Lowe’s Companies, Inc. (LOW), the home improvement retailer, recently reported its third-quarter earnings for 2024. The company’s performance in the quarter exceeded analyst expectations, indicating strong growth and positive momentum for the company.
Lowe’s reported a revenue of $22.4 billion for the quarter, a 6% increase compared to the same period last year. The company attributed this growth to strong sales across all product categories, including appliances, tools, and outdoor living products. The company also saw a significant increase in online sales, with e-commerce sales growing by 15% year-over-year.
Net income for the quarter was reported at $1.5 billion, or $2.15 per share, which was a 12% increase compared to the same period last year. The company’s earnings per share also surpassed analyst estimates of $2.09 per share. Lowe’s attributed its strong earnings to improved operational efficiency and cost management initiatives.
Lowe’s also reported a 4.5% increase in comparable sales for the quarter, which was driven by a 3.6% increase in customer transactions and a 1% increase in average ticket size. The company’s same-store sales growth outpaced its main competitor, Home Depot, which reported a 3.6% increase in comparable sales for the same period.
In terms of outlook, Lowe’s raised its full-year guidance for 2024, citing strong consumer demand for home improvement products and favorable market conditions. The company now expects revenue to grow by 5% to 7% for the year, with earnings per share projected to be between $8.75 and $9.00.
Overall, Lowe’s impressive performance in the third quarter of 2024 reflects the company’s strong position in the home improvement market and its ability to capitalize on consumer trends. With a solid financial performance and optimistic outlook for the future, Lowe’s is well-positioned for continued growth and success in the coming quarters.