Lowe's 3Q net income climbs on fewer charges
Lowe's Cos.' said Monday that its third-quarter net income surged 76 percent, helped by lower costs and higher revenue, as the company's efforts to revamp its merchandise and prices appeared to be gaining traction.
Its adjusted earnings without charges and its revenue both beat Wall Street forecasts.
Lowe's earned $396 million, or 35 cents per share, for the three months ended Nov. 2. That compares with $225 million, or 18 cents per share, a year ago.
The current quarter includes charges that lowered earnings by 5 cents per share. In the prior-year period, charges reduced earnings by 18 cents per share.
The adjusted earnings of 40 cents per share beat the 36 cents per share that analysts polled by FactSet predicted.
Revenue rose 2 percent to $12.07 billion from $11.85 billion. That also beat Wall Street's estimate of $11.93 billion.