Lowe's Companies Q2 2024 Earnings Show Low Sales Amid Business News Challenges
Lowe's Companies Q2 2024 Earnings Overview
Lowe's Companies, Inc. (NYSE: LOW) has just announced its second quarter 2024 earnings results. Total sales reached $23.6 billion, down from $25 billion during the same period last year.
Key Highlights of Lowe's Earnings
- Comparable sales decreased 5.1%, driven by pressure from DIY spending.
- Net earnings stood at $2.4 billion or $4.17 per share, compared to last year’s $2.7 billion or $4.56 per share.
- Adjusted EPS was reported at $4.10.
Outlook and Forecast Adjustments
Looking ahead, Lowe's has lowered its sales expectations for the full year of 2024. The new anticipated total sales range is $82.7-83.2 billion, down from the earlier $84-85 billion. Similarly, comparable sales are expected to decrease by 3.5-4.0% year-over-year, with adjusted EPS between $11.70-11.90.
The stock remained under pressure in premarket trading.
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