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News Summary: Lowe's 3rd quarter results rise

The Associated Press

THE NEWS: 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.

THE CONTEXT: Its adjusted earnings without charges and its revenue both beat Wall Street forecasts. Lowe's has been retooling its pricing strategy, and last summer returned to offering permanent low prices on many items across the store, instead of offering fleeting discounts.

WHAT'S NEXT: The company affirmed its guidance for the fiscal year.