Lowe's 3Q net income rises on fewer charges
MOORESVILLE, N.C. (AP) -- Lowe's third-quarter net income surged 76 percent, helped by fewer charges and higher revenue. The home improvement retailer also reaffirmed its full-year forecast.
Lowe's Cos. reported Monday that it earned $396 million, or 35 cents per share, for the three months ended Nov. 2. That compares with $225 million, or 18 cents per share, a year ago.
Analysts predicted 36 cents per share.
Revenue rose 2 percent to $12.07 billion from $11.85 billion. Wall Street expected $11.93 billion.
Revenue at stores open at least a year, a key gauge of a retailer's health, increased 1.8 percent.
Last week rival Home Depot Inc. reported slightly higher third-quarter net income and the company raised its full-year forecast.
Lowe's Cos., which is based in Mooresville, N.C., has 1,750 stores in the U.S., Canada and Mexico.
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