5 Notable Quarterly Reports to Watch

3. Lowe’s Companies, Inc. (NYSE:LOW)

Number of Hedge Fund Holders: 63

Shares of Lowe’s Companies, Inc. (NYSE:LOW) made a new 52-week high of $255.22 on Wednesday, 17 November 2021, following its solid profit and sales for the third quarter. The Mooresville-based retailer reported adjusted earnings of $2.73 per share, crushing the consensus forecast of $2.35 per share.

Revenue increased to $22.92 billion, ahead of analysts’ average estimate of $22.08 billion. Lowe’s Companies, Inc. (NYSE:LOW) had posted earnings of 91 cents per share on revenue of $22.3 billion for the comparable period of 2020.

The company also updated its sales outlook for the full year. Lowe’s Companies, Inc. (NYSE:LOW) now expects revenue of approx. $95 billion versus its previous forecast of approx. $92 billion. The revised outlook represents a year-over-year gain of 33 percent.

Commenting on the results, CEO Marvin Ellison said:

“Our momentum continued this quarter, with U.S. sales comps up nearly 34% on a two-year basis, as our Total Home strategy is resonating with the Pro and DIY customer alike.  In the quarter, we drove over 16% growth in Pro and 25% on Lowes.com.”