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Nov 01, 2024
Lowe's Q3 2024 Earnings Report
Reported third quarter sales and earnings results with diluted EPS of $2.99 and adjusted diluted EPS of $2.89, while comparable sales decreased by 1.1%.
Key Takeaways
Lowe's reported net earnings of $1.7 billion and diluted EPS of $2.99 for the quarter ended Nov. 1, 2024. Total sales for the quarter were $20.2 billion. Comparable sales decreased 1.1%.
Diluted EPS was $2.99; Adjusted Diluted EPS was $2.89.
Comparable Sales decreased 1.1%.
The company recognized a $54 million pre-tax gain associated with the 2022 sale of the Canadian retail business, positively impacting diluted EPS by $0.10.
The company updates its full year 2024 outlook.
Revenue by Geographic Location
Forward Guidance
Based on third quarter results and anticipated modest storm-related demand in the fourth quarter, the company is updating its outlook for the operating results of full year 2024.
Positive Outlook
- Total sales of $83.0 to $83.5 billion
- Comparable sales expected to be down -3.0 to -3.5%, as compared to prior year
- Adjusted operating income as a percentage of sales (adjusted operating margin) of 12.3 to 12.4%
- Net interest expense of approximately $1.3 billion
- Adjusted diluted earnings per share of approximately $11.80 to $11.90
Historical Earnings Impact
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Avg. Return Before/After Earnings
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