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Lowe's Q4 Profit Tops View, But Sales Miss; Stock Down - Quick Facts

Lowe's Companies Inc. (LOW) reported that its fourth-quarter net earnings was $509 million or $0.66 per share compared to a net loss of $824 million or $1.03 per share in the fourth quarter of 2018. The prior year results included a $952 million of goodwill impairment associated with its Canadian operations.

Adjusted earnings per share topped analysts' expectations, while quarterly sales missed their estimates.

In Wednesday pre-market trade, LOW is trading at $117.00, down $1.52 or 1.28 percent.

Looking ahead for fiscal year 2020, the company expects earnings per share to be in the range of $6.38 to $6.58, and adjusted earnings per share of $6.45 to $6.65. Analysts expect annual earnings of $6.67 per share.

The company projects annual total sales growth of about 2.5 percent to 3.0 percent, and comparable sales growth of about 3.0 percent to 3.5 percent.

Excluding charges, adjusted earnings per share for the fourth-quarter increased 17.5 percent to $0.94 from $0.80 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.91 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

Sales for the fourth quarter rose 2.4 percent to $16.03 billion from $15.65 billion in the previous year. Analysts expected revenues of $16.15 billion for the quarter. Comparable sales increased 2.5 percent. Comparable sales for the U.S. home improvement business increased 2.6 percent for the fourth quarter.

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