Profit doubles for Lowe's
MOORESVILLE, N.C. (AP) — Lowe's Cos. is reporting more than twice the third-quarter profits of last year and revenue is stronger than most had expected.
Net income, reported Tuesday, was $872 million, or $1.05 per share. That's 3 cents better than Wall Street projections, according to a poll by by Zacks Investment Research.
The Mooresville, North Carolina, company posted revenue of $16.77 billion, edging out expectations. Lowe's expects full-year earnings to be $4.20 to $4.30 per share.
Shares of Lowe's Cos. have increased 15 percent since the beginning of the year.