Lowe's meets 4Q profit forecasts

AP News
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Posted: Feb 24, 2016 6:28 AM

MOORESVILLE, N.C. (AP) — Lowe's Cos. (LOW) on Wednesday reported fiscal fourth-quarter earnings of $11 million.

On a per-share basis, the Mooresville, North Carolina-based company said it had profit of 1 cent. Earnings, adjusted for asset impairment costs, were 59 cents per share.

The results met Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was also for earnings of 59 cents per share.

The home improvement retailer posted revenue of $13.24 billion in the period, topping Street forecasts. Ten analysts surveyed by Zacks expected $13.05 billion.

Lowe's expects full-year earnings to be $4 per share.

Lowe's shares have dropped 11 percent since the beginning of the year, while the Standard & Poor's 500 index has declined 6 percent. The stock has dropped almost 8 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LOW at http://www.zacks.com/ap/LOW

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Keywords: Lowe's, Earnings Report, Priority Earnings