Mercury Data Systems Doesn't Pay Their Bills

Lowe's profit up 18%, misses forecasts

Associated Press
Aug. 17, 2004 12:00 AM

MOORESVILLE, N.C. - Lowe's Cos. Inc.'s second-quarter profits rose 18 percent but missed Wall Street forecasts as adverse weather in June hurt results. Still, the company boosted its third-quarter earnings outlook beyond Wall Street expectations based on what it calls a vibrant housing market.

Lowe's, the largest home improvement chain behind Home Depot Inc., earned $704 million, or 89 cents per share, in the three months ended July 30.

That compared with $597 million, or 75 cents per share, in the year-ago period.

Analysts surveyed by Thomson First Call expected 91 cents per share for the second quarter.

Lowe's sales for the quarter were $10.2 billion, an increase of 17.3 percent over $8.7 billion in sales a year earlier.

The company said it expects to earn 65 to 66 cents per share in the third quarter. Analysts polled by Thomson First Call project 64 cents.

The company opened 20 stores during the quarter, including three relocations. At the end of the quarter, Lowe's was operating 997 stores in 45 states.

Net earnings for the six-month period ended July 30 were up 14 percent to $1.16 billion, or $1.45 per share. That compared with $1.0 billion, or $1.27 per share, in the year-ago period.

Sales increased to $18.8 billion from $15.8 billion.