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Lowe's fiscal Q4 profit climbs 31.1% YOY

Lowe's Cos. Inc. said its normalized net income for the fiscal fourth quarter ended Jan. 30 came to 47 cents per share, compared with the S&P Capital IQ consensus estimate of 43 cents per share.

EPS rose 40.6% year over year from 34 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $455.6 million, a gain of 31.1% from $347.5 million in the year-earlier period.

The normalized profit margin rose to 3.5% from 3.0% in the year-earlier period.

Total revenue increased 7.6% on an annual basis to $12.54 billion from $11.66 billion, and total operating expenses grew 6.4% from the prior-year period to $11.68 billion from $10.98 billion.

Reported net income grew 47.4% on an annual basis to $447.4 million, or 46 cents per share, from $303.6 million, or 29 cents per share.

For the year, the company's normalized net income totaled $2.73 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $2.67.

EPS rose 24.1% from $2.20 in the prior year.

Normalized net income was $2.70 billion, an increase of 15.8% from $2.33 billion in the prior year.

Full-year total revenue rose 5.3% on an annual basis to $56.22 billion from $53.42 billion, and total operating expenses increased year over year to $51.39 billion from $49.21 billion.

The company said reported net income grew 18.2% year over year to $2.68 billion, or $2.71 per share, in the full year, from $2.27 billion, or $2.14 per share.