Lowe’s Companies, Inc. (NYSE: LOW) reported a 28% jump in earnings for the first quarter of 2020 helped by higher revenue. The results reflected the benefits of its retail fundamentals strategy, the improvement in execution, and the resiliency of the home improvement business model.
Given the uncertain economic outlook, the company raised $4 billion in senior unsecured notes and increased the capacity of its revolving credit facilities by $770 million. After repaying $500 million of fixed-rate notes due April 15, 2020, the company now has $6 billion of cash and cash equivalents as well as $3 billion in undrawn capacity on its revolving credit facilities which will be available for any unanticipated liquidity needs.
The company is withdrawing its financial guidance for fiscal 2020. During the quarter, the company also decided to suspend share repurchases and does not expect to repurchase any more shares this year beyond what was executed in the first quarter.