MOORESVILLE, N.C. (AP) 鈥� MOORESVILLE, N.C. (AP) 鈥� Lowe’s Cos. (LOW) on Wednesday reported fiscal first-quarter profit of $1.63 billion.
On a per-share basis, the Mooresville, North Carolina-based company said it had profit of $2.90. Earnings, adjusted for costs related to mergers and acquisitions, came to $3.03 per share.
The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $2.96 per share.
The home improvement retailer posted revenue of $23.08 billion in the period, which also beat Street forecasts. Ten analysts surveyed by Zacks expected $22.94 billion.
Lowe’s expects full-year earnings in the range of $12.25 to $12.75 per share, with revenue in the range of $92 million to $94 million.
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