Lowe's Companies Inc LOW shares are trading higher Wednesday after the company reported better-than-expected financial results and raised its full-year earnings outlook.
Lowe's reported third-quarter revenue of $23.48 billion, which beat average analyst estimates of $23.13 billion, according to Benzinga Pro. The company reported quarterly adjusted earnings of $3.27 per share, which beat average estimates of $3.10 per share.
Comparable sales increased 2.2% year-over-year. U.S. home improvement comps increased 3% year-over-year, driven by Pro growth of 19% and improved DIY sales trends.
"We also drove substantial improvement in adjusted operating margin through disciplined execution and cost management," said Marvin Ellison, chairman, president and CEO of Lowe's.
Lowe's updated its full-year 2022 guidance to reflect its stronger-than-expected operating results.
Lowe's raised its full-year adjusted earnings guidance from a range of $13.10 to $13.60 per share to a range of $13.65 to $13.80 per share. The company sees full-year revenue between $97 billion and $98 billion. Full-year comps are expected to be in a range of flat to down 1%.
LOW Price Action: Lowe's has a 52-week high of $263.31 and a 52-week low of $170.12.
The stock was up 4.44% at $218.18 at time of publication, according to Benzinga Pro.
Photo: courtesy of Lowe's.
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