MOORESVILLE, N.C. — Lowe's Cos. today reported fiscal first-quarter profit of $1.34 billion.
The company said it had net income of $1.76 per share. Earnings, adjusted for restructuring costs, were $1.77 per share.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.29 per share.
The home improvement retailer posted revenue of $19.68 billion in the period, which also topped Street forecasts. Nine analysts surveyed by Zacks expected $18.26 billion.
Lowe's shares have fallen slightly more than 2% since the beginning of the year, while the Standard & Poor's 500 index has declined 9.5%. The stock has increased 7% in the past 12 months.