A customer pushes a cart toward the entrance to Lowe’s store in Concord, California, on Tuesday, February 23, 2021.
David Paul Morris Bloomberg | Getty Images
Lowe’s on Wednesday outpaced Wall Street sales expectations in the first quarter as cooler spring weather damaged demand for materials for DIY projects.
Here’s what the company said for the quarter ended April 29, compared to what Wall Street expected, based on a survey by Refinitiv analysts:
- Earnings per share: $ 3.51 versus $ 3.22 expected
- Revenue: $ 23.66 billion versus expected $ 23.76 billion
Lowe’s net income for the quarter increased slightly $ 2.33 billion, or $ 3.51 per share, from $ 2.32 billion or $ 3.21 per share a year earlier. The results were above the $ 3.22 expected by analysts surveyed by Refinitiv.
Net sales fell to $ 23.66 billion from $ 24.42 billion last year and ahead of analysts’ expectations of $ 23.76 billion.
As of Tuesday’s close, Lowe’s shares were down about 25% this year. Shares closed at $ 194.03 on Tuesday, bringing the company’s market value to $ 128.27 billion.
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