UPDATE: Lowe's Posts 26% Rise In Q3 Profit, Lifts FY13 Forecast

Lowe's Companies LOW reported a 26% rise in its third-quarter net income and raised its outlook for fiscal 2013. Lowe's quarterly earnings surged to $499 million, or $0.47 per share, from $396 million, or $0.35 per share, in the year-earlier period. Its revenue climbed 7% to $12.96 billion from $12.07 billion. However, analysts were expecting earnings of $0.48 per share on revenue of $12.73 billion. Its sales at stores open at least a year increased 6.2%. Lowe's shares closed at $50.44 yesterday.