Lowe’s Companies Inc has unveiled expectation-beating results for the third quarter, driven by heightened demand in the wake of hurricanes Helene and Milton.
Storm-related, professional and online sales over the three months to November offset soft demand for bigger-ticket DIY items, the home improvement retailer said Tuesday.
Revenue fell by 1.5% to $20.17 billion year on year, but surpassed LSEG-polled analyst expectations for $19.95 billion.
Earnings also beat expectations, sitting at $1.89 on an adjusted per share basis against forecasts for $1.82.
“Our results this quarter were modestly better-than-expected, even excluding storm-related activity,” chief executive Marvin R. Ellison commented.
“I'd like to extend my heartfelt sympathy to those who suffered losses from Hurricanes Helene and Milton.
“I would also like to express my appreciation for our associates, suppliers and first responders for their commitment to the impacted communities.”
Lowe’s raised guidance for the year, laying out expectations for sales of up to $83.5 billion, against $83.2 billion previously, reflecting a drop of as much as 3.5%, compared to the 4.0% seen beforehand.
Shares fell 1% in pre-market trading.