Lowe's Companies posted fourth quarter earnings that surpassed expectations. The home improvement company also raised its 2022 outlook, on gaining market shares from its larger rival.
Lowe's adjusted earnings for the three months ending on January 28 came in at $1.78 per share, +33.8% higher from the year-ago quarter well ahead of the Street expectations of $1.71 per share.
Revenues increased +4.9% year-over-year to $21.3 billion, exceeding analysts' estimates of a $20.31 billion. U.S. same-store sales climbed +5%, vs. Refinitiv forecast of a -3.1% decline.
Looking ahead, Lowe's projects 2022 financial year earnings in the range of $13.10 to $13.60 per share, up from its mid-December forecast of $12.25 to $13 per share.
The company expects revenues in the range of $97 billion and $99 billion, a $2 billion improvement from the higher end of its prior forecast. It predicts same-store sales either falling or rising by 1% from 2021 levels.