Lowe's Cos. (LOW) Tops Q2 EPS by 2c; Cuts FY14 Comps Outlook

Lowe's Cos. (NYSE: LOW) reported Q2 EPS of $1.04, $0.02 better than the analyst estimate of $1.02. Revenue for the quarter came in at $16.6 billion versus the consensus estimate of $16.55 billion.

Comps rose 4.4 percent.

"I would like to thank our employees for their hard work during our peak selling season, which helped us deliver solid results for the second quarter. We were able to recover most of the outdoor product sales missed in the first quarter due to unfavorable weather conditions," commented Robert A. Niblock, Lowe's chairman, president and CEO.

"We believe home improvement spending will continue to progress in tandem with strengthening job and income growth," Niblock added. "Our year-to-date sales performance, together with our previous assumptions for the second half of 2014, result in a modest reduction to our sales outlook for the year. Our diluted earnings per share outlook is unchanged, which is a testament to our keen focus on profitability."

Lowe's Cos. sees FY2014 EPS of $2.63, versus the consensus of $2.61. Comparable sales are expected to increase approximately 3.5 percent, versus prior guidance of a 4.0 percent gain.

For earnings history and earnings-related data on Lowe's Cos. (LOW) click here.

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