Lowe's misses by $0.01, beats on revs; raises FY14 EPS below consensus, raises FY14 revs above consensus; Q3 comps +6.2%; sees FY13 comps +5%
Reports Q3 (Oct) earnings of $0.47 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.48; revenues rose 7.3% year/year to $12.96 bln vs the $12.72 bln consensus.
Sales for the quarter increased 7.3 percent to $13.0 billion from $12.1 billion in the third quarter of 2012, and comparable sales for the quarter increased 6.2 percent.
Co issues guidance for FY14, raises EPS to ~$2.15 from prior guidance of $2.10 vs. $2.19 Capital IQ Consensus Estimate; sees FY14 revs to ~6% from prior guidance of +5% calc to ~$53.55 bln vs. $53.09 bln Capital IQ Consensus Estimate. FY13 Outlook Details: Comparable sales are expected to increase approximately 5 percent. The company expects to open 9 stores in fiscal year 2013. Earnings before interest and taxes as a percentage of sales (operating margin) are expected to increase approximately 75 basis points.
"I am pleased we delivered another solid quarter driven by balanced performance...This balanced performance resulted from our improved collaboration and execution within a strengthening home improvement market, combined with our employees' hard work and continued dedication to serving customers."