Lowe's Cos. (NYSE: LOW) reported Q1 EPS of $1.03, $0.03 worse than the analyst estimate of $1.06. Revenue for the quarter came in at $16.9 billion versus the consensus estimate of $16.96 billion.

"A solid macroeconomic backdrop, combined with our project expertise, drove above average performance in indoor projects. We also continued to advance our sales to Pro customers, delivering another quarter of comparable sales growth well above the company average," commented Robert A. Niblock, Lowe\'s chairman, president and CEO.

"Our employees are the foundation of our business and I would like to thank them for their hard work and commitment to anticipating and serving customer needs," Niblock added.

GUIDANCE:

Lowe's Cos. sees FY2017 EPS of $4.30, versus the consensus of $4.64.

Lowe's Business Outlook

The company reaffirms its operating outlook for Fiscal Year 2017; however, diluted earnings per share have been updated to reflect the loss on extinguishment of debt and resulting lower interest expense.

Fiscal Year 2017 -- a 52-week Year (comparisons to fiscal year 2016 -- a 53-week year; based on U.S. GAAP)

• Total sales are expected to increase approximately 5 percent
• Comparable sales are expected to increase approximately 3.5 percent
• The company expects to add approximately 35 home improvement and hardware stores.
• Operating income as a percentage of sales (operating margin) is expected to increase approximately 120 basis points. 2
• The effective income tax rate is expected to be approximately 37.8%.
• Diluted earnings per share of approximately $4.30 are expected for the fiscal year ending February 2, 2018; reflective of the loss on extinguishment of debt and resulting lower interest expense.

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