Lowe's Affirms FY22 Outlook; Adds $15B To Stock Buyback Plan

Lowe’s Companies Inc (NYSE:LOW) plans to provide an update on its key growth initiatives and long-term financial targets at its 2022 Analyst and Investor Conference today in New York City.
The company affirmed its FY22 outlook for sales of $97 billion - $98 billion (consensus $97.41 billion) and adjusted EPS of $13.65 - $13.80 (consensus $13.76).
The company also plans for growth across its five focus areas: deepening Pro penetration, accelerating its online business, expanding installation services, driving localization, and elevating its product assortment.
Buyback: The board of directors has authorized a new $15 billion common stock repurchase program.
The new repurchase program has no expiration date and adds to the previous program's balance, which was $6.4 billion as of Dec. 6, 2022.
Lowe’s held $3.7 billion in cash and equivalents as of October 28, 2022.
Additionally, the company plans to provide scenario planning details for its 2023 financial performance to offer increased transparency in an uncertain macroeconomic environment.
Price Action: LOW shares closed lower by 2.07% at $201.91 on Tuesday.