Lowe's Companies Inc (NYSE:LOW) shares are trading lower Wednesday after the company announced mixed financial results.
Lowe's reported first-quarter revenue of $23.7 billion, which was down year-over-year and came in below the estimate of $23.76 billion, according to data from Benzinga Pro. The home improvement retailer reported quarterly earnings of $3.51 per share, which beat the estimate of $3.23 per share.
Consolidated comparable sales decreased 4% year-over-year and U.S. comparable sales decreased 3.8% year-over-year.
"Our sales this quarter were in line with our expectations, excluding our outdoor seasonal categories that were impacted by unseasonably cold temperatures in April," said Marvin Ellison, chairman, president and CEO of Lowe's.
Lowe's reaffirmed its full-year 2022 guidance. The company expects full-year revenue to be between $97 billion and $99 billion. Full-year earnings are expected to be between $13.10 and $13.60 per share.
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LOW 52-Week Range: $182.08 - $263.31
The stock was down 3.97% at $186.30 at time of publication.
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Photo: courtesy of Lowe's.
