Lowe’s (NYSE: LOW) announced earnings per share of $1.78 before the bell on Wednesday, with revenue coming in at $21.34 billion, beating analyst expectations.
The numbers reported were against an anticipated EPS of $1.71 and revenue of $20.91 billion.
Comparable sales for the company’s U.S. home improvement business increased 5.1% for the fourth quarter. In addition, pro customer sales increased 23%.
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In reaction to the report, Lowe’s share price has moved 4% to $223.15.
“We delivered another year of outstanding performance in 2021, as we gained market share across DIY and Pro through our Total Home strategy,” commented Marvin Ellison, Lowe’s chairman, president, and CEO.
“In 2021, we increased comparable sales by 6.9% while generating over 170 basis points of operating margin improvement, with our relentless focus on productivity and enhanced pricing strategies. We remain confident in the long-term strength of the home improvement market, and our ability to expand operating margin,” added Ellison.
The company sees full-year total sales between $97 billion and $99 billion, with diluted earnings per share of $13.10 to $13.60.
