Lowe's Down 9.5% on Weak EPS Guidance

Lowe's Companies LOW is trading lower on the session following its Q1 earnings announcement this morning. The company reported an EPS of $0.44 vs $0.42 estimates and revenues of $13.2 billion vs $12.99 billion estimates. Lowe's also announced it sees 2012 EPS of $1.73-$1.83 vs $1.87 estimates. Robert A. Niblock, Lowe's chairman, president and CEO stated: “We delivered solid results for the quarter, consistent with our expectation at the beginning of the year. While we capitalized on better than anticipated weather during most of the quarter, demand for seasonal products slowed toward the end." Lowe's is currently trading at $25.76, a loss of $2.72 or 9.55%.