UPDATE: Lowe's (LOW) Beats Q1 Views Amid Lagging Seasonal Demand; Issues Light FY12 Earnings Outlook
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Price: $229.30 -0.43%
EPS Growth %: -19.9%
Financial Fact:
Interest - net: 163M
Today's EPS Names:
FRSB, DGICA, UXIN, More
EPS Growth %: -19.9%
Financial Fact:
Interest - net: 163M
Today's EPS Names:
FRSB, DGICA, UXIN, More
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(Updated - May 21, 2012 7:46 AM EDT)
Lowe's (NYSE: LOW) shares are indicated for a lower open Monday following the issuance of first-quarter numbers and an outlook which came in below the analyst consensus.
Revenue for Lowe's rose 7.9 percent to $13.15 billion, topping expectations calling for revs of $12.99 billion. Net income just about doubled top-line growth, moving 14.3 percent higher to $527 million, or 43 cents per share. The company posted a non-GAAP figure of 44 cents per share. The Street was expecting slightly lower EPS of 42 cents. Net income was bolstered by 5 cents per share by an extra week in the first quarter, while sales saw a $514 million benefit.
Gross margin at Lowe's fell 74 basis points to 34.7 percent. Cash and equivalents generated through the period rose $2.06 billion, compared with $844 million in the same period last year.
CEO Robert Niblock said Lowe's strong sales came from warmer weather at the start of the quarter, while seasonal product demand slipped near the end of the period. In addition, Niblock said Lowe's is still cautious on housing and the macro environment.
Looking ahead, Lowe's sees fiscal 2012 EPS of $1.73 to $1.83, worse than the $1.87 expected by the Street. Sales should rise 3 percent on a comparable basis, with comps increasing 1 to 3 percent.
Shares are bid about 3.4 percent lower ahead of the bell.
Lowe's (NYSE: LOW) shares are indicated for a lower open Monday following the issuance of first-quarter numbers and an outlook which came in below the analyst consensus.
Revenue for Lowe's rose 7.9 percent to $13.15 billion, topping expectations calling for revs of $12.99 billion. Net income just about doubled top-line growth, moving 14.3 percent higher to $527 million, or 43 cents per share. The company posted a non-GAAP figure of 44 cents per share. The Street was expecting slightly lower EPS of 42 cents. Net income was bolstered by 5 cents per share by an extra week in the first quarter, while sales saw a $514 million benefit.
Gross margin at Lowe's fell 74 basis points to 34.7 percent. Cash and equivalents generated through the period rose $2.06 billion, compared with $844 million in the same period last year.
CEO Robert Niblock said Lowe's strong sales came from warmer weather at the start of the quarter, while seasonal product demand slipped near the end of the period. In addition, Niblock said Lowe's is still cautious on housing and the macro environment.
Looking ahead, Lowe's sees fiscal 2012 EPS of $1.73 to $1.83, worse than the $1.87 expected by the Street. Sales should rise 3 percent on a comparable basis, with comps increasing 1 to 3 percent.
Shares are bid about 3.4 percent lower ahead of the bell.
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