Lowe’s Companies, Inc. recently reported a significant increase in its quarterly earnings, exceeding Wall Street’s expectations. The home improvement retailer’s net income this quarter jumped to $2.4 billion, or $4.27 per share. That’s up from last year’s net income of $2.38 billion, or $4.17 per share in the same quarter. Analysts were expecting earnings per share of $4.24, but Lowe’s beat them with earnings of $4.33.
The company’s revenue for the quarter stood at $23.96 billion, matching analysts’ forecasts and showing an increase from $23.59 billion a year earlier. In addition, like-for-like sales were up 1.1%, indicative of strong home improvement project demand throughout the quarter.
Lowe’s has re-confirmed its guidance for comparable sales of flat to positive 1% versus prior year. And although market demand jumped up and down nationally, the company still reported “strong results” company-wide from its do-it-yourself and home professional segments.
Along with the news of this stellar financial growth, Lowe’s announced that it had acquired Foundation Building Materials for around $8.8 billion. This strategic tactic is intended to further strengthen Lowe’s capabilities and develop improved solutions for Lowe’s growing Pro client base.
“This acquisition will strengthen our solutions for our growing Pro customers,” – Marvin Ellison, CEO of Lowe’s.
Lowe’s reaffirmed its fiscal 2025 adjusted operating margin and same-store sales guidance for fiscal’s core business. The firm’s fiscal 2024 bottom-line guidance is for earnings per share of $12.10 to $12.35 for the year. Further, it forecasts overall sales will increase to a range of sales examples $84.5 billion to $85.5 billion, up from the previous estimate of $83.5 billion to $84.5 billion.
The recent developments further position Lowe’s as a strong competitor in the home improvement market, particularly in serving professional customers who rely on high-quality materials and services for their projects. By focusing on strategic acquisitions and maintaining robust earnings, Lowe’s continues to adapt to evolving market demands while delivering value to shareholders.