Lowe's Cos. (NYSE: LOW) reported Q1 EPS of $0.98, or $0.87 ex-currency gain, versus the analyst estimate of $0.85. Revenue for the quarter came in at $15.2 billion versus the consensus estimate of $14.87 billion.

The first quarter results include an unrealized gain on a foreign currency hedge entered into in advance of the Company's pending RONA acquisition, which increased pre-tax earnings for the first quarter by $160 million and diluted earnings per share by $0.11.

Sales for the first quarter increased 7.8 percent to $15.2 billion from $14.1 billion in the first quarter of 2015, and comparable sales for the quarter increased 7.3 percent. Comparable sales for the U.S. home improvement business increased 7.5 percent.

"We executed well in the quarter, growing both transaction and average ticket to achieve comparable sales growth that exceeded our expectations," commented Robert A. Niblock, Lowe's chairman, president and CEO. "We continued to focus on providing better omni-channel customer experiences, and saw strength in indoor as well as outdoor categories.

"Our team's project expertise and commitment to customer service allowed us to capitalize on strong home improvement demand during the quarter, and I would like to thank them for their efforts," Niblock added.

GUIDANCE:

Lowe's Cos. sees FY2016 EPS of $4.11, versus the consensus of $4.00.

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