Mooresville, N.C. -- Lowe's Cos. net income rose 26% in the third quarter, just short of projections, amid the housing market's ongoing resurgence. The retailer raised its fiscal 2013 outlook, but its earnings forecast was still below expectations.
Lowe's earned $499 million for the period ended Nov. 1, up from $396 million last year. Its earnings were a penny per share short of Wall Street expectations.
Revenue rose 7% to $12.96 billion from $12.07 billion, beating analysts’ predictions. Same-store sales increased 6.2%.
"I am pleased we delivered another solid quarter driven by balanced performance," commented Robert A. Niblock, Lowe's chairman, president and CEO. "This balanced performance resulted from our improved collaboration and execution within a strengthening home improvement market, combined with our employees' hard work and continued dedication to serving customers.”
"The home improvement industry is poised for persisting growth in the fourth quarter and further acceleration in 2014," Niblock added.