Lowe's Companies, Inc. (LOW) has reaffirmed its projections for the full year 2024. The company anticipates earnings per share to range between $12.00 and $12.30, with total sales expected to be between $84 billion and $85 billion. Comparable sales are projected to decline by 2% to 3%. Analysts surveyed by Thomson Reuters predict earnings per share of $12.19 and total revenue of $84.43 billion, excluding special items.
In the first quarter, net earnings decreased to $1.76 billion from $2.26 billion in the previous year, with earnings per share dropping to $3.06 from $3.77. This result exceeded the expectations of 28 analysts polled by Thomson Reuters, who had predicted earnings per share of $2.94 for the quarter.
The company's total sales for the first quarter stood at $21.4 billion, down from $22.3 billion a year earlier. Comparable sales fell by 4.1%, driven by a decline in DIY big-ticket discretionary spending, although this was partially mitigated by positive comparable sales in the Pro and online segments. Analysts had estimated average revenues of $21.12 billion.
In pre-market trading on Tuesday, shares of Lowe's have risen by 2%.