A customer pushes a shopping cart to the entrance of a Lowe store in Concord, California on Tuesday, February 23, 2021.
David Paul Morris | Bloomberg | Getty Images
Lowe’s reported Wednesday that there was continued strong demand for home improvement supplies in the first quarter, fueled by the growth of its business with contractors and other home professionals.
The company reported for the first quarter ended April 30, versus Wall Street expectations based on an analyst survey conducted by Refinitiv:
- Earnings per share: $ 3.21 versus $ 2.62 expected
- Revenue: $ 24.42 billion versus $ 23.86 billion expected
Lowe reported net income of $ 2.33 billion or $ 3.21 per share versus $ 1.34 billion or $ 1.76 per share. one year ago. The results exceeded the analysts surveyed by Refinitiv expected $ 2.62 per share.
Net sales rose from $ 19.68 billion last year to $ 24.42 billion, exceeding analysts’ expectations of $ 23.86 billion.
As of Tuesday’s close of trading, Lowe’s shares are up about 20% so far this year. The stock closed at $ 192.75 on Tuesday, bringing the market value to $ 138.24 billion.
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