Lowe's (LOW) Q4 Earnings Miss, Sales Surpass Estimates
Lowe's Companies, Inc. LOW, the home improvement retailer, came out with fourth-quarter fiscal 2017 results, wherein earnings of 74 cents a share missed the Zacks Consensus Estimate of 88 cents, and decreased 14% year over year.
Management now envisions fiscal 2018 earnings in the band of $5.40-$5.50 per share. The current Zacks Consensus Estimate for the fiscal is $5.89, which could witness a downtrend in the coming days.
Revenues: Lowe's generated net sales of $15,494 million that declined 1.8% year over year but came ahead of the Zacks Consensus Estimate of $15,288 million. Comparable sales for the quarter jumped 4.1%.
Management now projects total sales growth of 4% in fiscal 2018. Comparable sales are expected to increase roughly 3.5% for the full year.
Lowe's Companies, Inc. Price, Consensus and EPS Surprise
Lowe's Companies, Inc. Price, Consensus and EPS Surprise | Lowe's Companies, Inc. Quote
Key Events: Lowe's plans to open about 10 home improvement and hardware outlets. During the quarter, the company bought back $133 million of shares under its share buyback program and paid $341 million in dividends.
Zacks Rank: Currently, Lowe's carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement.
Stock Movement: Lowe's shares are down more than 9% during pre-market trading hours following lower-than-expected bottom line results, and soft earnings view.
Check back later for our full write up on Lowe's earnings report!
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