Lowe’s (NYSE: LOW) reported second-quarter financial results before the opening bell on Wednesday. The home improvement company reported a 30% increase in Q2 revenues to $27.3.1 billion, beating Wall Street consensus. Net earnings of $3.74 per share also handsomely surpassed what analysts had anticipated.
HD shares rose 0.6% immediately following the announcement. The stock has increased by 32% so far this year.
Lowe’s CEO Marvin R. Ellison said, “Looking ahead, our sales momentum continues into August, and we are investing in the business to further our omnichannel capabilities and position the Company to deliver long-term value to associates, customers and shareholders.”
Yesterday, rival Home Depot (NYSE: HD) also reported second-quarter results that surpassed Wall Street predictions, driven by a 34.2% growth in comp sales.
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