Lowe’s earnings for the first quarter of the year have LOW stock falling hard on Wednesday.
Lowe’s (NYSE:) reported earnings per share of $1.22 for the first quarter of 2019. This is better than the company’s earnings per share of $1.19 from the first quarter of 2018. However, it was a real blow to LOW stock by missing Wall Street’s earnings per share estimate of $1.34 for the quarter.
The most recent Lowe’s earnings report also includes net income of $1.05 billion. This is up from the company’s net income of $988 million reported in the same period of the year prior.
Operating income reported by Lowe’s for the first quarter of the year comes in at $1.42 billion. This is a drop from the company’s operating income of $1.47 billion reported in the first quarter of the previous year.
Lowe’s earnings for the first quarter of 2019 have revenue coming in at . This is an increase over the home improvement company’s revenue of $17.36 billion reported during the same time last year. It also comes in above analysts’ revenue estimate of $17.40 billion for the period, but that wasn’t enough to save LOW stock from drooping today.
The Lowe’s earnings report also includes its outlook for the full year of 2019. The company is expecting earnings per share for the year to range from $5.45 to $5.65. That’s bad news for LOW stock by being below Wall Street’s earnings per share estimate of $6.05 for the full year of 2019.
LOW stock was down 11% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
The post appeared first on InvestorPlace.