Lowe’s Companies Inc. ( LOW ), one of the largest home improvement retailers, came out with second-quarter fiscal 2015 results, wherein earnings of $1.20 per share missed the Zacks Consensus Estimate of $1.23 but jumped 15.4% year over year.
Management continues to expect earnings of approximately $3.29 per share for fiscal 2015. The current Zacks Consensus Estimate for the fiscal year is $3.28.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2015 and 2016 has been portraying a downtrend in the last 30 days. In the trailing four quarters (including the quarter under review), the company has underperformed the Zacks Consensus Estimate by an average of 0.4%.
Revenues: Lowe’s generated total revenue of $17,348 million that increased 4.5% year over year, and came ahead of the Zacks Consensus Estimate of $17,308 million. Comparable sales jumped 4.3% during the quarter.
Management reiterated total sales growth forecast of 4.5% to 5% and comparable sales growth of 4% to 4.5% for fiscal 2015.
Key Events: Lowe’s, which operated 1,846 home improvement and hardware outlets as of Jul 31, bought back $1.5 billion of shares under its buyback program and paid $218 million in dividends in the quarter under review. The company now plans to open 15 to 20 home improvement and hardware outlets.
Zacks Rank: Currently, Lowe’s carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.
Stock Movement: Lowe’s shares are down nearly 0.8% during pre-market trading hours following the earnings release.
Check back later for our full write up on Lowe’s earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days . Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report