Investing.com -- Lowe's Companies, Inc. reported third-quarter earnings that surpassed analyst expectations, but its stock slipped 1.8% despite the company raising its full-year outlook.
The company posted adjusted earnings per share of $2.89, beating the analyst estimate of $2.82. Revenue for the quarter came in at $20.2 billion, exceeding the consensus estimate of $19.93 billion. However, comparable sales decreased 1.1% YoY, reflecting continued softness in DIY bigger-ticket discretionary demand.
Lowe's (NYSE:LOW) updated its full-year 2024 guidance, now expecting total sales between $83.0 billion and $83.5 billion, up from its previous forecast of $82.7 billion to $83.2 billion. The company narrowed its adjusted earnings per share outlook to $11.80-$11.90, compared to the earlier range of $11.70-$11.90.
Marvin Ellison, Lowe's chairman, president and CEO, commented on the results: "Our results this quarter were modestly better-than-expected, even excluding storm-related activity, driven by high-single-digit positive comps in Pro, strong online sales and smaller-ticket outdoor DIY projects."
The company's performance was partly bolstered by storm-related sales, which helped offset weakness in other areas. Lowe's also reported positive comparable sales in its Pro segment and online business.
During the quarter, Lowe's repurchased approximately 2.9 million shares for $758 million and paid $654 million in dividends, demonstrating its commitment to shareholder returns.
As of November 1, 2024, Lowe's operated 1,747 stores with 195.0 million square feet of retail selling space.