LOW

LOWE’S REPORTS FOURTH QUARTER 2023 SALES AND EARNINGS RESULTS PR Newswire MOORESVILLE, N.C., Feb. 27, 2024 — Comparable Sales Decreased 6.2%; Diluted EPS of $1.77– — Provides Full Year 2024 Outlook — MOORESVILLE, N.C., Feb. 27, 2024 /PRNewswire/ — Lowe’s Companies, Inc. (NYSE: LOW) today reported net earnings of $1.0 billion and diluted earnings per share (EPS) of $1.77 for the quarter ended Feb. 2, 2024, compared to diluted EPS of $1.58 in the fourth quarter of 2022, which included pre-tax transaction costs of $441 million associated with the sale of our Canadian retail business. Excluding the transaction costs in the prior year, fourth quarter 2022 adjusted diluted EPS(1) was $2.28. Total sales for the quarter were $18.6 billion,(2) compared to $22.4 billion in the prior year quarter. Prior-year quarterly sales included approximately $1.4 billion from the additional 53(rd) week, as well as $958 million generated from our Canadian retail […]

Full Year 2024 Outlook Total sales of $84 to $85 billion Comparable sales expected to be down -2 to -3% as compared to prior year Operating income as a percentage of sales (operating margin) of 12.6% to 12.7% Interest expense of approximately $1.4 billion Effective income tax rate of approximately 25% Diluted earnings per share of approximately $12.00 to $12.30 Capital expenditures of approximately $2 billion

Lowe’s logged a stronger 4Q than Wall Street had been expecting, but its outlook for fiscal 2024 missed current analyst estimates. The home-improvement giant says it expects comparable sales, which strip out the impacts of store openings and closings, to fall 2% to 3% this year, which is a smaller decline than it saw in 2023 but steeper than the 1.5% drop analysts are currently projecting. Guidance for $84B to $85B in annual revenue is below current estimates for $85.36B, and its forecast for $12 to $12.30 a share in annual earnings comes in under current projections for $12.68 a share.

Lowe’s Companies Inc (NYSE:LOW) reported fourth-quarter FY23 sales of $18.60 billion, beating the analyst consensus estimate of $18.45 billion. Comparable sales decreased 6.2% Y/Y due to slow DIY demand and unfavorable January winter weather, while Pro customer comparable sales remained flat flat Y/Y. “This quarter we delivered strong operating profit and improved customer satisfaction, despite the continued pullback in DIY spending,” commented Marvin R. Ellison, Lowe’s chairman, president and CEO. Gross profit fell to $6.03 billion from $7.26 billion a year ago, with a profit margin slightly expanding to 32.40% from 32.33% the prior year. The operating margin was 9.07% versus 7.59% last year, and operating income for the quarter declined to $1.69 billion from $1.70 billion in fourth-quarter FY22. EPS of $1.77 beat the consensus estimate of $1.68. The company held $1.2 billion in cash and equivalents as of February 2, 2024. As of February 2, 2024, Lowe’s operated 1,746

Lowe’s (LOW) sees macroeconomic uncertainty weighing on its outlook for the year as the do-it-yourself business continues slowing, even though the retailer’s fiscal fourth-quarter results topped market estimates. The company anticipates per-share earnings in a range of $12 to $12.30 and sales between $84 billion to $85 billion for fiscal 2024. The current consensus on Capital IQ is for GAAP EPS of $12.28 and revenue of $85.5 billion. In the just ended fiscal year, earnings increased to $13.20 a share from $10.17, while sales dropped to $86.38 billion from $97.06 billion. Comparable sales are expected to be down 2% to 3% on an annual basis in the ongoing year, according to the retailer. The Street’s current forecast is for a 1.3% decrease. In the last quarter, the sales slipped 6.2% as do-it-yourself demand slowed and January winter weather weighed. Pro customer comparable sales were flat, the retailer said. “This quarter

Lowe’s Companies (NYSE:LOW) ‘s Exec Says Saw Record Black Friday And Cyber Monday Online Sales And Improved Holiday Sell-Through And Margins.

Lowe’s Companies (NYSE:LOW) ‘s Exec Says As We Move Into H2, Expect Comp Sales To Improve.

DA Davidson analyst Michael Baker reiterates Lowe’s Companies (NYSE:LOW) with a Buy and maintains $258 price target.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We raise our 12-month target $10 to $221, 18x our FY 25 EPS view of $12.26 (down $0.93; we set FY 26 at $13.76), a premium to the five-year P/E of 17.1x, reflecting LOW’s operational execution. FQ4 EPS of $1.77 (-22.3% Y/Y) beat by $0.09 on revenue of $18.6B (-17% Y/Y), ~1% above consensus. Comparable sales (-6.2% Y/Y) improved from FQ3’s -7.4% with strong holiday sales offsetting, in part, Do-It-Yourself pull-back and weather headwinds. Online and Pro-segment comparable sales were flat. LOW’s Pro survey shows cautious optimism. EBIT margin contracted 50 bps as product mix was partly offset by productivity focus. Macroeconomic concerns tame LOW’s short-term view, but mid- to long-term catalysts (home shortage, household formation, and work from home) sustain LOW’s bullish view. FY 24’s 2.2%

The following is a summary of the Lowe’s Companies, Inc. (LOW) Q4 2023 Earnings Call Transcript: Financial Performance: Lowe’s reported Q4 sales of $18.6 billion with diluted earnings per share of $1.77. Gross margin was 32.4% of sales in Q4, up by 7 basis points from the previous year. The company’s effective tax rate was 23.8%, in line with the prior year’s adjusted rate. The operating margin rate for Q4 was 9.1%, showing a decline of 48 basis points from last year. Lowe’s paid $632 million in dividends in 2023 and repurchased 1.9 million shares, returning over $1 billion to shareholders. The company’s capital expenditure was $620 million in Q4, to invest in strategic initiatives for growth and profitability. Sales expectations for 2024 range from $84 billion to $85 billion with comparable sales decline expected in the range of 2% to 3%. The company forecasts an operating margin of between

Telsey Advisory Group analyst Joseph Feldman reiterates Lowe’s Companies (NYSE:LOW) with a Market Perform and maintains $215 price target.

Lowe’s  (NYSE: LOW) benefited significantly from the slashing of interest rates and subsequent boom in home buying early in the pandemic, and stands to see some tailwinds again if the Federal Reserve cuts currently high rates this year, JPMorgan analysts say in a research note. They upgrade the stock’s rating to overweight, saying that the market is pricing in 150 basis points in rate cuts by this time next year, suggesting mortgage rates fall to about 5.5% by January. The last time mortgage rates were at 5.5%, single family existing-home sales trended at about 4.3 million homes, which would represent a 20% growth rate from recent levels, the analysts say.