Lowe’s store stood in Brooklyn, New York City on February 27, 2024.
Spencer Platt | Getty Images
labor Wall Street received the highest quarterly earnings and revenue expectations on Wednesday and said its sales could make little growth in the coming year.
The company said it expects full-year sales to range from $83.5 billion to $84.5 billion, which will be higher on the upper end than its total revenue for fiscal 2024. 1% per year, earnings per share range from about $12.15 to $12.40.
According to LSEG’s survey of analysts, this is what the company’s fourth quarter report says:
- Earnings per share: $1.93 adjusted with expected $1.84
- income: $18.55 billion vs. $18.29 billion expected
Lowe’s net income was $1.13 billion, or $1.99 per share, at the end of January 31, compared with $1.02 billion or $1.77 per share, in the three months ending on January 31. The same period last year. Revenue fell from $1860 billion in the same period last year.
Lowe’s adjusted EPS figures exclude the $80 million pre-tax earnings associated with the 2022 sale of Canadian retail operations, with the company’s EPS increasing by 6 cents.
Investors are looking for signs that the home improvement market will rise again. Slower housing turnover and higher borrowing costs put some clients off the market. Lowe’s net sales in fiscal 2024 totaled $83.67 billion, down 3% from the previous year’s net sales.
Lowe’s stock rose more than 2% in early trading after the company’s outlook pointed to a potential for improving the trend in the coming year.
Comparable sales rose 0.2% in the quarter, with online earnings, high unit growth for home professionals and sales growth related to the reconstruction efforts after Hurricanes Milton and Helen, with high sales volumes. A slightly positive measure ended a decline in comparable sales for eight consecutive quarters.
However, in the press release, Lowe’s said the projects were offset by free-to-self project pressure.
Competitors of Home Depot Beat barely Wall Street also lost its winning streak in eight consecutive quarters in its fourth quarter estimates on Tuesday, with comparable sales. However, Home Depot chief financial officer Richard McPhail said the company does not expect changes in the housing market or mortgage rates. Instead, he told CNBC that he believes consumers will get used to it. Raising rates is the “new normal”.
Lowe’s shares closed at $242.39 on Tuesday. By the end of Tuesday, the company’s stock has fallen nearly 2% this year. This will lag about 2% of the S&P 500 earnings over the same period.
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