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What To Expect From Lowe’s (LOW) Q3 Earnings

November 18, 2024 at 02:01 AM EST

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

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Home improvement retailer Lowe’s (NYSE: LOW) will be reporting earnings tomorrow morning. Here’s what to look for.

Lowe's missed analysts’ revenue expectations by 1.6% last quarter, reporting revenues of $23.59 billion, down 5.5% year on year. It was a slower quarter for the company, with full-year EPS and revenue guidance missing analysts’ expectations.

Is Lowe's a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Lowe’s revenue to decline 2.7% year on year to $19.91 billion, improving from the 12.8% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.81 per share.

Heading into earnings, analysts covering the company have grown increasingly bullish with revenue estimates seeing 9 upward revisions over the last 30 days (we track 27 analysts). Lowe's has missed Wall Street’s revenue estimates four times over the last two years.

Looking at Lowe’s peers in the home furnishing and improvement retail segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Floor And Decor posted flat year-on-year revenue, missing analysts’ expectations by 1.7%, and Home Depot reported revenues up 6.6%, topping estimates by 2.3%. Floor And Decor traded up 2% following the results while Home Depot’s stock price was unchanged.

Read our full analysis of Floor And Decor’s results here and Home Depot’s results here.

Investors in the home furnishing and improvement retail segment have had steady hands going into earnings, with share prices flat over the last month. Lowe's is down 2.7% during the same time and is heading into earnings with an average analyst price target of $275.62 (compared to the current share price of $269.35).

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