FILE – This March 25, 2014, file photo, shows a Lowe’s store in Philadelphia. Lowe’s Cos. reports quarterly earnings on Wednesday, Aug. 19, 2015. (AP Photo/Matt Rourke, File)
Lowe’s reported an adjusted 3Q profit of $1.04 per share, topping the estimate for $0.98. Revenue of $17.4 billion was in line with expectations.
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Sales at stores open for more than a year rose 1.5 percent in the third quarter, below expectations of a 2.93 percent increase, according to IBES data from Refinitiv.
The company said it was shedding some of its non-core businesses including its Mexican operations as part of restructuring.
Lowe’s intends to exit its retail operations in Mexico and had identified other underperforming or non-core businesses and stores for divestiture.
The company reported net earnings of $872 million and diluted earnings per share of $1.05 in the year ago quarter. Sales during that period were up 6.5 percent to $16.8 billion.
Earlier this month, competitor Home Depot riased its forecast after reporting a 3Q profit of $2.87 billion, or $2.51 per share, beating the Wall St estimate of $2.26. Revenue was $26.3 billion. Sales at U.S. stores open for more than a year rose 5.4 percent.
