Lowe’s Companies, Inc. (NYSE: LOW) Tuesday reported net earnings of $872 million and diluted earnings per share of $1.05 for the quarter ended Nov. 3, 2017, compared to net earnings of $379 million and diluted earnings per share of $0.43 in the third quarter of 2016. Diluted earnings per share increased 19.3% from adjusted diluted earnings per share of $0.88 in the same period a year ago.
Analysts were expecting a gain of $1.02.
For the nine months ended Nov. 3, 2017, net earnings were $2.9 billion and diluted earnings per share were $3.42, compared to net earnings of $2.4 billion and diluted earnings per share of $2.73 in the same period a year ago. Excluding the loss on extinguishment of debt in the first quarter of 2017 and the gain from the sale of the company’s interest in its Australian joint venture in the second quarter of 2017, adjusted diluted earnings per share increased 16.7 percent to $3.64 from adjusted diluted earnings per share of $3.12 in the same period a year ago.
Sales for the third quarter increased 6.5% to $16.8 billion from $15.7 billion in the third quarter of 2016, and comparable sales increased 5.7%. Hurricane-related sales in the quarter were approximately $200 million. For the nine-month period, sales increased 7.9% to $53.1 billion over the same period a year ago, and comparable sales increased 4.0%. Comparable sales for the U.S. home improvement business increased 5.1% for the third quarter and 3.9% for the nine-month period.
“During the third quarter, we drove traffic in-store and online with compelling messaging and integrated customer experiences. We continue to invest in omni-channel capabilities to enhance value for customers and shareholders,” commented Robert A. Niblock, Lowe’s chairman, president and CEO. “I am also pleased with the progress we’ve made to enhance our product and service offering for the Pro customer, delivering another quarter of comparable sales above the company average.
“I am incredibly proud of our team’s unwavering commitment to serving customers and their communities every day. This commitment was especially evident this quarter, as our employees mounted the largest natural disaster response in our history. Our merchant, vendor, logistics, and store teams worked together seamlessly to ensure customers had the right products to protect and repair their homes, and we remain committed to helping impacted communities rebuild in the months ahead,” Niblock added.
