Lowe’s Companies Inc. (NYSE: LOW) reported second-quarter 2015 results before markets opened Wednesday. The home improvement retailer posted diluted earnings per share (EPS) of $1.20 and $17.3 billion in revenues. In the same period a year ago, Lowe’s reported EPS of $1.04 on revenue of $16.6 billion. Second-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.24 and $17.27 billion in revenue.

Same-store sales increased 4.3% in the quarter and are up 4.7% for the first half of the year. U.S. same-store sales rose 4.6% in the quarter and are up 4.9% for the first six months of the year.

The company reaffirmed that full-year 2015 sales are expected to rise 4.5% to 5.0% year over year, and same-store sales are pegged to increase 4.0% to 4.5%. Diluted earnings per share continue to be forecast at approximately $3.29, compared with 2014 EPS of $2.70. The consensus analysts’ estimate for EPS is currently $3.28 and the revenue estimate is $58.79 billion. Lowe’s posted sales of $56.22 billion in 2014, and using the range the company forecast Wednesday morning, 2015 sales should come in between $58.75 billion and $59.03 billion.

Lowe’s CEO, Robert Niblock, said:

We posted solid results for the quarter and were able to capitalize on big-ticket market share opportunities with strong growth in categories like appliances and outdoor power equipment. … Our year-to-date earnings per share performance was in line with our expectations. This, together with the execution of our strategic priorities, gives us confidence in our Business Outlook for 2015.

ALSO READ: 6 Analyst Stocks Called to Rise 50% or More

The company said it repurchased $1.5 billion worth of stock under its share buyback program and paid $18 million in dividends in the second quarter.

Shares of Lowe’s traded down about 1.3% Wednesday morning, at $72.10 in a 52-week range of $49.40 to $76.25. Thomson Reuters had a consensus analyst price target of $79.09 before the results were announced. The highest price target is $88.00.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.