U.S. Markets closed

Lowe's misses Street 2Q forecasts

MOORESVILLE, N.C. (AP) _ Lowe's Cos. (LOW) on Wednesday reported fiscal second-quarter profit of $1.42 billion.

On a per-share basis, the Mooresville, North Carolina-based company said it had profit of $1.68. Earnings, adjusted for non-recurring gains, were $1.57 per share.

The results did not meet Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.62 per share.

The home improvement retailer posted revenue of $19.5 billion in the period, which also did not meet Street forecasts. Ten analysts surveyed by Zacks expected $19.52 billion.

Lowe's expects full-year earnings to be $4.20 to $4.30 per share.

Lowe's shares have increased roughly 7 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 9.5 percent. The stock has fallen roughly 2 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LOW at https://www.zacks.com/ap/LOW


Keywords: Lowe's, Earnings Report, Priority Earnings