Investing.com -- Lowe's Companies, Inc. (NYSE: LOW) reported first-quarter results that exceeded Wall Street expectations, though shares fell 2.9% as the company's full-year guidance disappointed investors.

The home improvement retailer posted adjusted diluted earnings per share of $3.03 for the quarter ended May 1, beating the analyst estimate of $2.97. Revenue reached $23.08 billion, surpassing the consensus estimate of $22.88 billion and representing a 10.4% increase from $20.93 billion in the same quarter last year.

Comparable sales increased 0.6%, driven by strong spring execution, 15.5% online sales growth, and continued strength in appliances, home services, and Pro sales.

However, the company's full-year fiscal 2026 guidance fell short of expectations. Lowe's projected adjusted diluted EPS of $12.25 to $12.75, with a midpoint of $12.50 that sits below the analyst consensus of $12.59. The company also forecast revenue of $92 billion to $94 billion, with a midpoint of $93 billion slightly below the consensus estimate of $93.07 billion.

"Strong spring execution and continued momentum in Pro, Appliances, Online, and Home Services supported a solid start to the year as we delivered our fourth consecutive quarter of positive comp sales," said Marvin R. Ellison, Lowe's chairman, president and CEO. "In spite of a challenging housing macro, we remain focused on advancing our Total Home strategy to provide the best experience for our customer."

The company reported GAAP diluted EPS of $2.90, compared to $2.92 in the first quarter of 2025. During the quarter, Lowe's recognized $96 million in pre-tax expenses associated with the acquisitions of Foundation Building Materials and Artisan Design Group.