Lowe's Companies Inc

Latest Results (17.12.2024):

Third Quarter Earnings

Lowe's Companies, Inc. reported net earnings of $1.7 billion for the third quarter of 2024, with diluted earnings per share (EPS) of $2.99. This compares to a diluted EPS of $3.06 in the same quarter of 2023. The company recognized a $54 million pre-tax gain from the 2022 sale of its Canadian retail business, which positively impacted the third quarter diluted EPS by $0.10. Excluding this gain, the adjusted diluted EPS was $2.89.

Sales Performance

For the third quarter of 2024, Lowe's Companies, Inc. reported total sales of $20.2 billion, a slight decrease from $20.5 billion in the prior-year quarter. Comparable sales for the quarter decreased by 1.1%, primarily due to continued softness in DIY bigger-ticket discretionary demand. However, this was partly offset by storm-related sales and positive comparable sales in Pro and online segments.

Capital Allocation

During the third quarter of 2024, Lowe's Companies, Inc. continued its disciplined capital allocation program, repurchasing approximately 2.9 million shares for $758 million. Additionally, the company paid $654 million in dividends, demonstrating its commitment to generating long-term shareholder value.

Business Outlook

Lowe's Companies, Inc. updated its full-year 2024 outlook based on third-quarter results and anticipated modest storm-related demand in the fourth quarter. The company now expects total sales to range between $83.0 billion and $83.5 billion, with comparable sales expected to decline by 3.0% to 3.5% compared to the previous year. Adjusted diluted EPS is projected to be approximately $11.80 to $11.90.

Operational Footprint

As of November 1, 2024, Lowe's Companies, Inc. operated 1,747 stores, representing 195.0 million square feet of retail selling space. The company continues to focus on its growth and productivity initiatives, positioning itself to capitalize on the expected recovery in the home improvement sector.