5 Companies Making Headlines on Earnings Reports

1. Lowe’s Companies, Inc. (NYSE:LOW)

Number of Hedge Fund Holders: 72

Shares of Lowe’s Companies, Inc. (NYSE:LOW) declined over five percent on Wednesday, May 18, 2022, after delivering mixed financial performance for its fiscal first quarter. The Mooresville-based home improvement retailer reported earnings of $3.51 per share, beating expectations of $3.22 per share.

On the downside, Lowe’s Companies, Inc. (NYSE:LOW) reported that its quarterly revenue decreased to $23.7 billion, from $24.4 billion in the year-ago period. It also missed the consensus of $23.76 billion.

Lowe’s Companies, Inc. (NYSE:LOW) also reaffirmed its financial outlook for the full year. It continues to expect earnings in the range of $13.10 – $13.60 per share and revenue between $97 -$99 billion.

Speaking on the results, CEO Marvin Ellison said in a statement:

“Our sales this quarter were in line with our expectations, excluding our outdoor seasonal categories that were impacted by unseasonably cold temperatures in April.  Because 75% of our customer base is DIY, our Q1 sales were disproportionately impacted by the cooler spring temperatures.  Now that spring has finally arrived, we are pleased with the improved sales trends we are seeing in May.”

You can also take a peek at 12 Best American Stocks To Buy in 2022 and 10 Favorite Stocks of Dan Loeb’s Third Point.

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