Lowe's 3Q net income rises on fewer charges

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Associated Press

Posted on November 19, 2012 at 10:00 AM

Updated Monday, Nov 19 at 10:02 AM

MOORESVILLE, N.C. (AP) — Lowe's third-quarter net income surged 76 percent, helped by fewer charges and higher revenue. The home improvement retailer also reaffirmed its full-year forecast.

Lowe's Cos. reported Monday that it earned $396 million, or 35 cents per share, for the three months ended Nov. 2. That compares with $225 million, or 18 cents per share, a year ago.

Analysts predicted 36 cents per share.

Revenue rose 2 percent to $12.07 billion from $11.85 billion. Wall Street expected $11.93 billion.

Revenue at stores open at least a year, a key gauge of a retailer's health, increased 1.8 percent.

Last week rival Home Depot Inc. reported slightly higher third-quarter net income and the company raised its full-year forecast.

Lowe's Cos., which is based in Mooresville, N.C., has 1,750 stores in the U.S., Canada and Mexico.

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