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Lowe's misses 2Q profit expectations, tops revenue forecasts

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MOORESVILLE, North Carolina — Lowe's Cos. (LOW) on Wednesday reported fiscal second-quarter earnings of $1.13 billion.

On a per-share basis, the Mooresville, North Carolina-based company said it had net income of $1.20.

The results missed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.23 per share.

The home improvement retailer posted revenue of $17.35 billion in the period, beating Street forecasts. Ten analysts surveyed by Zacks expected $17.31 billion.

PHOTO: FILE - This March 25, 2014, file photo, shows a Lowe's store in Philadelphia. Lowe's Cos. reports quarterly earnings on Wednesday, Aug. 19, 2015. (AP Photo/Matt Rourke, File)
FILE - This March 25, 2014, file photo, shows a Lowe's store in Philadelphia. Lowe's Cos. reports quarterly earnings on Wednesday, Aug. 19, 2015. (AP Photo/Matt Rourke, File)

Lowe's expects full-year earnings to be $3.29 per share.

Lowe's shares have risen 6 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 2 percent. The stock has climbed 45 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LOW at http://www.zacks.com/ap/LOW

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Keywords: Lowe's, Earnings Report, Priority Earnings

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