Shoppers wearing protective masks wait in line to enter a Lowe’s Cos. store in San Bruno, California, U.S., on Wednesday, May 20, 2020.
David Paul Morris | Bloomberg | Getty Images
Lowe’s on Wednesday said its second-quarter revenue surged 30% as consumers spent more on home improvement projects while stuck in the house.
Shares of the company rose more than 1% in premarket trading.
Here’s what the company reported for the quarter ended July 31 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Adjusted EPS: $3.75 vs. $2.95 expected
- Revenue: $27.3 billion vs. $24.27 billion expected
Lowe’s reported fiscal second-quarter net income of $2.83 billion, or $3.74 per share, up from $1.68 billion, or $2.14 per share, a year earlier.
Excluding items, the retailer earned $3.75 per share, beating the $2.95 per share expected by analysts surveyed by Refinitiv.
Net sales rose 30% to $27.3 billion, topping expectations of $24.27 billion.
This is a developing story. Please check back for updates.
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