Lowe’s misses Wall Street 1Q 2017 forecasts

FILE PHOTO - In this June 29, 2016, file photo, customers walk toward a Lowe's store in Hialeah, Fla. (AP Photo/Alan Diaz, File)

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.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LOW at https://www.zacks.com/ap/LOW

 

 

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