Monday, November 14, 2011

Lowe's Hit By Charges, Missed Q3 EPS Estimates


Uploaded by on Nov 14, 2011
Lowe's (NYSE:LOW) reported Q3 earnings before the markets opened on Monday, posting EPS of $0.18, missing consensus estimates for $0.33. Revenue for the quarter came in at $11.85 Billion, ahead of consensus estimates for $11.70 Billion.

The company stated that various charges related to discontinued projects and store closings reduced EPS by $0.17.

Robert A. Niblock, Lowe's chairman, president and CEO commented, "Our performance is not at the level we expect relative to the market. We are making the changes necessary to right size the organization, improve speed to market and enhance the shopping experience. We are keenly focused on improving our core business while also developing new capabilities and services for the future. I am confident we are moving forward on a clear path that is not dependent on an unlikely near-term economic recovery. I would like to thank our hard-working employees for their ongoing dedication and customer focus during a time of significant change."

Lowe's (NYSE:LOW) has potential upside of 1.9% based on a current price of $23.11 and an average consensus analyst price target of $23.56.

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