Lowe's 3Q Profit Down 24%

Lowe's (LOW) said its third-quarter profit fell 24% as consumers delayed home-improvement projects and big-ticket purchases, but the results still beat Wall Street's expectations. Profit fell to $488 million, or 33 cents per share, from $643 million, or 43 cents per share, a year ago. Analysts expected 28 cents per share.

Revenue climbed to $11.73 billion from $11.57 billion. Same-store sales sank 5.9%. Lowe's expects profit between 8 cents and 16 cents per share in the fourth quarter and between $1.46 and $1.54 per share for the 2009 fiscal year. Analysts expect the company will earn 18 cents per share for the quarter and $1.51 per share for the year.

by Mark Anderson | 11/17/08 | Stocks: LOW,

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Lowe's 3Q Profit Down 24%

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