Lowe's stock tumbles after profit missed expectations, full-year guidance cut
Shares of Lowe's Companies LOW, +1.74% tumbled 10% in premarket trade Wednesday, after the home improvement retailer missed fiscal first-quarter profit expectations and slashed its full-year outlook. Net income for the quarter to May 3 rose to $1.05 billion, or $1.31 a share, from $988 million, or $1.19 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $1.22, below the FactSet consensus of $1.33. Net sales rose to $17.74 billion from $17.
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