Lowe’s reports revenue increase, beating Wall Street’s expectations

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A Lowe’s employee walks through the store during the grand opening of the Lowe’s store in San Francisco, California.

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Lowe’s reported third-quarter earnings on Wednesday that beat analysts’ expectations, with revenue up compared to the same period last year.

Here’s what Lowe’s reported on Wednesday compared with analyst expectations, based on a survey of analysts by Refinitiv:

  • Earnings per share: $3.27 vs. $3.10
  • Revenue: $23.48 billion vs. $23.13 billion

In August, Lowe’s said it expected total and comparable sales for the year toward the bottom of its outlook range, forecasting sales of $97 billion to $99 billion, and comparable sales to be down 1% to up to 1%. The company said operating income and earnings are expected to be toward the top end of its previous forecast.

Lowe’s earnings report comes a day after Home Depot‘s third quarter earnings beat analyst’s estimates. On Tuesday, Home Depot said its professional and do-it-yourself sales had positive growth during the period, adding that professionals have said their backlogs remain strong.

Home Depot executives on Tuesday had noted the company was “navigating a unique environment,” and was unable to predict how rising costs and other pressures were affecting its customers. The company said that while its customer transactions were down, it had higher ticket prices driven by inflation.

This is a developing story. Check back for updates.

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