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<p class="has-drop-cap">Lowe’s Companies, Inc. reported its <a href="https://corporate.lowes.com/sites/lowes-corp/files/2024-11/q3-2024-earnings-release.pdf" target="_blank" aria-label="financial results for the third quarter of 2024 (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">financial results for the third quarter of 2024</a>, revealing a mixed performance. The company achieved a <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">diluted earnings per share (EPS)</a> of $2.99, slightly down from $3.06 in the same quarter last year. Adjusted diluted EPS, which excludes a $54 million pre-tax gain from the sale of its Canadian retail business, stood at $2.89. <br><br>This adjustment reflects a more accurate picture of Lowe’s operational performance. Net earnings for the quarter were $1.7 billion, a decrease from $1.773 billion in the previous year.</p>
<p>Total sales for the quarter reached $20.2 billion, showing a slight decrease from $20.5 billion in the prior-year quarter. Comparable sales decreased by 1.1%, primarily due to a decline in DIY bigger-ticket discretionary demand. However, this was partially offset by increased sales in Pro and online, as well as storm-related sales following Hurricanes Helene and Milton. The company’s performance in smaller-ticket outdoor DIY projects also contributed positively.</p>
<p>Lowe’s capital allocation strategy remained robust, with the company repurchasing approximately 2.9 million shares for $758 million and paying $654 million in dividends during the quarter. The company’s disciplined focus on capital allocation underscores its commitment to generating long-term shareholder value. As of November 1, 2024, Lowe’s operated 1,747 stores, representing 195.0 million square feet of retail selling space.</p>
<h3 id="lowe-reports-double-beat-in-third-quarter-of-2024">Lowe Reports Double Beat in Third Quarter of 2024</h3>
<p>Lowe’s third-quarter performance surpassed market expectations. Analysts had anticipated an EPS of $2.82, but the reported EPS of $2.99 exceeded these projections. Even the adjusted EPS of $2.89 was above the expected figure, indicating a stronger-than-anticipated operational performance. This outperformance was attributed to high-single-digit positive comps in Pro sales and robust online sales, which helped mitigate the decline in DIY bigger-ticket discretionary demand.</p>
<p>Revenue expectations for the quarter were set at $19.93 billion, but Lowe’s reported total sales of $20.2 billion, again surpassing forecasts. Despite the overall decline in comparable sales by 1.1%, the company’s ability to leverage storm-related sales and boost online and Pro sales provided a cushion against the downturn in other areas. This resilience in key segments highlights Lowe’s strategic positioning in the market.</p>
<p>CEO Marvin R. Ellison expressed optimism about the company’s performance, emphasizing the better-than-expected results even when excluding storm-related activity. Ellison’s remarks reflect confidence in Lowe’s ability to navigate challenging market conditions and capitalize on growth opportunities, such as the anticipated recovery in home improvement.</p>
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<h3 id="lowe-s-updates-full-year-2024-outlook-expects-total-sales-between-83b-and-83-5b">Lowe’s Updates Full Year 2024 Outlook, Expects Total Sales Between $83B and $83.5B</h3>
<p>Based on the third quarter results and anticipated demand in the fourth quarter, Lowe’s has updated its full-year 2024 outlook. The company now expects total sales to range between $83.0 billion and $83.5 billion, up from the previous guidance of $82.7 billion to $83.2 billion. This revision reflects a more optimistic view of the company’s sales trajectory, driven by factors such as modest storm-related demand and a recovery in key market segments.</p>
<p>Lowe’s also adjusted its expectations for comparable sales, projecting a decline of 3.0% to 3.5%, an improvement from the previous forecast of a 3.5% to 4.0% decline. Adjusted operating income as a percentage of sales is expected to be between 12.3% and 12.4%, slightly lower than the previous guidance of 12.4% to 12.5%. The company anticipates an adjusted diluted EPS of approximately $11.80 to $11.90, with capital expenditures remaining around $2 billion.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/lowes-companies-inc-beats-expectations-with-strong-q3-performance/">Lowe’s Companies, Inc. Beats Expectations with Strong Q3 Performance</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Lowe’s Companies, Inc. Beats Expectations with Strong Q3 Performance

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