NORTH WILKESBORO (dpa-AFX) - Lowe's Companies, Inc. (LOW) said the company delivered better-than-expected third quarter results, with U.S. comps up 3%, driven by Pro growth of 19% and improved DIY sales trends. Looking forward, the company increased its full year 2022 financial outlook reflecting stronger-than-expected operating results.
For fiscal 2022, the company now estimates adjusted earnings per share of $13.65 to $13.80, revised from prior guidance range of $13.10 to $13.60. The company expects total sales of approximately $97 - $98 billion, including the 53rd week. Comparable sales are expected to be flat to down 1%. Analysts polled by Thomson Reuters expect the company to report profit per share of $13.54 on revenue of $96.97 billion. Analysts' estimates typically exclude special items.
For the third quarter, the company's bottom line came in at $154 million, or $0.25 per share compared with $1.90 billion, or $2.73 per share, a year ago. The results included a pre-tax non-cash asset impairment charge of $2.1 billion related to Canadian retail business. Excluding the impairment charge, adjusted EPS increased 19.8% to $3.27. Analysts on average had expected the company to earn $3.10 per share, according to figures compiled by Thomson Reuters.
The company's revenue for the quarter rose 2.4% to $23.48 billion from $22.92 billion last year. Analysts on average had estimated $23.13 billion in revenue.
Marvin Ellison, Lowe's CEO, said: 'I look forward to discussing our next chapter of growth at our Analyst & Investor Conference in December.'
Shares of Lowe's are up nearly 2% in pre-market trade on Wednesday.
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