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Home-improvement company Lowe’s 4th-quarter net income rises, revenue increases



 

Home-improvement company Lowe’s 4th-quarter net income rises, revenue increases

Home-improvement company Lowe’s 4th-quarter net income rises, revenue increases
News from Washington Post:

MOORESVILLE, N.C. — Lowe’s Cos.’ fiscal fourth-quarter net income rose 13 percent on an 11 percent rise in revenue, helped by an extra week in the period compared with a year ago.

The results beat Wall Street estimates and the home improvement company forecast fiscal 2012 revenue above Wall Street’s expectations.

Its shares gained 36 cents, or 1.3 percent, to $ 27.52 in premarket trading Monday.

Lowe’s reported net income of $ 322 million, or 26 cents per share, for the period ended Feb. 3. That’s up from $ 285 million, or 21 cents per share, a year earlier.

The current quarter included 3 cents per share for store closings and other items. Removing those items, earnings were 29 cents per share.

Analysts predicted earnings of 24 cents per share, according to a FactSet survey. Analysts estimates typically exclude unusual items.

The Mooresville, N.C., company said that the extra week in the period contributed $ 766 million to its sales and about 5 cents per share to its earnings.

Lowe’s performance was likely also given a boost by the mild winter weather across the U.S., which Home Depot Inc. said last week helped its fourth-quarter profit increase as homeowners spent more on renovation projects.

Lowe’s said its revenue rose to $ 11.63 billion from $ 10.48 billion, topping Wall Street’s estimate of $ 11.35 billi…………… continues on Washington Post

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