Lowe's Shares Gain 3% After Q4 Beat

Lowe's Shares Gain 3% After Q4 Beat Feb. 27, 2024, 12:01 p.m., readers: 16

Lowe's (NYSE:LOW) shares rose more than 3% intra-day on Tuesday after the company announced fourth-quarter revenue that exceeded analysts' expectations, despite a downturn in home improvement spending. During the quarter, comparable sales fell by 6.2%, attributed by the company to a decrease in DIY activity and adverse weather conditions in January. The company's total revenue for the quarter decreased by 17% year-over-year to $18.60 billion, although this figure was slightly inflated in the previous year by an extra week, contributing $1.4 billion to that period's total. This latest figure surpasses the consensus forecast of $18.47 billion. Operating profit marginally decreased to $1.69 billion from $1.70 billion year-over-year. Looking ahead to the full year of 2024, Lowe's forecasts a 2% to 3% drop in comparable sales from the previous year. The company projects total revenues to be between $84 billion and $85 billion, with diluted earnings per share estimated to be in the range of $12.00 to $12.30.

About NYSE: LOW

L owe's Companies, Inc., together with its subsidiaries, operates as a home improvement retailer in the United States and internationally. The company offers a line of products for construction, maintenance, repair, remodeling, and decorating. It provides home improvement products, such as appliances, seasonal and outdoor living, lawn and garden, lumber, kitchens and bath, tools, paint, millwork, hardware, flooring, rough plumbing, building materials, décor, lighting, and electrical. It also offers installation services through independent contractors in various product categories;

Price: 228.35
Market cap: 130.7 billion USD
Eps: 13.20
P/e ratio: 17.30
Focus Analysis On: LOW