Lowe's Q3 FY24 #EarningsReport Summary | $LOW (+1,15%)

In Q3 FY24, Lowe's faced challenges from reduced DIY discretionary demand, partly offset by strong Pro sales, online growth, and storm-related purchases. Despite these challenges, Lowe's demonstrated resilience with earnings exceeding modest expectations.

📊 Income Statement Highlights (vs. Q3 FY23):

▫️ Net Income: $1.70B vs. $1.77B (-4.39%)

▫️ Total Revenue: $20.17B vs. $20.47B (-1.47%)

▫️ Adjusted EPS: $2.89 vs. $3.06 (-5.56%)

▫️ Gross Margin: 33.69% vs. 33.66% (+0.03pp)

▫️ Operating Income: $2.54B vs. $2.70B (-5.93%)

▫️ GAAP Operating Margin: 12.57% vs. 13.17% (-0.60pp)

💼 Balance Sheet Highlights (vs. Q3 FY23):

▫️ Total Assets: $44.74B (+5.23%)

▫️Total Liabilities: $58.16B (+0.86%)

▫️ Shareholders' Deficit: $(13.42)B vs. $(15.15)B (+11.38%)

▫️ Cash and Cash Equivalents: $3.27B vs. $1.21B (+170.25%)

🔮 Future Outlook:

For FY24, Lowe's updated its guidance:

▫️ Total sales: $83.0B–$83.5B (previously $82.7B–$83.2B)

▫️ Comparable sales: Down 3.0%–3.5% (improved from down 3.5%–4.0%)

▫️ Adjusted Operating Margin: 12.3%–12.4%

▫️ Adjusted EPS: $11.80–$11.90

Lowe’s strategic priorities for Q4 include leveraging Pro and online growth, while navigating ongoing DIY demand softness. Anticipated storm-related sales will provide modest tailwinds.