Lowe's Cos. Inc. on Nov. 21 reported net income that beat expectations as the U.S. home improvement retailer benefited from home rebuilding and repairs after a spate of hurricanes.
For the three months period ended Nov. 3, the North Carolina-based company posted net income of $872 million and diluted EPS of $1.05. That beat S&P Capital IQ consensus estimates for GAAP net income of $852.5 million and EPS of $1.02.
Lowe's had reported net income of $379 million and diluted EPS of 43 cents in the quarter ended Oct. 28, 2016, after it booked $462 million in charges, including the cost of winding down a joint venture.
Third-quarter revenue was $16.77 billion, ahead of the S&P Capital IQ consensus estimate of $16.59 billion.
Lowe's also reported that hurricane-related sales in the quarter were approximately $200 million, while chairman and CEO Robert Niblock praised the commitment of the company's workforce as it "mounted the largest natural disaster response in our history."
"Our merchant, vendor, logistics and store teams worked together seamlessly to ensure customers had the right products to protect and repair their homes, and we remain committed to helping impacted communities rebuild in the months ahead," Niblock said in a statement.
The company, which currently operates 2,144 home improvement and hardware stores in the U.S., Canada and Mexico, maintained its guidance from the second quarter for diluted EPS of $4.20 to $4.30 for the fiscal year ending Feb. 2, 2018.
