Lowe's Companies Inc LOW shares are trading lower Tuesday in sympathy with Home Depot Inc HD, which fell after the company reported weak top-line results and warned that it sees a period of flat growth ahead.
- HD Q4 Revenue: $35.83 billion missed estimate of $35.97 billion
- HD Q4 EPS: $3.30 beat estimate of $3.28
Home Depot said fourth-quarter revenue was up 0.3% year-over-year, below analyst expectations. The home improvement retailer noted that it expects full-year 2023 revenue growth and comparable sales growth to be approximately flat compared to 2022.
See Also: Home Depot Posts Mixed Q4 Earnings, Hikes Dividend By 10%, Forecasts Decline In FY23 EPS
"Our ability to deliver growth on top of the $40 billion of sales growth achieved over the prior two-year period, while navigating persistent inflation, ongoing global supply chain disruptions, and a tight labor market, is a testament to investments we have made in the business, as well as our associates' relentless focus on our customers," said Ted Decker, chair, president and CEO of Home Depot.
Both Home Depot and Lowe's operate in the home improvement specialty retail space. Lowe's is the second-largest home improvement retailer in the world behind Home Depot.
Lowe's is set to report its fourth-quarter results before the market opens on March 1.
LOW Price Action: Lowe's has a 52-week high of $238.37 and a 52-week low of $170.12.
The stock was down 2.88% at $206.63 at time of publication, according to Benzinga Pro.
Photo: courtesy of Lowe's.
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