Lowe's misses Street 1Q forecasts
MOORESVILLE, N.C. (AP) — Lowe's Cos. (LOW) on Wednesday reported fiscal first-quarter earnings of $673 million.
The Mooresville, North Carolina-based company said it had net income of 70 cents per share.
The results fell short of Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 74 cents per share.
The home improvement retailer posted revenue of $14.13 billion in the period, which also did not meet Street forecasts. Twelve analysts surveyed by Zacks expected $14.23 billion.
Lowe's expects full-year earnings to be $3.29 per share.
Lowe's shares have risen slightly more than 4 percent since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 3 percent. The stock has risen 58 percent in the last 12 months.
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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