Lowe's (LOW) Misses Q2 Expectations on Cramped Margins; Cuts FY12 Outlook; Home Depot (HD) Reacts
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Price: $42.45 --0%
Revenue Growth %: 0.0%
Financial Fact:
Income tax provision: 166M
Today's EPS Names:
SNPS, SPTN, GAME, More
Revenue Growth %: 0.0%
Financial Fact:
Income tax provision: 166M
Today's EPS Names:
SNPS, SPTN, GAME, More
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Lowe's Co.'s (NYSE: LOW) shares are getting hit Monday morning following the home goods retailers second-quarter 2012 results, issued earlier in the session.
Sales fell 2 percent in the period, to $14.25 billion from the same period last year. Net income dropped 10 percent to $747 million, or 64 cents per share. After adjusting for one-time items, EPS was a more robust 65 cents.
Overall, the Street was expecting EPS of 70 cents on sales of $14.5 billion.
Comps fell 0.4 percent in the quarter while gross margin slimmed from 34.5 percent down to 33.9 percent.
Looking ahead, Lowe's sees fiscal 2012 earnings of $1.64, flat sales, and comps up 0.5 percent. The outlook compares with consensus views calling for EPS $1.80. Last quarter, Lowe's said it was looking for fiscal 2012 EPS of $1.73 - $1.83 with sales up 1 to 2 percent and comps up 1 to 3 percent.
More curious is why rival Home Depot (NYSE: HD) is lower this morning. The orage apron-clad giant blew up expectations with its report, indicating that Lowe's troubles are more company-specific than industry wide.
Shares of Lowe's are off 7.3 percent.
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Sales fell 2 percent in the period, to $14.25 billion from the same period last year. Net income dropped 10 percent to $747 million, or 64 cents per share. After adjusting for one-time items, EPS was a more robust 65 cents.
Overall, the Street was expecting EPS of 70 cents on sales of $14.5 billion.
Comps fell 0.4 percent in the quarter while gross margin slimmed from 34.5 percent down to 33.9 percent.
Looking ahead, Lowe's sees fiscal 2012 earnings of $1.64, flat sales, and comps up 0.5 percent. The outlook compares with consensus views calling for EPS $1.80. Last quarter, Lowe's said it was looking for fiscal 2012 EPS of $1.73 - $1.83 with sales up 1 to 2 percent and comps up 1 to 3 percent.
More curious is why rival Home Depot (NYSE: HD) is lower this morning. The orage apron-clad giant blew up expectations with its report, indicating that Lowe's troubles are more company-specific than industry wide.
Shares of Lowe's are off 7.3 percent.
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