Lowe's misses 2Q profit forecasts

MOORESVILLE, N.C. (AP) ' Lowe's Cos. (LOW) on Wednesday reported fiscal second-quarter earnings of $1.13 billion.On a per-share basis, the Mooresville, North Carolina-based company said it had net income of $1.20.The results missed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.23 per share.The home improvement retailer posted revenue of $17.35 billion in the period, beating Street forecasts. Ten analysts surveyed by Zacks expected $17.31 billion.Lowe's expects full-year earnings to be $3.29 per share.Lowe's shares have risen 6 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 2 percent. The stock has climbed 45 percent in the last 12 months._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LOW at http://www.zacks.com/ap/LOW_____Keywords: Lowe's, Earnings Report, Priority EarningsJoin the conversation about this story
Click here to read full news..