MOORESVILLE, N.C. (AP) – Lowe’s Cos. is reporting fiscal first-quarter profit of $602 million.
On a per-share basis, the Mooresville, North Carolina-based company said it had profit of 70 cents. Earnings, adjusted to extinguish debt, came to $1.03 per share.
The results fell short of Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.07 per share.
The home improvement retailer posted revenue of $16.86 billion in the period, which also fell short of Street forecasts. Ten analysts surveyed by Zacks expected $17.04 billion.
Lowe’s expects full-year earnings to be $4.30 per share.