowe’s Companies, Inc.(LOW) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.