Lowe's Companies Inc. (LOW Quick QuoteLOW - Free Report) , one of the largest home improvement retailers, posted adjusted earnings of $1.37 per share that missed the Zacks Consensus Estimate of $1.42 but grew 14.2% from $1.20 delivered in the year-ago quarter. However, including a loss of 6 cents related to a foreign currency hedge, earnings came in at $1.31 per share, up 9.2% year over year.

Management expects earnings of approximately $4.06 per share for fiscal 2016, down from the previous estimate of $4.11.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 has been trending up in the last 30 days. In the trailing four quarters (excluding the quarter under review), the company has outperformed the Zacks Consensus Estimate by an average of 0.6%.

Revenues: Lowe's net sales of $18,260 million advanced 5.3% year over year but missed the Zacks Consensus Estimate of $18,543 million. Comparable sales increased 2% during the quarter.

Management anticipates total sales growth of roughly 10% (including the 53rd week), while comparable sales are expected to grow 4% in fiscal 2016.

Key Events: Lowe's, which operated 2,108 home improvement and hardware outlets as of Jul 29, bought back $1.2 billion worth of shares under its buyback program and paid $251 million in dividends in the quarter under review. The company plans to open about 45 home improvement and hardware outlets in fiscal 2016.

Zacks Rank: Currently, Lowe's carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement.

Check back later for our full write up on Lowe’s earnings report!

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