Home improvement retailer Lowe’s (LOW) reported its fourth-quarter results Wednesday morning following mixed results from rivals HomeDepot (HD) last week. Lowe’s stock retreated early Wednesday after inching up in premarket trading.
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Lowe’s earnings accelerated for the third quarter in a row, jumping 28% to $2.28 per share as revenue rose 5.2% to $22.445 billion. The adjusted earnings results excluded pretax transaction costs associated with selling its Canadian retail business, after offloading it to private-equity firm Sycamore Partners for $400 million in cash in November.
The FactSet consensus projected a 24% earnings increase to $2.21 per share on 6.4% revenue