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Lowe’s

was rising Wednesday after the home-improvement retailer posted third-quarter earnings and gross sales that beat Wall Avenue estimates and raised its 2021 outlook.

Lowe’s (ticker: LOW) earned an adjusted $2.73 a share within the quarter on gross sales of $22.92 billion. Identical-store gross sales rose 2.2%. U.S. same-store gross sales Elevated 2.6%.

Analysts surveyed by FactSet anticipated Lowe’s to report third-quarter earnings of $2.35 a share on gross sales of $22.08 billion. Complete same-store gross sales have been forecast to drop 1.3%.

A yr earlier, the corporate earned $1.98 a share on gross sales of $$22.31 billion. 

“We imagine the Q3 print additional validates LOW’s underlying enchancment, and with latest steering proving conservative, we anticipate additional upside from right here,” wrote Wells Fargo analysts in a notice on Wednesday. They’ve an Chubby score on the inventory with a $260 worth goal.

The corporate stated it expects fiscal-year income of about $95 billion, larger than analysts’ forecasts and above its personal forecast of about $92 billion. Lowe’s stated it expects its gross margin charge to rise barely yr over yr.

Lowe’s additionally stated it expects capital expenditures in fiscal 2021 of as much as $2 billion.

Lowe’s earnings comply with these of its bigger rival

House Depot

(HD), which reported better-than-expected third-quarter earnings due to continued demand for home-improvement items amid a powerful housing market. House Depot shares rose 5.7% on Tuesday to shut at $392.33.

The inventory was rising 3.6% to $253.23. Shares set a report excessive in the course of the session of $255.22.

Shares of Lowe’s have jumped 58% thus far in 2021 vs. the S&P 500’s acquire of virtually 25%.

Write to Joe Woelfel at [email protected]