Lowe’s Announces Q3 2024 Earnings with Updated Outlook

Lowe’s Companies ( (LOW) ) has released its Q3 earnings. Here is a breakdown of the information Lowe’s Companies presented to its investors.

Lowe’s Companies, Inc., a leading home improvement retailer in the United States, serves millions of customer transactions weekly through its extensive network of over 1,700 stores. The company is dedicated to providing a variety of home improvement products and services to both professional contractors and DIY enthusiasts.

In its latest earnings release, Lowe’s reported a slight decline in its third-quarter performance, with net earnings of $1.7 billion and a diluted EPS of $2.99, compared to $3.06 in the same quarter last year. The company experienced a 1.1% decrease in comparable sales, attributed to a dip in DIY bigger-ticket discretionary demand, although this was partially offset by storm-related sales and positive trends in Pro and online sales.

Key financial highlights include total sales of $20.2 billion, a slight drop from $20.5 billion in the previous year’s quarter. Despite the decrease in comparable sales, Lowe’s saw high single-digit growth in Pro sales, strong online sales, and an uptick in smaller-ticket outdoor DIY projects. The company continued its robust capital allocation strategy by repurchasing approximately 2.9 million shares for $758 million and distributing $654 million in dividends.

Looking forward, Lowe’s has adjusted its full-year 2024 outlook to reflect anticipated modest storm-related demand in the fourth quarter. The company expects total sales to range between $83.0 billion and $83.5 billion and forecasts a slight improvement in certain financial metrics compared to previous estimates. With new growth and productivity initiatives on the horizon, Lowe’s remains optimistic about capitalizing on the expected recovery in the home improvement market.