Lowe's Beats Q1 Estimates, Stock Rises 2%, Reaffirms FY24 Guidance

May 21, 2024, 10:15 AM

Lowe's reported its first-quarter 2024 earnings, surpassing analyst estimates despite a decline in sales. The company posted adjusted earnings per share (EPS) of $3.67, beating the estimated $2.95. Revenue for the quarter was $21.4 billion, also exceeding the forecasted $21.13 billion, though it represented a year-over-year decline of 4.3%. Comparable sales decreased by 4.1%, attributed to a drop in DIY big-ticket discretionary spending, partially offset by gains in Pro and online sales. Net income fell by 22.3%. Lowe's reaffirmed its full-year 2024 guidance, projecting EPS between $12.00 and $12.30 and total sales between $84 billion and $85 billion. The stock rose by 2% in pre-market trading following the earnings announcement. The company's market cap stands at $131.13 billion. CEO Marvin Ellison commented, 'We are pleased with our start to spring.'