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Lowe's fiscal Q4'17 earnings miss expectations

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Lowe's fiscal Q4'17 earnings miss expectations

Home improvement retailer Lowe's Cos. Inc. on Feb. 28 reported fourth-quarter earnings that missed expectations.

The company reported adjusted diluted earnings per share for the 13 weeks ended Feb. 2, 2018, fell to 74 cents from 86 cents in the 14-week period a year earlier, falling short of a mean consensus of analysts' estimates compiled by S&P Capital IQ for normalized EPS of 87 cents.

In a statement, Lowe's said the fourth-quarter adjustments included 2 cents associated with U.S. tax reforms and five cents for a one-time cash bonus for eligible hourly U.S. employees.

It posted fourth-quarter net earnings of $554 million, down from $663 million a year earlier as net sales dipped to $15.49 billion from $15.78 billion.

For the fiscal year ended Feb. 2, adjusted EPS rose to $4.39 from $3.99 but missed an S&P Capital IQ consensus estimate of $4.53 as a gain of 11 cents a share from the sale of an Australian joint venture was more than offset by a loss of 34 cents on the extinguishment of debt.

"As we enter 2018, we are working diligently to improve execution with a focus on conversion, gross margin, and inventory management," Chairman and CEO Robert Niblock was quoted as saying in a statement. "Given the rapidly evolving competitive landscape, we are also accelerating our strategic investments leveraging the benefits of tax reform."

In the fiscal year ending Feb. 1, 2019, the company forecast diluted EPS at $5.40 to $5.50.