Credit: Shutterstock photoHome improvement warehouse operator Lowe's Companies, Inc. ( LOW ) on Monday posted lower-than-expected second quarter earnings and cut its forecast below analysts' view.
The Mooresville, NC-based company reported second quarter net in come of $830 million, or 64 cents per share, compared with $832 million, or 58 cents per share, in the year-ago period. This year's results were bolstered by less shares outstanding.
Sales rose 1.3% from last year to $14.54 billion.
On average, Wall Street analysts expected a higher profit of 66 cents per share, on higher revenue of $14.77 billion.
Looking ahead, the company now expects full-year earnings to range from $1.48 to $1.54 per share, while analysts expect $1.61 per share for the year.
Lowe's shares fell 51 cents, or -2.6%, in premarket trading Monday.
The Bottom Line
Shares of Lowe's ( LOW ) have a 2.87% dividend yield, based on Friday's closing stock price of $19.51. The stock has technical support in the $17 price area. If the shares can firm up, we see overhead resistance around the $22-$23 price levels.
Lowe's Companies, Inc. ( LOW ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
