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Lowe's fiscal Q2 profit climbs 12.4% YOY

Lowe's Cos. Inc. said its normalized net income for the fiscal second quarter ended Aug. 1 was $1.06 per share, compared with the S&P Capital IQ consensus estimate of $1.03 per share.

EPS climbed 20.5% year over year from 88 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.06 billion, a gain of 12.4% from $941.3 million in the year-earlier period.

The normalized profit margin rose to 6.4% from 6.0% in the year-earlier period.

Total revenue increased 5.7% year over year to $16.60 billion from $15.71 billion, and total operating expenses grew year over year to $14.78 billion from $14.10 billion.

Reported net income rose 10.2% on an annual basis to $1.04 billion, or $1.04 per share, from $939.8 million, or 88 cents per share.