Lowe’s reports blow-out quarter with 30% surge in revenue

Lowe’s on Wednesday said its second-quarter revenue surged 30% as consumers spent more on home improvement projects while stuck in the house.

Shares of the company rose more than 1% in premarket trading.

Here’s what the company reported for the quarter ended July 31 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Adjusted EPS: $3.75 vs. $2.95 expected
• Revenue: $27.3 billion vs. $24.27 billion expected

Lowe’s reported fiscal second-quarter net income of $2.83 billion, or $3.74 per share, up from $1.68 billion, or $2.14 per share, a year earlier.

Excluding items, the retailer earned $3.75 per share, beating the $2.95 per share expected by analysts surveyed by Refinitiv.

Net sales rose 30% to $27.3 billion, topping expectations of $24.27 billion. 

This is a developing story. Please check back for updates.