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Lowe's Affirms FY19 Outlook; Q2 Results Top Estimates - Quick Facts

While reporting financial results for the second quarter on Wednesday, home improvement retailer Lowe's Companies, Inc. (LOW) affirmed its adjusted earnings and sales growth guidance for the full-year 2019.

For fiscal 2019, the company continues to project adjusted earnings in the range of $5.45 to $5.65 per share on total sales growth of about 2 percent, and comparable sales increase of about 3.0 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $5.57 per share on sales growth of 1.7 percent to $72.5 billion for the year. Analysts' estimates typically exclude special items.

"We are confident that we are on the right path to capitalize on solid demand in a healthy home improvement market and generate long-term profitable growth," said Marvin Ellison, Lowe's president and CEO.

For the second quarter, the company reported net earnings of $1.68 billion or $2.14 per share, higher than $1.52 billion or $1.86 per share in the prior-year quarter. Excluding items, adjusted net earnings for the quarter was $2.15 per share, compared to last year's $2.07 per share.

Sales for the quarter edged up 0.5 percent to $20.99 billion from $20.89 billion last year, and comparable sales increased 2.3 percent. Comparable sales for the U.S. home improvement business increased 3.2 percent.

The Street was looking for earnings of $2.00 per share on sales of $20.94 billion for the quarter.

As of Aug. 2, 2019, Lowe's operated 2,003 home improvement and hardware stores in the United States and Canada representing 208.8 million square feet of retail selling space.

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