Shares of Lowe’s (NYSE: LOW) were on an upswing in pre-market trading on Wednesday after the home improvement retailer delivered upbeat Q3 results. The company posted sales of $23.5 billion, up 2.6% year-over-year and surpassing Street expectations by $320 million.
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Adjusted earnings went up 19.8% year-over-year to $3.27 per share and beating analysts’ estimates of $3.09.
Marvin R. Ellison, Lowe’s Chairman, President, and CEO commented, “We delivered better-than-expected results this quarter, with U.S. comps up 3%, driven by Pro growth of 19% and improved DIY sales trends. Sales on Lowes.com grew 12%, on top of 25% growth last year. We also drove substantial improvement in adjusted operating margin through disciplined execution and cost management.”
Considering the strong Q3 results, Lowe’s raised its FY22 outlook and now expects its sales to range between $97 billion and $98 billion. Adjusted earnings is forecasted to range from $13.65 to $13.80 per share versus its prior guidance between $13.10 and $13.60.
