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Lowe's fiscal Q1 profit climbs 11.2% YOY

Lowe's Cos. Inc. said its normalized net income for the fiscal first quarter ended May 2 amounted to 59 cents per share, compared with the S&P Capital IQ consensus estimate of 60 cents per share.

EPS rose 19.2% year over year from 50 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $603.1 million, a gain of 11.2% from $542.5 million in the year-earlier period.

The normalized profit margin climbed to 4.5% from 4.1% in the year-earlier period.

Total revenue climbed year over year to $13.40 billion from $13.09 billion, and total operating expenses rose year over year to $12.31 billion from $12.11 billion.

Reported net income rose 16.2% from the prior-year period to $620.4 million, or 61 cents per share, from $534.1 million, or 49 cents per share.