Summary by Moomoo AI
Lowe's reported Q3 2024 net earnings of $1.7 billion with diluted EPS of $2.99, compared to $3.06 in Q3 2023. Total sales declined to $20.2 billion from $20.5 billion, with comparable sales decreasing 1.1%. The quarter saw high-single-digit Pro segment growth and strong online sales, partially offset by weaker DIY discretionary demand.The company recognized a $54 million pre-tax gain from its 2022 Canadian retail business sale. Excluding this gain, adjusted diluted EPS was $2.89. During the quarter, Lowe's repurchased approximately 2.9 million shares for $758 million and paid $654 million in dividends.Lowe's updated its full-year 2024 outlook, raising total sales guidance to $83.0-83.5 billion from $82.7-83.2 billion. The company now expects comparable sales to decline 3.0-3.5% versus previous -3.5-4.0%, and adjusted diluted EPS of $11.80-11.90, maintaining the upper end of its previous range.
