2023-05-23 06:03:21 ET
- Lowe's press release ( NYSE: LOW ): Q1 Non-GAAP EPS of $3.67 beats by $0.22 .
- Revenue of $22.35B (-5.5% Y/Y) beats by $670M .
- Comparable sales decreased 4.3%, driven by lumber deflation, unfavorable weather and lower DIY discretionary sales.
- FY2023 Outlook : Total sales of approximately $87 – $89 billion (previously $88 – 90 billion) vs. consensus of $88.57B; Comparable sales expected to be down -2% to -4% as compared to prior year (previously flat to down -2%); Adjusted operating income as a percentage of sales (adjusted operating margin) of 13.4% to 13.6% (previously 13.6% to 13.8%); Interest expense of approximately $1.5 billion; Adjusted effective income tax rate of approximately 25%; Adjusted diluted earnings per share of $13.20 to $13.60 (previously $13.60 to $14.00) vs. consensus of $13.64; Capital expenditures of up to $2 billion.
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Lowe's Non-GAAP EPS of $3.67 beats by $0.22, revenue of $22.35B beats by $670M