Lowe's Companies Inc. (LOW) 4Q Profit Falls
Lowe's Cos., the nation's second biggest home improvement store chain, said Friday that its fourth-quarter profit fell 11.5 percent as the market slowed amid a continued slump in the housing sector. But the results topped expectations and the company's shares rose nearly 5 percent.
"With everything we experienced in 2006, I am still greatly pleased," said Robert A. Niblock, Lowe's chairman and chief executive on a conference call with analysts.
The Mooresville, N.C.-based retailer said it earned $613 million, or 40 cents a share, for the three months ended Feb. 2, down from $693 million, or 43 cents a share, a year earlier.
Revenue fell 3.7 percent to $10.4 billion from $10.8 billion a year earlier.
Analysts surveyed by Thomson Financial were expecting net income of 37 cents a share on revenue of $10.36 billion. The estimate for earnings typically excludes one-time items.
"With everything we experienced in 2006, I am still greatly pleased," said Robert A. Niblock, Lowe's chairman and chief executive on a conference call with analysts.
The Mooresville, N.C.-based retailer said it earned $613 million, or 40 cents a share, for the three months ended Feb. 2, down from $693 million, or 43 cents a share, a year earlier.
Revenue fell 3.7 percent to $10.4 billion from $10.8 billion a year earlier.
Analysts surveyed by Thomson Financial were expecting net income of 37 cents a share on revenue of $10.36 billion. The estimate for earnings typically excludes one-time items.
Labels: LOW, Lowe's Companies Inc.
posted by Stock Administrator @ 11:55 AM
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