In the third quarter of fiscal 2024, Lowe’s Companies, Inc. reported net earnings of $1.7 billion, translating to diluted earnings per share (EPS) of $2.99.
This performance exceeded analysts’ expectations, with adjusted EPS reaching $2.89 compared to the anticipated $2.82.
Despite this earnings beat, the company experienced a 1.3% decline in comparable store sales, reflecting ongoing challenges in the home improvement sector.
During the earnings call, CEO Marvin Ellison highlighted strong performances in professional contractor sales, online sales, and small outdoor DIY projects as key contributors to the quarter’s results.
However, he acknowledged continued softness in big-ticket discretionary purchases, attributing this trend to macroeconomic factors such as high inflation and interest rates impacting consumer spending.
Looking ahead, Lowe’s raised its full-year adjusted EPS guidance to a range of $11.80 to $11.90 and projects sales between $83 billion and $83.5 billion.
The company also expressed confidence in its ability to manage potential challenges, including possible tariffs, through diversified sourcing strategies and strong partnerships with suppliers.
