Lowe's Q1 Earnings: Profit Beat, Revenue Drop – What's Behind The Numbers?
Portfolio Pulse from Shivani Kumaresan
Lowe's Companies Inc (NYSE:LOW) reported better-than-expected Q1 FY24 earnings, with EPS of $3.06 beating estimates. Despite a 4.4% revenue decline to $21.364 billion, the company saw positive comparable sales in Pro and online segments. Gross profit fell 5.8%, and operating income dropped 19.3%. Lowe's affirmed its FY24 outlook, expecting revenue of $84-$85 billion and EPS of $12.00-$12.30. Shares are trading higher by 2.54% in premarket.
May 21, 2024 | 11:22 am
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Lowe's reported better-than-expected Q1 FY24 earnings with EPS of $3.06, despite a 4.4% revenue decline. The company saw positive comparable sales in Pro and online segments. Gross profit and operating income fell, but the FY24 outlook was affirmed. Shares are up 2.54% in premarket.
Lowe's beat EPS estimates and affirmed its FY24 outlook, which is positive news for investors. Despite a revenue decline, the market reacted positively, with shares up 2.54% in premarket trading.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100