Lowe’s reports revenue increase, beating Wall Street’s expectations

Lowe’s reported third-quarter earnings on Wednesday that beat analysts’ expectations, with revenue up compared to the same period last year.

The home improvement retailer also updated its guidance, lowering the top end of its revenue outlook to approximately $97 to $98 billion for the full year. The previous top end was $99 billion. Lowe’s also cut guidance for comparable sales to be flat or down 1%, compared with earlier this year when it expected it to be down 1% to up 1%.

Here’s what Lowe’s reported on Wednesday compared with analyst expectations, based on a survey of analysts by Refinitiv:

• Earnings per share: $3.27 vs. $3.10
• Revenue: $23.48 billion vs. $23.13 billion

Revenue was up 3% compared with the same period last year.

Shares of Lowe’s rose more than 2% on light volume in premarket trading Wednesday. The stock, which is down more than 19% so far this year, rose Tuesday following rival Home Depot’s earnings report.

The company said its earnings were driven by 19% growth in its professional segment, and that its do-it-yourself sales improved. Lowe’s added its website sales grew 12%.

Lowe’s will discuss the results on its earnings conference call, set for 9 a.m. ET Wednesday.

Lowe’s earnings report comes a day after Home Depot‘s third quarter earnings beat analyst’s estimates. On Tuesday, Home Depot said its professional and do-it-yourself sales had positive growth during the period, adding that professionals have said their backlogs remain strong.

Home Depot executives on Tuesday had noted the company was “navigating a unique environment,” and was unable to predict how rising costs and other pressures were affecting its customers. The company said that while its customer transactions were down, it had higher ticket prices driven by inflation.

This is a developing story. Check back for updates.