Lowe's earnings beat as sales jump more than 10% despite sluggish housing market

Core Insights - Lowe's exceeded Wall Street's expectations for quarterly revenue and earnings, with sales growing over 10% year-over-year [1] Financial Performance - For the fiscal fourth quarter, Lowe's reported a net income of $999 million, or $1.78 per share, down from $1.13 billion, or $1.99 per share, in the same quarter last year [3] - Revenue for the quarter was $20.58 billion, surpassing expectations of $20.34 billion [6] - Adjusted earnings per share were $1.98, slightly above the expected $1.94 [6] Sales Outlook - Lowe's anticipates total sales for the current fiscal year to be between $92 billion and $94 billion, representing a 7% to 9% increase from the previous year [2] - The company expects adjusted earnings per share for the full year to range from $12.25 to $12.75 [2] - Comparable sales are projected to be flat to up 2% [2] Market Context - CEO Marvin Ellison noted that the company's strategy is resonating with both do-it-yourself customers and home professionals, despite a tepid home improvement market [3] - The overall home improvement demand remains weak, as consumers delay large projects due to high borrowing costs and economic concerns [4] Stock Performance - Lowe's shares have increased nearly 16% year-to-date, outperforming the S&P 500's approximately 1% gains during the same period [5] - Over the past year, Lowe's stock is up about 15%, closely matching the S&P 500's approximately 16% gains [5]