Lowe's Authorizes New $15 Bln Share Repurchase; Affirms FY22 Outlook

Ahead of its 2022 Analyst and Investor Conference in New York City on Wednesday, home improvement company Lowe's Companies, Inc. (LOW) the board of directors has authorized a new $15 billion common stock repurchase program.

This new repurchase program has no expiration date and adds to the previous program's balance, which was $6.4 billion as of Dec. 6, 2022.

Lowe's also affirmed its full year 2022 financial outlook.

For fiscal 2022, the company continues to project adjusted earnings in a range of $13.65 to $13.80 per share on revenues between $97 billion and $98 billion, including the 53rd week which is expected to increase total sales by approximately $1.0 billion to $1.5 billion. Comparable sales is expected to range from a decline of 1 percent and flat.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $13.76 per share on sales of $97.41 billion for the year Analysts' estimates typically exclude special items.

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