- Lowe’s Companies Inc (NYSE:LOW) reported a second-quarter FY22 sales decline of 0.34% year-on-year to $27.48 billion, missing the consensus of $28.14 billion.
- Comparable sales decreased 0.3%, while comparable sales for the U.S. home improvement business rose 0.2%.
- DIY sales were impacted by the shortened spring and lower demand in certain discretionary categories.
- EPS of $4.67 beat the analyst consensus of $4.62.
- Gross profit fell 1.9% Y/Y to $9.1 billion, with a profit margin contracting 54 basis points to 33.24%.
- The operating margin expanded 12 basis points to 15.39%, and operating income for the quarter rose 0.5% to $4.2 billion.
- The company held $1.9 billion in cash and equivalents as of July 29, 2022. Net cash provided by operating activities for the six months totaled $6 billion.
- Outlook: Lowe’s now expects FY22 total and comparable sales toward the bottom end of its outlook range and expects operating income and EPS toward the top end of its outlook range.
- LOW’s FY22 sales outlook ranges at $97 billion – $99 billion versus the consensus of $97.54 billion.
- FY22 EPS forecast ranges at $13.10 – $13.60, against the consensus of $13.39.
- Price Action: LOW shares are trading higher by 3.21% at $221.00 in premarket on the last check Wednesday.
- Photo Via Wikimedia Commons
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