LOWE’S COMPANIES Reports Third Quarter FY2024 Earnings Results on October 31, 2023
December 5, 2023
🌥️Earnings Overview
LOWE’S COMPANIES ($NYSE:LOW) released their earnings results for the third quarter of FY2024, ending on October 31 2023, with total revenue of USD 20471.0 million, a decrease of 12.8% from the same period in the previous year. Reported net income for the quarter was USD 1773.0 million, a substantial increase from the USD 154.0 million reported in the corresponding quarter of the previous year.
Share Price
Despite the strong performance in sales and earnings reported, shares of LOWE’S COMPANIES were down by 3.1% from their prior closing price of 204.4 as the stock opened at 197.5 and closed at 198.1. This was a strong performance given the challenging economic environment brought on by the pandemic. Despite the strong financial results, investors responded negatively to the announcement as share prices dropped 3.1%. Analysts attributed this to the uncertain outcome of the pandemic and the potential for a slower recovery process.
Overall, LOWE’S COMPANIES reported strong third quarter earnings results for FY2024, despite the drop in their stock price. With the uncertainty of the pandemic and its potential effects, investors are treading cautiously with the company’s stock. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Lowe’s Companies. More…
| Total Revenues | Net Income | Net Margin |
| 90.22k | 7.64k | 8.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Lowe’s Companies. More…
| Operations | Investing | Financing |
| 7.48k | -1.5k | -7.98k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Lowe’s Companies. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 42.52k | 57.67k | -26.25 |
Key Ratios Snapshot
Some of the financial key ratios for Lowe’s Companies are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 1.9% | 8.4% | 12.9% |
| FCF Margin | ROE | ROA |
| 6.0% | -48.8% | 17.1% |
Analysis
GoodWhale conducted a comprehensive wellbeing analysis of LOWE’S COMPANIES. According to our Star Chart, LOWE’S COMPANIES has a high health score of 8/10 with regard to its cashflows and debt, which means it is capable to sustain future operations in times of crisis. LOWE’S COMPANIES is strong in dividend, profitability, and medium in growth, while it is weak in asset. Based on this data, we classified LOWE’S COMPANIES as a ‘cow’, a type of company we conclude that has the track record of paying out consistent and sustainable dividends. Given this information, investors looking for steady and reliable dividends may be interested in LOWE’S COMPANIES. Alternatively, investors who are looking for higher growth potential may seek other opportunities. Ultimately, the decision lies in the hands of individual investors. More…
Peers
Headquartered in Mooresville, North Carolina, the company employs over 290,000 people. Lowe’s is the second-largest home improvement retailer in the United States, after The Home Depot. The company competes with The Home Depot, Bed Bath & Beyond, Kohnan Shoji Co Ltd, and other home improvement retailers.
– The Home Depot Inc ($NYSE:HD)
The Home Depot Inc is a home improvement retailer that operates in the United States, Canada, and Mexico. It was founded in 1978 and is headquartered in Atlanta, Georgia. The company has a market capitalization of $282.03 billion as of 2022 and a return on equity of -2020.81%. Home Depot operates over 2,200 stores across the United States, Canada, and Mexico. The company offers a wide variety of home improvement products and services, including electrical, plumbing, lawn and garden, tools, and more.
– Bed Bath & Beyond Inc ($NASDAQ:BBBY)
Bath & Beyond Inc is a home goods retailer that operates in the United States and Canada. As of 2022, the company had a market capitalization of 401.26 million and a return on equity of 146.77%. The company sells a variety of home goods, including bedding, bath products, kitchen items, and home decor. It also operates a website and mobile app.
– Kohnan Shoji Co Ltd ($TSE:7516)
Kohnan Shoji Co Ltd is a Japanese company that manufactures and sells construction materials, tools, and hardware. It has a market cap of 94.2B as of 2022 and a return on equity of 9.73%. The company has a strong presence in the Japanese market and is one of the leading suppliers of construction materials in the country. It has a wide range of products that are used in both residential and commercial construction projects.
Summary
Lowe’s Companies reported their earnings results for the third quarter of FY2024. Total revenue was USD 20471.0 million, a 12.8% decrease year-on-year, and the reported net income was USD 1773.0 million compared to USD 154.0 million in the prior year’s quarter. On October 31, when the quarterly results were announced, the stock price of Lowe’s Companies dropped, indicating negative market sentiment.
Investors should analyze the company’s recent performance and future prospects before making an investment decision on the stock. It is important to consider both the revenue decline and future potential of the company in light of the current market conditions.
Related Posts
Recent Posts
Investing Everyone Can Do.
Investing shouldn’t be exclusive to a select few. We believe everyone should have the opportunity to grow their wealth. That’s why our app is designed to be accessible and user-friendly, even for beginners.
