UPDATE: Lowe's Posts 26% Rise In Q2 Profit, Lifts Full-Year Outlook
Lowe's Companies (NYSE: LOW) reported a 26% rise in its fiscal second quarter earnings and lifted its forecast for the year.
Lowe's now projects full-year earnings of $2.10 per share on sales growth of 5%. The company had earlier expected earnings of $2.05 per share on sales growth of 4%.
Lowe's quarterly profit surged to $941 million, or $0.88 per share, from $747 million, or $0.64 per share, in the year-earlier period.
Its net sales climbed 10% to $15.71 billion. However, analysts were expecting earnings of $0.79 per share on revenue of $15.07 billion.
Its gross margin rose to 34.4% from 33.9%.
Lowe's shares closed at $44.08 yesterday.
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