MOORESVILLE, N.C. — Lowe’s Cos. today reported fiscal first-quarter net income of $2.32 billion.
The company said it had net income of $3.21 per share.
The results surpassed Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $2.58 per share.
The home improvement retailer posted revenue of $24.42 billion in the period, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $23.66 billion.
Lowe’s shares have risen 20% since the beginning of the year, while the S&P’s 500 index has increased roughly 10%. The stock has climbed 65% in the past 12 months.