LOW - Lowe's Management Predicts Sales and Profits Will Drop in 2024. What Should Investors Do Now?
2024-03-11 10:59:00 ET
Shares of home-improvement retail chain Lowe's (NYSE: LOW) are trading near 52-week highs as of this writing. And considering that the company's earnings per share (EPS) are also at all-time highs, it seems appropriate that its stock would be up like it is.
However, it's fair to wonder if this will continue in 2024. On Feb. 27, Lowe's reported financial results for 2023 and gave its financial outlook for 2024. The company expects its sales to drop between 2% and 3% year over year in the coming year. And management expects full-year EPS of $12 to $12.30, which would represent a 7% to 9% drop.
In light of Lowe's guidance for 2024, here's what investors need to know and how they should respond.
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Lowe's Management Predicts Sales and Profits Will Drop in 2024. What Should Investors Do Now?