MOORESVILLE, N.C. — Lowe’s Cos. today reported fiscal second-quarter profit of $3.02 billion.
On a per-share basis, the company said it had profit of $4.25.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $3.99 per share.
The home improvement retailer posted revenue of $27.57 billion in the period, also beating Street forecasts. Nine analysts surveyed by Zacks expected $26.99 billion.
Lowe’s expects full-year revenue of $92 billion.
Lowe’s shares have increased 14% since the beginning of the year, while the S&P’s 500 index has climbed 18%. The stock has risen 15% in the past 12 months.