Lowe's Companies Inc LOW is trading higher Wednesday after the company reported better-than-expected fourth-quarter financial results and raised guidance above estimates.
Lowe's reported quarterly revenue of $21.34 billion, which beat the $20.87 billion estimate. The company reported earnings of $1.78 per share, which beat the estimate of $1.70 per share.
"We delivered another year of outstanding performance in 2021, as we gained market share across DIY and Pro through our Total Home strategy," said Marvin Ellison, chairman, president and CEO of Lowe's.
"We remain confident in the long-term strength of the home improvement market, and our ability to expand operating margin."
Lowe's raised full-year 2022 revenue guidance from a range of $94 billion to $97 billion to a range of $97 billion to $99 billion versus the $95.75 billion estimate. The company raised earnings guidance from a range of $12.25 to $13 per share to a range of $13.10 to $13.60 per share versus the estimate of $11.96 per share.
See Also: 23 Stocks Moving in Wednesday's Pre-Market Session
LOW Price Action: Lowe's has traded as low as $150.84 and as high as $263.31 over a 52-week period.
The stock was up 3.92% at $223 at time of publication.
Photo: Mike Mozart from Flickr.
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