Lowe's 4Q Profit Up 27%; Raises FY10 EPS View |
| Wall Street Journal - Feb 22, 2010 |
Lowe's Cos. (LOW) reported a better-than-expected 27% jump in fiscal fourth-quarter earnings amid signs that U.S. consumers are at least starting to consider renovation projects again after more than three years of hesitation.
Chairman and Chief Executive Robert A. Niblock said Lowe's first year-over-year quarterly earnings increase in seven quarters suggests "the worst of the economic cycle is likely behind us."
The company also raised its sales and earnings guidance for fiscal 2010 and announced a $5 billion stock-buyback effort.
But shares fell 0.1% to $23.10 in recent trading, as Lowe's said recent snowy weather could result in first-quarter earnings below analysts' estimates. Shares of Lowe's and larger rival Home Depot Inc. (HD), which reports quarterly results Tuesday, had risen over the last three months, outpacing broader markets amid signs of a bottom in the housing market.
Read Full Article from Wall Street Journal
- Posted: 2010-02-22 11:27:03
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