Lowe's beats Wall Street expectations against 'challenging' housing backdrop

People wait in line outside Lowes in the aftermath of Hurricane Milton on October 10, 2024 in Englewood, Florida. Sean Rayford | Lowe's on Wednesday reported quarterly results that beat expectations on the top and bottom lines and reaffirmed its full-year outlook. Shares of the company sank slightly in premarket trading. Here's how the company performed in its first fiscal quarter compared with Wall Street estimates, according to a survey of analysts by LSEG: Earnings per share: $3.03 adjusted vs. $2.97 expected Revenue: $23.08 billion vs. $22.97 billion expected For the three-month period ended May 1, Lowe's reported net income of $1.63 billion, or $2.90 per share, down just slightly from $1.64 billion, or $2.92 per share, in the year-ago period. Excluding one-time factors like acquisition costs, the company reported adjusted earnings per share of $3.03. Revenue jumped about 10% compared to the previous year. Comparable sales increased 0.6% for the quarter, driven by what Lowe's said was its spring execution and a 15.5% growth in online sales. Strength in appliances, home services and sales to home professionals like contractors also contributed to its performance. "In spite of a challenging housing macro, we remain focused on advancing our Total Home strategy to provide the best experience for our customer," CEO Marvin Ellison said in a statement. …