UPDATE: Lowe's Posts Upbeat Q4 Profit

Lowe's Companies

reported an 11% drop in its fiscal-fourth-quarter net income. Lowe's quarterly earnings declined to $288 million, from $322 million, in the year-ago period. Its earnings per share came in at $0.26 in both quarters. Its revenue dropped to $11.05 billion from $11.63 billion. However, analysts were expecting earnings of $0.23 per share on revenue of $10.85 billion. Lowe's shares closed at $37.67 on Friday.